Identity - Frequently asked questions

What forms do you support?

Identity supports W-8BEN, W-8IMY and W-9 via the online document collection site.  W-8BEN, W-8IMY, W-8ECI, W-8EXP, W-9 and Documentary evidence are supported within the admin interface.

What do you do with the existing documentation?

Existing documentation can be loaded into Identity either in bulk with the use of a bureau service or manually on an individual basis. W-8BEN, W-8IMY, W-8ECI, W-8EXP, W-9 and Documentary evidence can all be loaded in bulk.

Do you have the substantial presence test?

Yes, this has been incorporated into the online filing process. The system also has a number of other features identifying possible US persons.

How does Identity manage joint accounts?

Identity links joint accounts and allows administrators to 'toggle' between the two accounts. A report is available to view which accounts do not have adequate documentation for both account holders.

Do you have a withholding module?

This is within the future product development plan. Identity W-8/W-9 currently provides the extraction of documentation status and treaty country to allow data to be fed into relevant existingwithholding processes

What has feedback been like from customers completing forms online?

We have yet to receive negative feedback. We are consistently enhancing the system and conduct post implementation reviews with all our clients to identify any issues their customers or administrators face.

How do you capture change in circumstances?

Identity validates the form data with account data on initial provision of the documentation and each time the system is updated with account data changes.

Does Identity have multilingual capability?

Yes, Identity can support all languages which use the western alphabet. Identity will soon be able to Chinese characters also.

Can Identity detect C/O and P.O Box addresses?

Yes, Identity detects any care of or PO box addresses and requests an alternative from the customer and flags to the administrator if an alternative is not provided.

Where is Identity installed?

Identity is installed at the client site. Our installation team can perform the installation personally, remotely or assist your IT team to install themselves.

How long does it take to install Identity?

This depends on the level of complexity of your solution. For simple out of the box versions we can implement in a matter of days.

Do I need a Memorandum of Understanding(MOU)?

Strictly speaking you do not have to have an MOU. It is beneficial as it confirms the process you are adopting has been reviewed and agreed by the IRS, streamlining your audit process.

Can Thomson Reuters help obtain an MOU from the IRS?

Yes, Thomson Reuters can represent the Client in obtaining an MOU.

Does the system support KYC?

Yes, we call it documentary evidence.

Can the system be integrated with existing systems?    

Yes, a bespoke system is available in addition to the 'out of the box' option. We can integrate with online account opening processes and back end systems.

Does the system support flow through entities?

Yes, Identity validates the entire chain to ensure correct documentation has been received by the flow through entity and the underlying beneficiaries.

Does Thomson Reuters have 1042s / 1042 & 1099 reporting capabilities?

Yes, it is called ONESOURCE 1099.