Vendor Tax CapabilityDo you need to validate tax forms for your vendors, suppliers and non-employee compensation arrangements? US entities and institutions often outsource to vendor service providers when making payments to non US vendors or people as they require you to collect US Tins or W-8 Forms.
Automate the collection and validation of W8 forms
Payments made to non US vendors require that you collect a US Tax Identification Number or W-8 to prevent backup withholding.Validation of W-8 forms is needed to identify valid exemptions or treaty reduction that may be applicable.
Seamless completion and validation of online forms
Use a smart and intuitive interface with built in IRS guidance and real time validation to complete and submit W-8 tax forms. Enhance your digital experience with a simplified ‘no tax form’ journeys for individuals who dislike or are unfamiliar with traditional tax forms.
Streamline your validation and remediation
Automate the validation and remediation of all online and scanned forms in our tax operations validation platform. Upload scanned forms with our best in class OCR, that reads, validates and cross checks information with override and supporting document upload capabilities.
Improve efficiency and productivity
Increase turnaround times by 75% with a built in workflow that allows your teams who may not be familiar with tax rules to perform multilevel review to reduce risk and saves cost per form by 84%.
Reduce risk of under withholding
Identify valid exemptions or treaty reductions to calculate and evaluate the applicable tax withholding rates using our integrated withholdings rates engine.View withholding rates in IMY tree structures when integrated with our intermediary tool.
Prove robust compliance with good data
Mitigate risk of failing IRS audit by providing high quality data with a robust and detailed audit trail available in our audit portal. Use tracked and stored data on all forms in the system for audits, compliance reviews and tax reporting.