Tax software program suppliers Sovos and Comply Alternate introduced a brand new partnership that can present automation and information administration instruments for tax compliance and withholding.
Customers of the newly built-in product, accessed through Sovos, will be capable to automate assortment, validation and administration of Varieties W-8, W-9 and 8233, and self-certifications, and proceed to handle them as circumstances change. They can even be capable to calculate the proper withholding charges primarily based on tax paperwork offered by payees and the IRS, automate these withholdings and the filings that include them, and electronically reconcile withholding tax liabilities in comparison with the quantities reported on particular person tax types.
As well as, customers can join tax paperwork and withholding information to Varieties 1099 and 1042-S information, generate and ship tax types to payees both printed or electronically, streamline supply of tax info to IRS and state governments, and solicit and replace tax paperwork when notified of incorrect info by both the IRS or the payee.
“It is a monumental step ahead for our clients,” mentioned Wendy Walker, answer principal at Sovos, in an announcement.
Sovos and Comply Alternate plan to clarify the partnership in a webinar on March 17.