1042-S QI-Reporting in Avaloq

Numerous banks have been relying on our expertise for many years to determine which data, in which format, must be submitted to the US tax authorities (IRS) as part of the 1042-S reporting process. Since the specifications change practically every year, these institutions benefit from our monitoring and the continuous updating of our solution. We understand all tax regulations that control the exchange of tax data with the IRS.

We are also very familiar with the mandatory customer monitoring and documentation processes related to QI. During implementation, we take into account the existing QI setup of each bank and can make recommendations on how this can be optimised. Our 1042-S reporting solution for Avaloq banks is a prime example of our approach: specialist expertise and IT implementation from a single source.

Your contact:

Pascal Inauen
Head Business Development & Training

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Which criteria must the 1042-S QI-Reporting fulfil?

As part of the 1042-S QI Reporting, QI banks, so-called Qualified Intermediaries, report US income to the IRS annually. The data must be submitted electronically, in each case by March 15 of the calendar year following the tax year at the latest.

How do we elegantly solve these challenges? 

HCLTech Confinale Wealth Solutions has developed a functionality in Avaloq that easily produces correctly formatted electronic 1042-S reports. The relevant QI codes (Recipient, Exemption and Income Code) of the respective tax period are taken into account. Different categories of income, codes and other information are checked for plausibility.

Our solution, which is updated annually, is successfully in use at numerous Avaloq banks.

Our offer

May we advise you on 1042-S Reporting or support you in other Tax or Compliance issues? We also offer solutions for CRS and FATCA, 871(m) or DBA group requests.