TConsult Tax Talk

  In this episode of Everything You Wanted to Know About Tax But Were Afraid to Ask series, Ross talks to Gary Wright and Dr Hermann Rapp about the implications of blockchain technology for the financial services sector. Garry and Hermann are co-founders of Block Asset Technologies Ltd, which is an innovative company that is utilising ontologies with proven technology, live in financial services firms to create cutting edge data solutions. You can find out more about their work in this area by following @BAT_Finance on Twitter.   Share this Podcast The post Exploring Blockchain appeared first on Withholding Tax Training Portal.

In this podcast, Ross McGill speaks to Anthony Quinn from Financial Crimes Solutions to explore the issues involved with implementing tax compliance programs, the key challenges of implementing FATCA and the risks of non-compliance. Today’s Guest: Anthony Quinn Anthony started his career as a management consultant for Accenture and has worked as a Program Director, responsible for implementing a broad range of transformation initiatives across the investment and retail banking industry sectors for the last twenty years, in the UK, Europe, U.S. and Australia. Anthony has deep skills and practical hands-on experience implementing major risk and compliance programs and was responsible for initiating, planning and executing both the Foreign Account Tax Compliance Act (FATCA) Program and the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Program, for the Banking and Financial Services Group of Macquarie Bank. Anthony established Financial Crimes Solutions in 2011. The post Key FATCA Implementation Challenges appeared first on Withholding Tax Training Portal.

  In this episode ofEverything You Wanted to Know About Tax But Were Afraid to Ask series, Ross covers the presentation that he made at the Network Management conference for Europe, which was held in Athens on June 2015. During his presentation, Ross talks about the updates on various withholding tax issues, structural changes and trends that are happening in the industry and an update on reporting regulations such as FATCA and the common reporting standards initiative of the OECD.   Share this Podcast The post Everything You Wanted to Know About Withholding Tax But Were Afraid to Ask: Network Management (NeMa) for Europe 2015 appeared first on Withholding Tax Training Portal.

This episode of FATCA in Your Pocket features Ross McGill talking at Horner and Roberts on May 13th 2015 about the updates to FATCA and GATCA. Discussion topics cover the similarities between IRC Chapter 3 (QI) and Chapter 4 (FATCA), IGAs and how they affect geographical spread of GIINs and the OECD framework of GATCA (AEoI and CRS models) The talk summarises and identifies how TConsult can assist firms to address these complex issues through training and implementation. If you have a question about any of the issues raised in this podcast, please leave a comment below or contact Ross on Twitter @RossKMcGill. You can also find out more about training courses covering FATCA, GATCA, AEoI and CRS at our new courses page.   Share this Podcast The post FATCA In Your Pocket: FATCA vs GATCA appeared first on Withholding Tax Training Portal.

  Ross McGill of TConsult discusses tax aspects of ADRs and interviews industry expert Len Lipton. During the course of their discussion, Ross and Len answer the following common ADR questions: What is an ADR and where did they come from? Are GDRs the same sort of thing as ADRs or are they different? Are the tax procedures and deadlines the same for ADRs as they are for underlying ORDs? Can I get tax relief if I hold ADRs where I can’t get relief on the ORD? How do I find out about all these tax issues? How do I reclaim overwithheld tax on an ADR?   About Len Lipton   Len Lipton manages the sales and marketing activities for GlobeTax in the Americas. These responsibilities encompass promotion of the company’s services to custodians and asset managers, including spearheading the firm’s business development activities to the hedge fund community. Len also leads the firm’s product development efforts so that GlobeTax can continue to provide the highest levels of service to its clients in the rapidly changing global tax landscape. Prior to joining GlobeTax in 2004, Len focused on new business and relationship management with Elkins/McSherry, LLC (a State Street Company) as a Managing Director, assisting institutional investors in monitoring portfolio trading costs. His experience also includes investment consulting with Ladenburg Thalmann and Co. Len is a frequent speaker at industry seminars and withholding tax educational forums.   Share this Podcast The post Everything You Wanted to Know About Withholding Tax But Were Afraid to Ask: ADRs in Focus appeared first on Withholding Tax Training Portal.

In this episode of FATCA In Your Pocket, Ross McGill talks to Haydon Perryman about the upcoming January 2015 deadlines and the response we have seen so far from most FFIs. They also discuss the impact of CRS on FATCA, coverage of Boris Johnson’s US tax affairs, FATCA fatigue and more. If you have any questions about the issues raised in this episode, or any FATCA-related topics you would like to hear covered in more detail in future episodes of the FATCA In Your Pocket podcast, please leave a comment below. About Haydon Perryman Haydon, an experienced FATCA Programme Manager, has mobilised three FATCA Programmes from scratch, including those of Lloyds Banking Group and the Investment Banking Arm of RBS. Haydon has been working on FATCA for four years and has a detailed understanding of the FATCA regulations and the practical strategies involved in ensuring an FFI meets the requirements of FATCA at an agreed level. Music Credit: Kevin MacLeod   Share this Podcast The post FATCA In Your Pocket: Beware the IDES of March! appeared first on Withholding Tax Training Portal.

In this ninth episode of this podcast series Ross McGill, CEO of TConsult, chats with David Treitel, Managing Director of US & UK Tax Returns Ltd. David’s company works with many US clients to help them make sure they are compliant with US tax regulations. With FATCA regulations now in place and operative, Ross and David chat about some of the consequences of FATCA and explode a few of the myths that surround FATCA. The discussion includes the consequences of revoking US citizenship, what exactly is an American and what you should do if you think you trip over one of the US citizenship tests. About David Treitel Frequently quoted as one of the UK’s leading experts on American tax, David Treitel is a widely known authority, writer and speaker on US tax. David is Managing Director at American Tax Returns Ltd, a boutique US specialist tax practice in London; dually US and UK qualified and an active member of the Private Client committee of the ICAEW (Institute of Chartered Accountants in England & Wales) Tax Faculty and the Membership & Branches committee of the Chartered Institute of Taxation. David is also an IRS Certifying Acceptance Agent and a founding member on the FATCA working group at the ICAEW and represents the ICAEW on HM Revenue & Customs (HMRC) Expat Forum.   Share this Podcast The post FATCA In Your Pocket: American Citizens' Tax Responsibilities and FATCA appeared first on Withholding Tax Training Portal.

It’s SIBOS time once again, and I’ll be in Boston along with thousands of other delegates. The SIBOS conference offers us the opportunity to engage with leading financial industry figures to debate the latest developments and trends. This year’s conference programme addresses key industry issues in a variety of sessions such as plenaries, big issue debates, keynote addresses, panel discussions and special interest sessions. In this episode, I’ll be highlighting some of my favourite sessions. I’ll be at SIBOS all week, so follow all the action on my twitter account @RossKMcGill, or follow the hashtag #SIBOS.   Share this Podcast The post Everything You Wanted To Know About Withholding Tax But Were Afraid To Ask: SIBOS 2014 appeared first on Withholding Tax Training Portal.

This week on Everything You Always Wanted To Know About Withholding Tax, I’m talking about ADRs. An American depositary receipt (ADR) is a negotiable security that represents securities of a non-US company that trades in the US financial markets. I’ll be giving an overview of ADRs and where they sit in the over all tax landscape. As always, please contact me via Twitter (@RossKMcGill) or comment on this post to discuss this issue further.   Share this Podcast The post Everything You Wanted To Know About Withholding Tax But Were Afraid To Ask: ADRs appeared first on Withholding Tax Training Portal.

The Tax Barriers Business Advisory Group (‘T-BAG’) identified ten principles that could be taken forward by the EU Member States and which addressed them difficulties of the current model of Authorised Intermediaries. In this podcast, I discuss these in more detail. The ten principles that I refer to would, if implemented, see a consistent homogenous and efficient tax processing landscape: 1. Member States agree a common standardised “Authorised Intermediary” Agreement (“AIA”), which may be entered into between a financial intermediary and a Member State. 2. AI Agreements would provide rules for the conducts of (i) documentation of beneficial owners, (ii) application of relief at source on payments, (iii) withholding, (iv) information reporting and (v) control and oversight; 3. Member States agree a common form and distribution mechanism (e.g. web site) for Guidance on the application of treaty benefits to different types of beneficial owner on which an AI may rely, subject to the understanding that such guidance does not over-rule a Member State’s ability to question any specific case for a claim of treaty entitlement. It is envisaged that existing mechanisms for clarification of individual cases would still be available; 4. The identification of beneficial owners to be permitted by AIs through the mechanism of (i) TINs issued by the beneficial owner’s home State, (ii) application of the KYC rules of the AI’s home State, to the extent that the source State accepts the degree to which, in its view, KYC rules establish beneficial ownership and (iii) agreement by Member States to the development and use of a common and electronically transmissible self-certification of residency (“Investor Self-Declaration” or “ISD”). To the extent possible, the system should permit the use of Powers of Attorney (“PoA”) to allow AIs and authorised third parties to facilitate any additionally required documentation; 5. Provided the documentation and identification rules are met, AIs would be permitted to make (or instruct) payments to eligible beneficial owners net of the appropriate treaty rate of withholding tax on pay date; 6. Liability for under-withholding and/or incorrect documentation of beneficial owners should lie (i) with the beneficial owner (for incorrect or fraudulent representations), (ii) the AI for processing errors and (iii) the Source Member State for technical issues related to treaty eligibility, the latter being minimised through the clear Guidance proposal. 7. AIs servicing beneficial owners directly would provide annual information reports (i) to the source State at beneficial owner level of disclosure and (ii) upstream at pooled level (by withholding rate applied) to other AIs in the payment chain. Such reports to be electronic and to a format standardised between Member States e.g. XML; 8. Where a source country receives information reports from an AI and wishes to query the eligibility of any beneficial owner, Exchange of Information rules would be applied to permit the source country to apply directly to the home country using the TIN of the beneficial owner; 9. Under the terms of an AI agreement, AIs would be subject to a choice of internal review, certified by a responsible officer and subject to appropriate penalties, or external oversight by an approved independent third party by means of an Agreed Upon Procedure” (“AUP”) whose report would be available to the Source Member State. Governments would retain the right to undertake spot checks in both cases. For those beneficial owners who were unable to meet the relevant documentation standards prior to pay date, but where they can still prove eligibility under a treaty, Member States agree to develop a standardised, machine readable tax reclaim form capable of being delivered electronically.   Share this Podcast The post Everything You Wanted To Know About Withholding Tax But Were Afraid To Ask: Authorised Intermediaries appeared first on Withholding Tax Training Portal.

Welcome to our new series! In this podcast, we will look at issues surrounding cross border withholding tax and its place in the financial landscape. To start thing’s off, I’m going to give you an overview of the world of withholding tax. Essentially, it boils down to these four tenants: Governments need money Withholding tax is the not-so-invisible money earner Risk drives change No-one trusts financial institutions Over the course of this series, if you have any questions or would like us to discuss some aspect of withholding tax, feel free to get in touch in the comments section or email me at ross.mcgill@tconsult-ltd.com   Share this Podcast The post Everything You Wanted To Know About Withholding Tax But Were Afraid To Ask: Global Overview appeared first on Withholding Tax Training Portal.

FATCA has been abuzz this week on social media with the rumours of a potential Republican repeal. This week, I’ll be discussing this news and opining on the impact of FATCA. Play it, Sam… Humphrey Boggart, Casablanca   Share this Podcast The post FATCA In Your Pocket: Of All The GIIN Joints… appeared first on Withholding Tax Training Portal.

This week on FATCA In Your Pocket, we look at the convergence of Internal Revenue Code Chapter 3 and Chapter 4. This is the last FATCA-focused podcast for the moment, but keep your eyes peeled for our upcoming series: Everything You Wanted To Know About Withholding Tax… But Were Afraid To Ask. If you have any comments about this episode, or have any topic suggestions for our upcoming podcast on withholding tax, feel free to let us know.   Share this Podcast The post FATCA In Your Pocket: Converging Internal Revenue Code Chapters 3 & 4 appeared first on Withholding Tax Training Portal.

This week on FATCA In Your Pocket, we take a look at the Form W-8IMY. This form was revised at the end of April and has more than doubled in size and complexity. But never fear, Ross is here and his message is “DON’T PANIC!”   The Form W-8IMY is used by foreign intermediaries and foreign flow-through entities, as well as certain U.S. branches to:   Represent that a foreign person is a qualified intermediary or nonqualified intermediary, Represent that a qualified intermediary agrees to assume primary NRA withholding responsibility and/or primary Form 1099 reporting and backup withholding responsibility, Represent that a foreign flow-through entity is a withholding or nonwithholding foreign partnership, or a withholding or nonwithholding foreign trust, or Represent that the provider is a U.S. branch of a foreign bank or insurance company and either it has agreed with the withholding agent to be treated as a U.S. person (and will therefore do its own 1042-S reporting), or is transmitting documentation of the persons on whose behalf it is acting.   Download Form W-8IMY from the IRS website here: Form W-8IMY.   Share this Podcast The post FATCA In Your Pocket: Don’t Panic! The W-8IMY is out! appeared first on Withholding Tax Training Portal.

This week, I attended a webinar hosted by COOConnect on FATCA for funds and I am pleased to share it with you for this week’s podcast. The webinar was hosted by COOConnect Editor, Charles Gubert, with a panel including: Andrew Dent, Founder and Director of Flareware Systems Gary Kaminsky, Managing Director and Chief Global Regulatory Compliance Officer at ConceptONE LLC Meredith Moss, Co-founder & President of Finomial Corporation David Richardson, Managing Director in KPMG’s International Tax – Alternative Investments Practice Myself More details about the event can be found at the event webpage.   Share this Podcast The post FATCA In Your Pocket: FATCA for Funds appeared first on Withholding Tax Training Portal.

  I’m glad to be back after my holiday.   This week, I’d like to talk about the importance of training in tax and how changes in regulations have sparked a need for a change in training approaches.   If you have any thoughts on training in tax, or have any feedback, feel free to get in touch.   Thanks for listening!   @RossKMcGill ross.mcgill@tconsult-ltd.com The post FATCA In Your Pocket: The Importance of Training in Tax appeared first on Withholding Tax Training Portal.

In this week’s podcast, I’ll be talking about Self-Certification and why so many W8-BENs are invalid and unfit for purpose. Part of the trouble is that the forms are confusing and written in tax-technical American, which is barely even English! I’ve attached a form below for you to download to give you an idea of what I’m talking about. Form W-8BEN (2013 draft) [PDF] The post FATCA In Your Pocket: The Five Problems with Self-Certification appeared first on Withholding Tax Training Portal.

This week on FATCA In Your Pocket, we bring you three presentations recorded live from the Sterling Bar in the Gherkin, London. The speakers are myself, discussing FATCA, Colette O’Gorman discussing EMIR and Mark Davies explaining the implications of client data. Apologies for the recording quality. As ever, keep up to data with the podcast by subscribing and following me @RossKMcGill Do you have any thoughts on the impact of client data in the face of these new regulations? Let us know in the comments below. Music by: spinningmerkaba / CC BY 3.0 The post FATCA In Your Pocket: FATCA, EMIR and the Implications of Client Data appeared first on Withholding Tax Training Portal.

Hello and welcome to the first FATCA In Your Pocket Podcast; the podcast for all things withholding tax. This week, I’ll be giving an overview of TRACE, T-BAG, FATCA and global context of the market. I’ll also look at emerging technology in T2S and similar initiatives that are set to change the landscape we see today. Over the next few weeks I’ll be interviewing industry leaders and discussing the issues that affect both financial institutions and investors. So don’t forget to subscribe to the podcast and leave your comments, thoughts and criticisms in the comments section below. You can find me at: Website: www.withholding-tax.info Twitter: @RossKMcGill LinkedIn: Ross McGill   Music by: spinningmerkaba / CC BY 3.0 The post FATCA In Your Pocket: Overview of the Withholding Tax Landscape appeared first on Withholding Tax Training Portal.