FATCA - A Call for Input

Toronto, Canada – June 12, 2012: Portfolio+ Inc. 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 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 Portfolio+ Inc.

Portfolio+ Inc. connects financial institutions with customers and partners using innovative technologies. Its software solutions and open banking technology are used by financial institutions in Canada, Ireland, and the UK. With its powerful +Open Banking Platform and fully documented APIs, Portfolio+ has the power to connect banks, credit unions, and financial institutions with an evolving ecosystem of financial services technology that is putting everyday customers in control of their financial data.

Located in the Greater Toronto Area (GTA), Portfolio+ is used by 6 of the 7 largest financial institutions in Canada and is a part of Volaris Group Inc.


Questions?    We have answers.

Contact us