Will the BrokerTrak automatically check for TEFRA compliance?
Based on particular documents having been certified as being received, Internal Revenue Service request, or U.S. tax withholding agreement by international treaty determined by the customers residence/citizenship TEFRA withholding status will automatically be determined. If TEFRA is found to apply then upon sale of securities, paid dividends or interest the proper TEFRA percentage of proceeds will be withheld from the client and the general ledger updated.
