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Post by Tim on Jun 14, 2017 13:02:31 GMT
Have any of you tax gurus come across FATCA and actually made any sense of the classifications?
For some reason this has landed on my desk at work! |
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Post by michael on Jun 14, 2017 13:06:16 GMT
Am I the only person on this forum who doesn't work in financial services?
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Post by Ben on Jun 14, 2017 13:11:25 GMT
Am I the only person on this forum who doesn't work in financial services? Me neither. |
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Post by johnc on Jun 14, 2017 13:30:49 GMT
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Post by Big Blue on Jun 14, 2017 13:52:15 GMT
Am I the only person on this forum who doesn't work in financial services? No. I did for 2 and a bit years but returned intact. |
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Post by michael on Jun 14, 2017 13:55:45 GMT
Am I the only person on this forum who doesn't work in financial services? No. I did for 2 and a bit years but returned intact. On what assessment are you basing the intact statement? |
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Post by Tim on Jun 14, 2017 13:58:22 GMT
.... it will be almost unintelligible.
Yup.
We've got a 3rd year anniversary renewal of our registration but it appears that when we were setup with the IRS it was as a Registered entity when in fact we should be a Certified entity and thus not actually registered with the IRS!!
Our compliance people are unsure how to proceed (the option seems to be to not renew!) and because its tax have immediately headed in my direction 
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Post by johnc on Jun 14, 2017 14:05:33 GMT
.... it will be almost unintelligible.
Yup.
We've got a 3rd year anniversary renewal of our registration but it appears that when we were setup with the IRS it was as a Registered entity when in fact we should be a Certified entity and thus not actually registered with the IRS!!
Our compliance people are unsure how to proceed (the option seems to be to not renew!) and because its tax have immediately headed in my direction
It's at this point you realise that even our fairly useless tax help lines are a country mile better than the non existent US ones. Last time I had a US form to complete I spent many hours on the internet searching for help and descriptions but I eventually got there (even though the answers were totally counter-intuitive to the questions I thought I was being asked). We are indeed two nations divided by one language. |
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Post by Tim on Jun 14, 2017 14:08:20 GMT
The IRS helpline is useless, they just refer you back to the online help!
I found a decent guide on the HSBC website which makes it simpler, sort of.........
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Post by Roadsterstu on Jun 14, 2017 18:27:20 GMT
Mark, can you set up a finance section of the forum please?
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Post by ChrisM on Jun 14, 2017 19:22:56 GMT
Am I the only person on this forum who doesn't work in financial services? Me neither. ... and me. I sometimes wish that when I was a kid, I'd been advised to go into Finance as it seems to be well paid for minimal effort. And another thing..... Why do finance laws/regulations have to be so complicated? |
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Post by Deleted on Jun 14, 2017 19:31:14 GMT
Me either although I nearly did once. I think the complexity is due to lots of accepted exceptions which have built up over decades. We really should de clutter these things.
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Post by johnc on Jun 15, 2017 6:53:40 GMT
I'd been advised to go into Finance as it seems to be well paid for minimal effort. - where's the "pissed myself laughing" emoticon when you need it? And another thing..... Why do finance laws/regulations have to be so complicated? - Because the people who write the legislation have little or no practical experience and do not consider what they write properly. There was an article in a tax magazine recently that made the analogy that some legislation is written so badly it is akin to telling your naughty children that under no circumstances have they to leave their bedroom and then getting upset when they use the corner of the room as a toilet: they do not give the original legislation sufficient thought so they then need to add additional clauses such as you can leave to go to the toilet if you are desperate. They then need to define desperate. Then they need to define going to the toilet and how that does not allow a visit to the kitchen on the way or a detour to pick up a magazine........and on and on it goes. |
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Post by ChrisM on Jun 15, 2017 7:30:04 GMT
- where's the "pissed myself laughing" emoticon when you need it? ... and also where is the "tongue in cheek" emoticon when you need it? ... or the "I have a warped sense of humour" emoticon? |
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Post by Tim on Jun 15, 2017 9:08:14 GMT
Financial services is a regulatory nightmare and I'm glad I'm only the company accountant so I can duck these questions if I have to.
Looking through our payroll I'd say its nothing like as well paid as you'd think, nobody here is getting bonuses of 6 figures.
If anything it appears the best area to be is a senior 'operations' person.
I've read through quite a lot of the FCA guidelines and can say with 100% certainty that you'll get confused by the constant references to other bits of the regulatory framework that are in every unintelligible sentence, will come to the conclusion that it has no actual meaning and that ultimately it will put you to sleep.
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Post by canadian bacon on Jun 19, 2017 2:56:41 GMT
I friggin hate all the regs I have to comply with(dodd frank,Sox etc), thankfully in my part of the bank we don't deal with FATCA, as FOREX is not deemed to be in scope.....its the USA once again overstepping their borders and enforcing their rules on the world.
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Post by PetrolEd on Jun 19, 2017 10:06:58 GMT
... and me. I sometimes wish that when I was a kid, I'd been advised to go into Finance as it seems to be well paid for minimal effort. And another thing..... Why do finance laws/regulations have to be so complicated? More than welcome to do a job swap with me if its so easy. Its all a sales job no matter which way you cut it. If your good you can drive big margins but that's the same in any arena not just Financial services.
If I were to do it all again I'd have tried to get into Property, plenty of opportunity and at least you get the sense of satisfaction that you can see the labours of your works which you can't in Finance. That or get a job for RM Sotheby's as an automotive expert and spend my days driving 250 Ferraris.
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Post by grampa on Jun 19, 2017 15:38:54 GMT
Am I the only person on this forum who doesn't work in financial services? I don't and it leaves me cold - my FA comes round and starts telling me stuff - I have to admit I zone out and always end up saying, "whatever you think" Thankfully he's well trusted and also a client, so every now and again I have to get into understanding what he does! |
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