Tax Reporting Help
Tax Reporting helps prepare FATCA and CRS filings by guiding users through profile setup, scope selection, validation, XML generation, submission tracking, and evidence storage.
The feature does not directly submit filings to tax authorities. It prepares filing packages and records the submission details and evidence after the user completes the filing in the relevant portal.
What Tax Reporting Is Used For
Use Tax Reporting when an organization needs to prepare FATCA or CRS reporting for a reporting entity.
The module supports:
- FATCA filing preparation
- CRS 3.0 filing preparation
- Cayman CRS local filing configuration
- Reportable contact, relationship, and entity scope selection
- Data validation before filing
- XML package generation where applicable
- Submission status tracking
- Evidence document storage
- Cayman CRS Compliance Form preparation
- Cayman CRS Filing Declaration evidence tracking
Main Concepts
| Concept | Meaning |
|---|---|
| Tax Reporting Profile | A filing workspace for one reporting entity, regime, jurisdiction, and reporting year. |
| Regime | The reporting framework, such as FATCA or CRS. |
| Jurisdiction | The local filing jurisdiction. Cayman CRS has specific local configuration. |
| Reporting Entity | The organization or entity responsible for the filing. |
| Scope | The contacts, relationships, and entities included in the filing review. |
| Validation | Checks whether required filing data is complete and suitable for XML generation or submission tracking. |
| XML Package | The generated FATCA or CRS XML file used for filing where XML submission applies. |
| Submission Record | The recorded portal submission status, date, reference, and notes. |
| Evidence | Documents such as receipts, confirmations, screenshots, or generated compliance forms. |
Typical Workflow
- Create a new Tax Reporting profile.
- Select the regime, reporting year, jurisdiction, and reporting entity.
- Select the reporting scope.
- Run validation.
- Fix validation blockers or review warnings.
- Generate XML if the filing requires an XML package.
- Submit externally through the relevant filing portal.
- Record the submission details in Privork.
- Upload or generate evidence documents.
Step 1: Details
The Details step defines the filing profile.
Required fields usually include:
- Regime: FATCA or CRS
- Reporting year
- Profile name
- Jurisdiction
- Reporting entity
The reporting entity is the entity responsible for the filing. Evidence and generated Cayman CRS documents are attached to this entity.
Step 2: Scope
The Scope step determines which records are reviewed for reporting.
Users can select:
- Contacts
- Relationships
- Entities
The Selected tab shows all records currently included in the filing scope.
During validation, if a selected record is not actually reportable, it can be removed from scope.
Scope selection does not automatically mean every selected item is reportable. Validation checks whether the selected records have the required FATCA or CRS data.
Step 3: Validation
Validation checks whether the profile and selected records are ready for filing.
Validation can produce:
- Errors: blockers that must be resolved before filing or XML generation.
- Warnings: items that should be reviewed but may not block filing.
Validation may check:
- Reporting entity selection
- Jurisdiction configuration
- Required account holder data
- Required controlling person data
- TIN values
- Addresses
- Date of birth where required
- Account number
- Account balance
- Currency
- FATCA or CRS reportability
- Self-certification status
- Due diligence details
- XML schema rules
Fixing Validation Issues
Some validation issues can be fixed directly from the validation screen.
Descriptor-based issues can open a fix form where the missing value can be populated directly.
Issues that belong to a related contact, relationship, or entity may open the related record so the user can update the data in the correct place.
Step 4: Submission
The Submission step contains three areas:
- XML Packages
- Cayman CRS Compliance Form
- CRS Filing Declaration
XML Packages
The XML Packages tab is used to generate and manage FATCA or CRS XML files.
Users can:
- Generate XML after validation passes
- View the XML
- Download the XML
- Delete generated XML packages
- Record which generated file was submitted
Generated XML packages are retained so users can keep multiple versions for review, download, and submission tracking.
XML Preview
The XML preview shows:
- Expected structure
- Generated XML
This helps compare the generated package against the expected FATCA or CRS structure.
Cayman CRS Compliance Form
Cayman CRS requires an annual CRS Compliance Form. This is separate from CRS XML reporting and should be prepared and retained as part of the filing evidence.
The Cayman CRS Compliance Form tab allows users to:
- Preview the preparation pack
- Generate the form
- Save it as reporting entity evidence
- View generated forms in the document library
The document library in this tab is filtered to:
- The selected reporting entity
- The document type
Cayman CRS Compliance Form
CRS Filing Declaration
The CRS Filing Declaration tab is used to track DITC Portal filing declaration evidence. This is especially important for Cayman CRS NIL filings.
Users can use this tab to store:
- DITC Portal confirmation
- Filing declaration receipt
- Portal screenshot
- PDF confirmation
- Other filing evidence
The document library in this tab is filtered to:
- The selected reporting entity
- The document type
Cayman CRS Filing Declaration
Filing Declaration evidence is not the same as the Cayman CRS Compliance Form. These are stored under different document types so users can clearly separate generated compliance forms from portal filing evidence.
Cayman CRS NIL Filing
A Cayman CRS NIL filing is used when there are no reportable accounts in scope.
For NIL filing:
- No CRS XML package is generated.
- The user completes the CRS Filing Declaration in the DITC Portal.
- The user records the filing details in Privork.
- The user uploads portal evidence under the CRS Filing Declaration tab.
If no reportable accounts are selected for a Cayman CRS profile, use the CRS Filing Declaration tab instead of XML generation.
Recording a Submission
After filing externally, use Record to capture the filing result.
Submission details can include:
- Status
- Submitted date
- Reference or receipt number
- Notes
- Submitted XML file where applicable
Supported statuses include:
- Draft
- Submitted
- Accepted
- Rejected
- Corrected
Once recorded, the submission summary remains visible in the profile footer so users can see the latest filing status while moving between submission tabs.
Evidence Documents
Evidence is stored using the standard document library.
Evidence may include:
- Generated Cayman CRS Compliance Form
- DITC Portal receipts
- Filing confirmations
- Submission screenshots
- Supporting review documents
Evidence is attached to the reporting entity.
| Tab | Document Type | Purpose |
|---|---|---|
| Cayman CRS Compliance Form | Cayman CRS Compliance Form | Generated annual preparation pack and related evidence. |
| CRS Filing Declaration | Cayman CRS Filing Declaration | DITC Portal declaration receipt, confirmation, screenshot, or evidence. |
Main Grid
The main Tax Reporting grid shows all profiles and their current readiness.
The grid includes:
- Regime
- Readiness progress
- Status step
- Reporting entity
- Profile name
- Reporting year
- Jurisdiction
- Scope counts
- Error count
- Warning count
- Submission status and date
Dashboard cards can be used to quickly filter profiles.
Common User Questions
Why can I not generate XML?
XML generation requires validation to pass. If the profile has blockers, resolve them first.
Why is no XML generated for Cayman CRS NIL?
Cayman CRS NIL filings are handled through the DITC Portal Filing Declaration. Record the declaration and upload evidence instead.
Where do I upload DITC Portal receipts?
Use the CRS Filing Declaration tab. Upload the receipt or confirmation as a document there.
Where do I find generated CRS Compliance Forms?
Use the Cayman CRS Compliance Form tab. Generated forms are shown in the document library for that tab.
Why do I see warnings after validation passed?
Warnings identify areas that should be reviewed before filing. They may not block filing, but they should be checked by the user.
Can I include contacts, relationships, and entities in one filing?
Yes. The Scope step allows selection across contacts, relationships, and entities.
Does Privork submit directly to DITC or IRS?
No. The current workflow prepares XML and evidence, then records the submission after the user files externally.
Best Practice
- Create one profile per reporting entity, year, regime, and jurisdiction.
- Select the scope carefully.
- Run validation before generating XML.
- Resolve blockers before filing.
- Review warnings before submission.
- Generate XML only after validation is clean enough to proceed.
- Record the filing after external portal submission.
- Upload evidence immediately after filing.
- Keep CRS Compliance Form and Filing Declaration evidence in their separate tabs.