Flyingboat Tax Data Exchange CRS and FATCA Reporting update : Corrections & Re submissions
Nov 5, 2018
Whilst most submissions for the 2018 reporting season have been completed, there continues to be a level of ongoing reporting activity, particularly in respect of re-submissions and corrections required in response to Tax Authorities processing prior year submissions and identifying issues with submissions as well as financial institutions recognising errors in their previous reporting.
Correcting previously submitted data is a process that is bound by particular technical requirements of how the XML is formed and how the original submission is referenced. Whilst Flyingboat Tax Data Exchange already possesses the functionality to generate corrections for files that it has created, it is Financial Institutions who have used other solutions to generate XML that have been facing real difficulties. The sheer volume of manually editing XML data, even if you understand what is required becomes an almost impossible task.
Fusion has been able to assist a number of clients by using our in depth schema knowledge, experience to extend our suite of tools to process previous XML submissions and prepare correction files. Clients have then been able to readily resolve their correction issues with our help.
It has led to clients also installing our Flyingboat Tax Data Exchange as their reporting tool in preference to their previous solutions that have proven inadequate in many ways.
For more information on our correction services please contact us through our contact page.