Convey Compliance and CTI Team on Critical Domestic and Cross-Border Tax Withholding, Reporting and Compliance Solutions
Plymouth, MN (PRWEB) May 28, 2009 -- Convey Compliance Systems (http://www.convey.com), the leader in on-demand 1099 tax information reporting services, announced they are teaming with Compliance Technologies International (http://www.cticompliance.com)(CTI), the world's premier provider of tax compliance solutions for companies affected by I.R.C. 1441 (http://www.1441compliance.com/1441compliance.nsf/c06872e7e5f77e3c8525693f0069a1a4/055c747e2d62febe8525695700548f72) regulations. Convey and CTI will provide the most comprehensive 1099 reporting and withholding solution to address critical IRS priorities for domestic and cross-border tax withholding and tax compliance.
By combining Convey's on-demand Convey 1099 information reporting services (http://www.convey.com/sol_hv.asp) and CTI's withholding and NRA consulting (http://www.cticompliance.com/services.aspx), software (http://www.cticompliance.com/products.aspx), and outsourcing (http://www.cticompliance.com/outsourcing.aspx)solutions, financial services and multinational organizations can leverage a full solution suite that automates 1099 and 1042-S reporting, withholding and due diligence while adhering to the most stringent information reporting and tax withholding industry's best practices.
The solution comes at a time when tax reporting and withholding compliance is more critical than ever for financial institutions. In December 2008, the IRS escalated domestic backup withholding and withholding at source on payments made to non-U.S. persons a Tier 1 audit issue.
According to Cyrus Daftary, partner at Burt, Staples and Maner, LLP, and executive director at CTI, withholding has become a crucial issue and is only growing in severity. "1099 and 1042-S tax reporting and withholding issues have become priority one and will be critically scrutinized by the IRS when they audit financial institutions and multinational corporations," Daftary said. "The Obama administration is talking about the changes they want to see in the tax withholding and information return reporting regime and are clearly illustrating efforts to increase IRS scrutiny and the need for organizations to place a premium on compliance efforts."
Jayne Alfano, CTI's chief executive officer, said clients who leverage the full solution suite will ensure both compliance and efficiency. "By taking advantage of both CTI's and Convey's solutions, clients can cut internal tax withholding and information return reporting workloads by more than half while ensuring full compliance at a time when the issue is more crucial than ever."
Brian Provost, Convey's chief executive officer, said that the collaboration would provide the protection that financial institutions and multi-national corporations need in the wake of new IRS priorities. "There are over 40 years of demonstrated compliance expertise between CTI and Convey," Provost said. "With our combined track record of technology, service and expertise, the combined Convey-CTI solution suite represents the best answer for domestic and cross-border tax withholding and reporting needs in today's market."
About Convey
Convey Compliance Systems reduces both the costs and risks associated with handling 1099 reporting at both the federal and state level. Clients depend on Convey's innovation and expertise to assure tax compliance while handling the complexities of reporting and filing tax documents on behalf of customers, vendors and investors. Convey's solutions combine over 20 years of expertise in 1099 reporting with configurable on-demand software and operational services, all designed to reduce costs, increase efficiency and mitigate risk.
Founded in 1986 and headquartered in Plymouth, Minn., Convey serves clients ranging from small businesses processing hundreds of forms to Fortune 500 companies processing millions of forms. For more information, visit www.convey.com.
About CTI
CTI's software and services have been used in multi-national corporations and seven of the ten largest financial institutions in the world since 1998. CTI has a strong team of highly specialized and experienced international and domestic tax and software professionals, including lawyers, accountants, software engineers and operations experts. CTI's team is a leader in cutting edge global tax technology; consulting and outsourcing services specializing in information return reporting and tax withholding. Years of practice have contributed to CTI's long standing and solid relationships with worldwide financial institutions, multi-national corporations, tax authorities and governments. For more information, see www.cticompliance.com.
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