BEST IRS, the QI Reporting Service
In our opinion, there are three essential aspects that must be considered by QI when reporting forms 1042 and 1042s:
- Define exactly the amounts of income and tax
- have formally correct forms
- respect the deadlines
Our solution has been shaped over the years to facilitate the QI in these elements. Our offer reflects this philosophy and consists of a software part, a back office service and a specialized tax consultancy.
Our goal is to reduce both the risks of mistakes and the time spent on reporting.
In particular, the QI reporting solution allows you to automate:
- Import and control of QI/deposit data from Excel files
- Reconciliation of data at income code, gross amounts and taxation (Chapters 3 and 4) level
- Automatically reconcile data basing on “reclassification” of custodians
- Check on data correctness and consistency
- Immediate and complete creation of all forms
Other software features, moreover, allow an easy and fast intervention of the user. These include:
- Evaluation of QI and custodian payments in USD, with the same currency exchange rate
- Top-down views for easy correction of differences
- Export of excel files, for internal controls or reports to be sent to other entities (e.g. QI, NQI, auditors)
- Multiple reconciliation for groups of QIs
- Automatic management of amendments
Use of Software
The solution is offered in Software as a Service, SaaS, mode. The QI can access the solution through a secure web address and use it with his credentials, without having to install any software on his own PC.
Best Vision is responsible for keeping the solution updated, both from the regulatory point of view, taking into account all the changes that have occurred, and managing the aspects of information security according to the highest standards on the market*.
Available BEST IRS modules
- RECO QI module, to reconcile QI-depository payments
- QI FORM module, for the verification and automatic generation, pdf and txt, of forms 1042 and 1042s
- FATCA FORM module, for the generation of FATCA XML
- CRS FORM module, for reporting CRS XML
The modules are integrated but can be selected individually according to the specific needs.
What type of QI our solution is addressed to?
Our solution covers 360° QI reporting requirements. The software has been designed and developed for large banking groups with a high volume of data to be reconciled and a high number of forms to be produced.
However, the modularity and customization of the offer allows us to offer a quality product such as BEST IRS to all QIs, at competitive prices. Offered as a service, the cost is defined by the use that each QI will make of it.
We are available to evaluate your needs and present our best offer.
It will also be possible for Qis to outsource all or part of this operation. We offer our customers the support of our back-office team. Our specialized staff is available for the activities of:
- Data obtaining and verification of W8 documentation
- Reconciliation with custodians
- Management of alerts
- Support for internal and external audits
The activity is carried out remotely or onsite at the customer’s request.
The Service is particularly useful for managing work peaks, as well as the lack of time or permanent staff dedicated to meeting reporting obligations.
We offer the best tax professionals on QI and FATCA to support our clients. We already supported most of our clients on:
- client documentation and taxation
- internal training
- compliance program
- internal ed external audit
The scope of the consultancy is defined with the customer, and the greatest advantage we have is to be extremely efficient and effective.
*In selected cases BEST IRS can be released with software license, leaving the customer the management of both security and installations of new versions released by us.