Financial institutions are having to deal with a new set of challenges in tax information reporting. Cheryl Riedlinger, noted tax attorney and head of the Tax Reporting Group, recently identified three new headaches for tax professionals:
- Changes to IRS policy regarding W-8 forms, which are causing FIs to repaper their client bases
- New developments in de minimis corrections, an issue the PATH Act has arguably made worse
- Accelerated deadlines, seemingly a trend that will continue
Riedlinger will present on these topics and more at the Sovos Global Compliance Summit in Florida in October. Sovos has produced a white paper based on her recent observations with advice on how companies can overcome reporting challenges.
Visit this page to read the Sovos white paper based on Riedlinger’s latest analysis.
Register here for the Global Compliance Summit taking place Oct. 2-4 in Palm Beach, Fla.
To discover more about how Sovos facilitates 1099 reporting, visit this page.