What support is available for FATCA, CRS, and other international tax reporting?
Support usually covers entity classification, account and ownership data collection, form preparation, filing coordination, and records management. FATCA concerns reporting connected to U.S. taxpayers and certain U.S.-owned foreign entities. CRS supports automatic exchange of financial account information between participating tax authorities. The right workflow depends on each family’s entities, countries, accounts, and advisers.
What FATCA and CRS involve
FATCA generally requires foreign financial institutions to report information about accounts held by U.S. taxpayers or by foreign entities with substantial U.S. ownership, to the IRS or a local tax authority under an intergovernmental agreement. The U.S. Treasury explains FATCA’s reporting purpose and scope. U.S. Treasury
The OECD’s Common Reporting Standard, or CRS, is a global standard for automatic exchange of financial account information between participating tax authorities. Financial institutions collect tax residence and account information, then report under local rules. OECD
Practical support a family office can coordinate
A family office or reporting team can maintain a legal entity and account inventory, identify tax residences, document controlling persons and beneficial owners, and organize W-8, W-9, self-certification, and related onboarding records. It can also coordinate with banks, custodians, administrators, trustees, and local tax professionals when data is incomplete or inconsistent.
For U.S. taxpayers, support may include gathering information for Form 8938. The IRS says this form is used when specified foreign financial assets exceed the applicable reporting threshold, and its instructions explain how reportable assets and overlapping forms are handled. IRS Form 8938
The team can prepare reporting calendars, review data received from institutions, track certifications and registrations, and retain workpapers that show how information was sourced. Filing responsibility still belongs with the taxpayer, entity, financial institution, or appointed adviser required by the applicable rules.
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How to set up a workable process
Start with a current map of family members, trusts, companies, foundations, partnerships, bank accounts, brokerage accounts, private funds, and real estate holding entities. Record each entity’s formation country, tax residence, ownership, controlling persons, and service providers.
Next, assign owners for data collection, technical review, filing, and sign-off. Build one annual schedule that covers FATCA, CRS, the Report of Foreign Bank and Financial Accounts (FBAR), Form 8938, local information returns, and any entity-level filings that may apply. Use the relevant tax authority’s instructions for deadlines and filing channels. Rules vary by jurisdiction, so international reporting work should be reviewed by qualified tax counsel or a licensed tax professional familiar with the family’s facts.
Related guides
- Reporting and Consolidation for Multifamily Offices
- Tax Coordination With a Multifamily Office: A Practical Guide for Real Estate Families
- Access to Alternatives Through an MFO: A Practical Guide for Families