Industry Standard Withholding Statements
Withholding Statements Industry Working Group
Industry cooperation and support is more important than ever before. TAINA 2019 and 2020 Global Industry Forums on Withholding Statements brought together over 50 of the world’s leading industry experts and two of the Big 4.
We discussed the proposed standard created by the Industry Working Group and agreed the next steps towards adoption. Additionally there was a regulatory update to the participants in response to COVID-19. Thank you to all of the participants for your support and feedback into the Withholding Statements Global Industry Forum.
Industry Standard Withholding Statements
The TAINA Platform now supports industry standard withholding statements that have been approved by a industry working group including a broad support and broad representation across the industry.
We support formats that are alternative, detailed, simple and pooled. The accepted statement templates have been designed and approved by the TAINA cross-industry withholding statement working group. There are four types of statement template:
- Detailed
- Simple
- Alt
- Pooled
You can access and download the latest agreed standard template from link below.
Keeping our Industry Standard Withholding Statements Up to Date
At TAINA we ensure that our Industry Standard Withholding Statements stay up to date and current in order to ensure it stays useful and relevant to the industry. The IRS send out yearly 2023 Instructions for Form 1042-S (irs.gov) . TAINA makes sure to update our industry withholding statements with any and all updates made to the 1042s codes.
TAINA has recently also updated the Industry Withholding Statements to include Effective To date. TAINA users are now able to set the Effective To date via uploading an industry standard Withholding statement. This feature allows users to enter “effective to” dates both via the Industry Standard Withholding Statement templates and via Multi-tier Manager (MTM) UI onto the current Digital WHS.
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