FATCA Compliance

Your company’s compliance with the new FATCA and U.S. Regulations is crucial to avoid costly withholding tax liabilities and IRS penalties.

Business areas must apply undated standards on Policies and Procedures whenever reviewing or onboarding a new client to determine the correct Form W-8 or Form W-9 Certification and be able to validate the documents according to the rules set by the IRS and apply backup withholding, Chapter 3 or Chapter 4 withholding on payments to foreign payees/entities.

In addition, the reporting format and payee statements to foreign payees are changing drastically.

Complying with government regulations related to certifying payees, issuing payments, applying the correct withholding and the filing of information returns is a daily – year round task.

IRS Compliance offers regulatory services for all Forms 1099, W-2 and 1042-S.

Whether your needs are specific to FATCA for consulting, certification and validation services for U.S. and Foreign payees, custom year end services or Full Outsourcing (SaaS) of the year round processing of payments reported on Forms 1099, W-2 and 1042-S – IRS Compliance has the service to meet your regulatory needs.

If you would like to obtain more information on our services, contact us.

Processing Services include:

Powered by 1099Pro Corporate Suite and secure SOC I SSAE Type II hosting, services can be tailored to each client’s specific needs within the realm of payment tracking and information reporting. The IRS Compliance Regulatory Services Team will coordinate with the client and its departments to setup and execute the file import processes for adding to or updating existing recipient payment data, filing federal and state information returns, processing and managing B-Notices and Penalty Notices, Form W-9 and W-8 solicitation, corrections, printing and mailing for recipient statements.

  • Federal and State Information Returns for Originals and Corrections
  • Annual IRS and SSA returns for Form 1099, 1098, 5498, W-2,
    1042-S, Puerto Rico
  • Quarterly Wage Reporting
  • Independent Contractor Reporting
  • TIN Compliance Management of:
    • Withholding status and liability information management
    • Form W-8, W-9 solicitations and certifications – paper and electronic
    • B-Notice and TIN Penalty Letter processing
    • TIN Certification validation and remediation
    • FATCA Compliance
  • Electronic submission of payee Forms W-8 and W-9, validation and remediation
  • Printing and Mailing of all required notices and statements
  • Data Imports from multiple divisions and business areas
  • Balancing and reconciliation
  • Management reports for balancing payments, reporting, and withholding
  • Management of transaction detail history and audit trails
  • Multi-Tax Year Retention and Reporting
  • Consistent Regulatory Updates to System, Processes, and Procedures
  • IRS TIN Matching and Documentation
  • Call Center Support Available
  • Withholding Deposit Services Available
  • Access to Regulatory Publications, Newsletters, webinars and educational events available
  • Regulatory Consulting & Risk Assessment Services Available
  • Transmitter services
  • Infinite Scalability – allows for processing of an infinite number of records for an infinite number of business areas and departments
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