Tax compliance is becoming an increasingly complex area for many teams, with many stifled by a reliance on out-dated and manual workflows. As firms adopt AI, it could be the secret to finally making tax compliance a streamlined process.
RegTech Analyst recently sat down with Comply Exchange director of client services and CCO Jessica Zeltser and solutions and engagement manager Kai Kyriak, to delve deeper into the topic of tax compliance and how AI-powered withholding statement extraction is replacing manual efforts.
Comply Exchange is a tax compliance software that supports electronic IRS form collection, real-time tax compliance updates, automated data validation and withholding rate calculations. Its platform are built to help firms meet tax requirements including Chapter 61, Chapters 3, FATCA, CRS, DAC 7 and many more.
One of its flagship tools is the Comply Extractor, an AI-powered solution designed to help teams extract data from IRS forms and withholding statements. Users simply upload a document or PDF pack and the AI can instantly identify and structure files, pulling key information from the forms within minutes.
During this interview, Zeltser and Kyriak focused on topics ranging from:
- The most common problems companies face with withholding statements
- The negative impact manual dependant tax workflows cause
- How AI is transforming tax compliance
- The range of benefits companies can gain from AI-powered tax compliance
- How the Comply Extractor can help improve tax processes
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