Reporting Questions
How do I view the status of my claims?
MIDAS® Connect's Reclaim Dashboard provides a real-time, high-level breakdown of claim progress for all accounts. The dashboard shows a Reclaim summary, an Active Transactions summary, the Net Reclaim by Country, and Accounts.
Please note that you can drill down by clicking a specific status or country within the graphics. You may also export an Excel version of the report to see the individual claim status. For more information on what each value represents, click the "I" button on your screen's top right.
How long does it take for reclaims to be filed?
The reclaim process will begin after GlobeTax receives income data, supplemental documentation, and proof of residency. For U.S. residents, we need the IRS-issued Form 6166 - Certification of U.S. Tax Residency. The IRS Form 6166 request process is annual, and processing typically takes place in January. The IRS allows for exceptions; however, generally, GlobeTax holds requests for the annual request period. For Non-U.S. residents, we need formal proof of residency from a tax authority, which identifies the beneficial owner as a resident of that country. For many countries, GlobeTax can obtain the necessary residency certification under Power of Attorney. However, the beneficial owner may be asked to obtain their own residency certification in some markets. Where possible, GlobeTax will provide guidance and assistance to support this process.
Overall, it takes approximately 6-18 months to prepare the claim. This includes the time needed to source any supporting documents which are needed from your financial institution.
Depending on the reclaim volume, we may need to file claims on a priority basis, meaning the oldest reclaims nearing the local market's statute of limitations will be prioritized over more recent distributions.
How long does it take for reclaims to be paid?
Once GlobeTax files claims to the local market, the Foreign Tax Authority independently reviews and responds to them. To see the average payment timeline for each market, view the “expected time to pay” section within your quarterly statements.
How is "Net Reclaim" in the accounts grid calculated?
On the “Summary” tab, the “Net Reclaim” value is calculated by totaling the paid, filed, and outstanding reclaims of each account, since account inception.
On the “Active” tab, the “Net Reclaim” value is calculated by totaling the filed and outstanding reclaims for each account, since account inception.
On the “Paid” tab, the “Net Reclaim” value is calculated by totaling the reclaim value paid since the inception of each account.
Where can I find security specific information?
The grid of accounts at the bottom of each dashboard tab includes a “Download” button on the right-hand corner. To view individual transaction information for each account, click this button and open the corresponding Excel spreadsheet.
Why am I seeing discrepancies across different reports?
Users may see discrepancies in the dollar values displayed for the same data field (e.g. Estimated Net Reclaim) across reports provided by GlobeTax. The discrepancies can be attributed to any of the following reasons:
Timing of Report Generation
Items may have been updated between generation of the quarterly statement and viewing of the real-time dashboard. Note: the MIDAS® Connect dashboard will always have the most up-to-date information.
Foreign Exchange Rates
As these rates are calculated on a daily basis, the data fields can change from day-to-day.
Net Versus Gross Calculations
In some reports – such as the Document Status Report – the dollar value of the estimated reclaim is calculated before GlobeTax’s fees are removed. However, this same value on the reclaim dashboard is calculated net of GlobeTax fees.
When are Quarterly Statements posted to MIDAS Connect?
Quarterly Statements are generally posted to MIDAS® Connect within two weeks following the quarter end. For example, we will post the Quarter One statement covering the period of January 1st to March 31st by mid-April.
You will receive an email notification once the report is available.