Product Release - June, 2017
Common Reporting Standard (CRS) Software for OECD AEOI Reporting!
|1099 Pro recently released CRS PRO, Common Reporting Standard software, for financial institutions subject to the Organisation for Economic Co-Operation and Development's (OECD) reporting requirements.
For those who are unfamiliar with the CRS reporting requirements, CRS stands for Common Reporting Standard and was originally developed as part of the Automatic Exchange of Information for Tax Matters (AEoI) by the OECD in order to detail multi-lateral financial account reporting between tax jurisdictions. The Common Reporting Standard itself details the due diligence process, requirements, and reporting medium/format in which these financial accounts should be reported. To date, the AEoI / CRS program is supported by at least 100 jurisdictions.