Thomson Reuters expands product offering for tax withholding requirements

The Tax & Accounting business of Thomson Reuters now offers corporations a full spectrum of software and services to help their businesses comply with new tax withholding requirements.

ONESOURCE Tax Information Reporting brings the best of British and U.S. tax withholding software together, including some of the industry's most well-known and reliable brands, such as ONESOURCE 1099 and Identity (W-8/W-9), according to the company.

Features include:

Identity (W-8/W-9)

  • Automate electronic filing for W-8 series and W-9 forms
  • Consolidate and validate documentation on and offline
  • Increase visibility and ease of access into all processes including, status, history and expiration dates - mitigating the risk of penalties and fines

Compliance for U.S. federal and state, Puerto Rico, and Canada including:

  • U.S. forms 1099, 1098, 5498 and W-2
  • U.S. state forms UT 675R, CO Dr21W and MA 1099-HC
  • Puerto Rico forms 480 and 499R
  • Canada forms T4A, T5, T5008, NR4 and Quebec equivalents

TIN compliance

  • Run bulk and real-time TIN matching and SDN/OFAC list matching

End-to-end workflow compliance

  • Customize security controls
  • Import data
  • Run broad query, reporting, filing and printing functions
  • Track workflow
  • Access output forms from the Internet

Compliance training and consulting services

  • Participate in software training
  • Enlist consulting services for internal procedures

The ONESOURCE Tax Information Reporting solution from Thomson Reuters helps businesses comply with legislation such as: Health Care Act of 2010, Housing Assistance Tax Act of 2008, and the modification to Foreign Account and Tax Compliance (FATCA) Act of 2009.

"With the new regulations and updates introduced by the U.S. Government, corporate tax and finance departments are finding it challenging to remain up-to-date, efficient and in compliance," said Jon Buschman, general manager for the new ONESOURCE Tax Information Reporting group in the U.S. "There is a strong need among small businesses, corporations, and banks for a comprehensive solution to ensure efficient processing and regulatory compliance for reporting corporate taxes."

Mike Roberts, managing director, ABACUS and head of EMEA corporate market for Tax & Accounting concluded: "Manually poring over forms can be incredibly tedious and extremely time consuming. Automating this process and enabling businesses to file electronically will ease the burden and make the process more accurate, and most importantly, organizations will gain a greater insight and better control over their compliance process."

For more information on ONESOURCE Tax Information Reporting, visit www.onesource.thomsonreuters.com/1099 or call (888) 706-1041 ext: 4. For more information on Information Reporting Compliance learning seminars, visit http://onesource.thomsonreuters.com/incometax/1099/webcast-training.asp.

About Thomson Reuters:

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organisation. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com.

The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax, and corporate finance professionals in accounting firms, corporations, law firms, and government. Headquartered in New York, Tax & Accounting has major operations in Dallas, Ann Arbor (Michigan), London, Sydney, and Toronto, and offices in nine countries. For more information, go to http://thomsonreuters.com/products_services/taxacct/. 


Already a member? log in here.