Form 1042-S – A New Challenge for Accounts Payable
(Foreign Account Tax Compliance Act)
Are you READY?
Learn about changes in industry regulations: 1099, 1042-S, FATCA,
W-8/W-9, Cost-Basis Reporting with our webcasts.
President Signs Comprehensive 1099 Taxpayer Protection
New billing and renewal process for Windstar products.
GLOBAL COMPLIANCE WITHOUT THE WORRY
ONESOURCE 1099 and Identity are now ONESOURCE Tax Information Reporting
The ONESOURCE Tax Information Reporting portfolio includes software and services for:
Need training on tax information reporting and new regulations? Attend a webcast! Go to the Resources/Webcasts page.
A COMPLETE COMPLIANCE SOLUTION
Our ONESOURCE Tax Information Reporting offers a complete compliance solution for both the United States and Canada,
- U.S. Federal, State, and Puerto Rico
- TIN Compliance
- Withholding Management
- Compliance Training
- Consulting Services
- U.S. Compliance for Foreign Entities
- Canadian Compliance
IDENTITY (W-8/W-9) IS NOW PART OF ONESOURCE TAX INFORMATION REPORTING
ONESOURCE Tax Information Reporting offers a solution for U.S. Compliance for Foreign Entities that includes:
- Electronic forms W-8 and W-9
- Real-time documentation validation
- Substantial Presence Test
- Detection of U.S. citizens, dual citizens, and those subject to U.S. taxation
- Optional rebranding to reflect clients' brand
- Integration with existing systems and online presence
- Support of Documentary Evidence/KYC
- Exception management queues
- Compliance status reporting
- Validation of flow through entity structures
- Consolidation of online and existing paper documentation
- Support of data segregation, aiding organizations with multiple business units
- Customizable access controls
- Online Form Filing Interface (Recipient Site)
- Automates collection of forms W-8 and W-9
- Provides a series of error and warning messages that guide customers through the form completion process
- Offers intuitive user interface, which can be customised to your company's branding
- Includes a comprehensive help system Administration Interface
- Automatically validates form information against an extensive IRS rule set
- Offers real-time compliance reports on account holder population
- Provides administrators with a daily compliance task list
- Compares documentation against existing customer records
- Ensures that forms which require review receive manual intervention
- Proven to reduce the cost of compliance (customers have reported up to a 30% cost savings)
- Facilitates an exception management approach to compliance by eliminating the need to review correctly documented account holders in detail
- Real-time online form validation reduces number of invalid form submissions
- Helps ensure compliance with IRS documentation requirements, thereby mitigating the risk of penalties
- Web-based solution reduces paper and postage costs
Click here to view FAQs about Identity (W-8/W-9) solutions.
IMPROVE YOUR TIN COMPLIANCE
ONESOURCE Tax Information Reporting software keeps B-Notices for the current year plus the previous three tax years in the B-Notice database to comply with the "two in three years" rule set by the IRS.
B-Notices can be entered manually, or B-Notice information can be imported into the system using the CP2100/B-Notice tape received from the IRS. If payees' account numbers are provided to the IRS when filed (this is now a required field when filing electronically), your B-Notice tape will also contain this information. ONESOURCE Tax Information Reporting creates a separate B-Notice record for each unique combination of: TIN, Name line 1, Tax Year and Payer.
By entering the date when the B-Notice file is received, ONESOURCE Tax Information Reporting will calculate 30 business days in the future and print this date as the return deadline date on the B-Notice letters and W-9 forms. You can batch print first or second B-Notices. For the first B-Notice payees, the system will generate the First B-Notice letters and the Substitute Form W-9. For the second B-Notice payees, the system will generate second B-Notice letters.
The B-Notice tracking process within the software includes comparing the IRS-provided TIN information with what the system currently contains in the payee record to ensure a B-Notice is appropriate.
As a function of the B-Notice processing, ONESOURCE Tax Information Reporting will send and track W-9 solicitations. You can also generate W-9 forms directly without using the B-Notice tracking system for non-B-Notice annual solicitations.
Multiple options for easy distribution:
- Prints individual recipient statements or batch prints large volumes
- Choose to file based on IRS thresholds or to file everything
- Supports all IRS filing options and state CSF and non-CSF filing
- Meets IRS and SSA requirements for all forms and filing formats
The Withholding Management module of ONESOURCE Tax Information Reporting enables you to track the tax liability deposit due dates for various federal and state jurisdictions by providing your liability and deposit records, and then reconciling the information.
After reconciling, ONESOURCE Tax Information Reporting will provide the information you need to meet deposit and filing responsibilities.
Our software and services support three types of tax withholding:
- Form 945: 1099 tax withheld
- Form 941: W?2 tax withheld
- Form 1042: 1042 federal tax withheld.
Our solution helps you determine remittances, and retain transaction, deposit remittance, and adjustment details. ONESOURCE Tax Information Reporting ensures that your organization is fully compliant to avoid penalties with regards to over and under reporting and the failure to pay.
Thomson Reuters offers a number of educational webcasts to help you better understand the IRS regulations and changes surrounding Form 1099 reporting, in an easy, no-travel option.
Join us in 2011 as we discuss changes in regulations in the 1099 industry. Our instructors will help you make sense of the following complicated subjects:
- Federal and State Tax Withholding Requirements for Form 1099 Reportable Payments
- Changes and Expansion of Form 1099-MISC Reporting
- State Reporting for IRAs and Qualified Plans
- Basics of Identifying and Documenting Foreign Payees
- Form 1099 Hot Issues for Property & Casualty Insurance Payers
- Form W-9 in the Form 1099 Process
- Form 1099 Compliance in Payments to Attorneys and Law Firms
- Form 1099 Advanced Problem-solving.
Tax Information Reporting ForumUnprecedented expansion of Form 1099-MISC reporting has been enacted into law. Learn the new rules and interpretations, along with ways to plan for the big changes ahead, at our 2011 Tax Information Reporting Forum.
The Tax Information Reporting Forum will be held November 2-3, 2011, at the Fontainebleau Hotel in Miami Beach.