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FATCA

FATCA - A Call for Input

Toronto, Canada – June 12, 2012: SIT is seeking input from customers regarding the enablement of Foreign Account Tax Compliance Act (FATCA) reporting to the United States Internal Revenue Service (IRS). If you have specific needs (or dates) to comply with FATCA, please contact your SIT representative or send an email to regs@stratinfotech.com

There are numerous resources regarding FATCA on the web. A good place to start is the IRS website itself.

The IRS's introduction to FATCA is as follows:

The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts.

Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting will be made on Form 8938, which taxpayers attach to their federal income tax return.

FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

About Strategic Information Technology Limited

SIT, formed in 1988, develops and markets Portfolio Plus which is used by customers like RBC, CIBC, TD, ING Bank of Canada, PC Bank, Canadian Tire, and Manulife. Portfolio Plus offers a unique Plug-In BankingTM architecture and a Financial Services BusTM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables credit unions, banks, trust companies and building societies to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit cards, leasing, and credit bureau interfaces. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.

SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.

Portfolio Plus, Plug-In Banking and Financial Services Bus are trademarks or registered trademarks of SIT in the U.S., Canada and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.

For more information:
Patrick Lannigan
Strategic Information Technology
Telephone: 905-640-0808 x356
Email: patrickl@stratinfotech.com

 

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This page was created or refreshed on July 04, 2017 @ 08:31:37
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
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