Users of the newly integrated product, accessed via Sovos, will be able to automate collection, validation and management of Forms W-8, W-9 and 8233, and self-certifications, and continue to manage them as circumstances change. They will also be able to calculate the correct withholding rates based on tax documents provided by payees and the IRS, automate those withholdings and the filings that come with them, and electronically reconcile withholding tax liabilities compared to the amounts reported on individual tax forms.
In addition, users can connect tax documents and withholding data to Forms 1099 and 1042-S data, generate and deliver tax forms to payees either printed or electronically, streamline delivery of tax information to IRS and state governments, and solicit and update tax documents when notified of incorrect information by either the IRS or the payee.
“This is a monumental step forward for our customers,” said Wendy Walker, solution principal at Sovos, in a statement.
Sovos and Comply Exchange plan to explain the partnership in a webinar on March 17.
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