Double click on the yellow flag. Top left quadrant will show the flag and the reason why it was raised.
Yellow flags might be raised for minor deficiencies like high value account or incorrect TIN formats. Remediation will not affect the defined Reporting Status.
Important to note that even though the system allows reportable accounts with yellow flags to be included in the final XML, it is the user's responsibility.
Trans World Compliance is not to be held responsible for any improper due diligence and/or Tax Authority's actions.
Example: Using a CRS Rulebase a yellow flag was raised for an incorrect TIN format.
To remediate the Yellow Flag there are 2 options, depending on the evidence of the due diligence:
1) Click on the “View required format” button and modify the TIN with the edit button. Depending on the predefined Reporting Status, the flag will either change to Green ✓ or Green G.
2) If you have proof of the existing (incorrect) TIN format and/or you don't have a different TIN to modify, you can simply check the box and add a comment in the bottom left quadrant. Depending on the predefined Reporting Status, the flag will either change to Green ✓ or Green G.
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** Tax Authority Portal users: Flags might not be available for you. You will only be able to edit the record and/or account balance and check the hierarchy.
Interested in the Remediation Module? Please contact sales@transworldcompliance.com