Organisations making payments relating to U.S. source income are required to maintain accurate documentation (forms W-8 and W-9) on account holders to ensure the correct tax withholding rate is being applied.  Not only can collecting and maintaining this documentation manually be time-consuming, but hefty fines can be imposed by the Internal Revenue Service (IRS) for noncompliance.

Identity is a proven web-enabled compliance tool that automates the end-to-end process of collecting and maintaining electronic documentation, resulting in significant cost savings and more accurate compliance reporting.

Features

Online Form Filing Interface

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

Benefits

  • 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 on one of the links to the right for more information about our Identity solution, awarded Best Technical Innovation at the 2009 LexisNexis Taxation awards.