Markit | CTI Tax Solutions provides tax withholding and reporting modules that allow correct withholding payments to be made to both US and non-US recipients and enable withholding agents to generate appropriate information returns for submissions to both the IRS and local tax authorities in Model 1 IGA jurisdictions.
70+years of combined subject matter expertise with 1441/FATCA
Markit | CTI Tax Solutions Withholding and Reporting tools:
The Tax Withholding module analyses tax data elements to provide the correct withholding rate for payments to both US and non-US recipients. The Tax Withholding module will also provide all required Form 1042-S reporting codes when Form 1042-S is required.
The module manages the calculation of backup withholding, US non-resident withholding, and FATCA withholding obligations.
The Tax Reporting module enables withholding agents to generate the appropriate information returns for submissions to both the IRS and local tax authorities in Model 1 IGA jurisdictions.
Supported information returns include Forms 1042-S, 1099 and 8966. UK FATCA and Common Reporting Standard (CRS) reporting will also be supported.
Regulatory support for Tax Withholding
Recognises FATCA classifications and form validation results fed from our tax document validation and certification products, and produces appropriate withholding rates under FATCA and 1441. Also recognizes and modifies withholding rates in accordance with presumption rules in final FATCA rules and notifies customers of whether the withholding required is FATCA or 1441 withholding as well as information required for 1042-S and 1042 reporting
Regulatory support for Tax Reporting
Integrated system logic to account for form instructions and updates to FATCA tax rates, entity types and exemption codes for 2014, and helps address FATCA reporting requirements including Form 8966, “UK FATCA” and CRS, the global FATCA reporting schema developed by the OECD
Ease of use
User friendly experience, enabling users to generate reports without requiring subject matter expertise
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