Tag: IRS

In the world of tax compliance, staying current isn't just best practice—it’s a necessity. Among the various timing issues that compliance teams face, understanding...

Banks in the United States will have more flexibility in how they collect Taxpayer Identification Numbers (TINs) from customers following the introduction of new Customer Identification Program (CIP) regulations by FinCEN, the OCC, and the FDIC.

Navigating the maze of tax compliance is often a delicate task for firms, with any misstep potentially leading to regulatory penalties and customer dissatisfaction. Simply collecting tax documentation is no longer sufficient. FinTech companies now face the challenge of collecting these documents in a seamless, friction-free manner while upholding compliance standards. By adopting AI and enhanced OCR technologies, firms can transform document collection into an efficient and transparent part of the customer journey.

The U.S. House of Representatives has passed a sweeping tax reform bill, dubbed the “One Big Beautiful Bill”, which is now awaiting Senate approval. Although the bill is still subject to change, it contains several proposals that could have far-reaching implications for global organisations involved in information reporting and tax withholding.

As global tax regulations tighten, prime brokers are under increasing pressure to weave tax compliance into every stage of the client lifecycle. According to TAINA...

As tax regulation evolves to include digital assets, businesses must shift from reactive to proactive compliance strategies. A key focus has been the expanded scope of Section 6045 and 6045A, which now categorises digital asset trading platforms, wallet providers, and payment processors as brokers. This change subjects them to the same IRS reporting standards as traditional securities, creating new obligations for tax information collection and verification.

The IRS has issued key updates for January 2025, outlining crucial deadlines and compliance requirements for financial institutions. Comply Exchange, which offers tax compliance...

FATCA and CRS are crucial global regulatory frameworks aimed at increasing tax transparency and preventing tax evasion. TAINA, which offers a fully automated FATCA...

On June 28, 2024, the IRS released the much-anticipated final regulations for digital asset brokers, providing detailed guidance for reporting sales and exchanges of digital assets.

In an era where efficient processing and standardization are more crucial than ever, TAINA took a significant step forward by hosting the Global Industry Forums on Withholding Statements in 2019 and 2020.