Although most businesses focus on verifying identities, Tax IDs, and sources of funds as part of their standard Anti-Money Laundering (AML) compliance efforts, they often overlook a critical aspect—sanctions screenings. Let’s explore the role of sanctions screenings in mitigating risk, ensuring compliance with global and federal regulations, and protecting businesses from engaging with individuals or… Read more »
It’s IRS 972CG Season. What is a “P-Notice”?
Every business, regardless of size or industry, faces the possibility of incurring information reporting penalties from the Internal Revenue Service (IRS). Knowing the appropriate actions to take upon receiving a notice, such as an IRS Notice CP2100 (B-Notice) or 972CG (P-Notice), is essential. Being well-informed is the first step in managing these IRS notices and… Read more »
Your 1099 Filing Checklist: What to Do Before Tax Season
As the leaves start to turn and October settles in, many businesses are gearing up for what can feel like a never-ending tax season. While 1099 reporting may not be the most exciting task on your to-do list, it’s crucial to validate your records early and avoid last-minute scrambles. 5 Steps to Prepare for a… Read more »
What is the Death Master File?
If you are involved in your organization’s year-end tax filing process, you know the importance of maintaining accurate individual and vendor tax data. Tax Identification Number (TIN) matching is a critical process that can help protect your organization from errors, B-notices and penalties from the IRS. TIN matching typically occurs at two points in a… Read more »
Why TIN Matching is Important for Your Business
Having the correct Tax Identification Number (TIN) is essential when filing W-2s, 1099s and ACA forms. This nine-digit number could be a Social Security Number (SSN), Employer Identification Number (EIN), Individual Taxpayer Identification Number (ITIN) or an Adoption Taxpayer Identification Number (ATIN). A SSN may only be obtained through the Social Security Administration, while the… Read more »
Three Ways a Bulk TIN Match Helps Maintain 1099 Reporting Compliance
If your business has a large number of customers or vendors, then you are probably familiar with the challenge of maintaining accurate name and TIN information for 1099 tax reporting purposes. Collecting a W-9 during customer onboarding and doing a proactive real-time TIN and name check with the IRS database are solid best practices every organization… Read more »
5 Reasons Your Business Should be Proactively TIN Matching
Improving the efficiency of financial operations while maintaining compliance is critical to the success of any growing business. One of the proactive steps that can help improve the efficiency and accuracy of your tax compliance is TIN Matching. This simple but important verification process can have several significant benefits to your business. Here’s a closer… Read more »