Tag: Comply Exchange

In the ever-shifting landscape of tax compliance, timing can be the deciding factor between seamless operations and regulatory headaches. A crucial, yet often overlooked aspect of this timing is the IRS sunset period—the window of time given to transition from an old version of a tax form to its updated counterpart.

Banks in the US will benefit from greater flexibility in collecting Taxpayer Identification Numbers (TINs) under new Customer Identification Program (CIP) rules from FinCEN, the OCC and the FDIC.

Tax compliance is a complex area where one mistake can mean penalties and customer frustration. FinTechs are now using AI and enhanced OCR to make tax document collection seamless, helping meet regulatory requirements without creating friction for customers.

A significant U.S. tax reform proposal—nicknamed the “One Big Beautiful Bill”—has cleared the House of Representatives and is now under review by the Senate. While the bill is not yet law, it introduces a series of changes that could have a substantial impact on how international businesses manage information reporting, tax withholding, and jurisdictional compliance.

Ineffective RFPs can hinder tax compliance from the outset. That was the central message in Comply Exchange’s recent webinar, “Know Your Pain: Write RFPs That Solve, Not Stall,” hosted with SOVOS and Ledgible.

As IRS regulations expand to cover digital assets, companies must take proactive steps to ensure tax compliance. Amendments to Sections 6045 and 6045A now...

Comply Exchange has launched a strategic partnership with SAP Ariba, supported by PayPal, to overhaul the way businesses manage tax documentation.

Collecting taxpayer identification numbers (TINs) through Forms W-8 or W-9 is critical for compliance but often overlooked until it’s too late. To avoid future risks, firms should consider gathering this documentation early—ideally during onboarding—while carefully balancing user experience.

The IRS has issued key updates for January 2025, outlining crucial deadlines and compliance requirements for financial institutions. Comply Exchange, which offers tax compliance software, recently offered a guide to the updates. 

Form 1042-S is an essential instrument in the U.S. tax system, serving as an annual tax return for withholding agents who manage, control, or...