Tag: IRS

Policies and procedures are often underestimated, yet they are critical for building an audit-ready tax compliance programme.

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.

As global tax regulations tighten, prime brokers are under increasing pressure to weave tax compliance into every stage of the client lifecycle. According to TAINA...

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

In the rapidly evolving realm of financial compliance, US banks are consistently on the lookout for advancements that can streamline their operations and enhance...

The recent shifts in the regulatory landscape, especially with the expansion of Section 6045 and 6045A, now encompass a broader spectrum of financial actors including digital asset trading platforms and payment processors.

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.