KEYWORDS: Broadridge, broker-dealer, Canada, EU, European Union, FATCA, Foreign Account Tax Compliance Act, Internal Revenue Service, IRS, regulatory compliance, regulatory requirements, tax management, taxes, transparency
Joseph Barra, Michael Alexander, Glen Bover
A perfect storm of increased tax complexity is descending on broker-dealers of all sizes across the globe. The convergence of accelerated government regulations, increased tax reporting requirements and growing client demands is forcing firms to undergo a difficult balancing act to keep pace with seasonality, regulation changes, and technology upgrades. The benefits of keeping tax functions in house no longer outweigh the risks.