Convey Compliance and CTI Team on Critical Domestic
and Cross-Border Tax Withholding, Reporting and Compliance Solutions
Plymouth, MN (PRWEB) May 28, 2009 -- Convey Compliance
Systems (http://www.convey.com),
the leader in on-demand 1099 tax information reporting services,
announced they are teaming with Compliance Technologies International (http://www.cticompliance.com)(CTI),
the world's premier provider of tax compliance solutions for companies
affected by I.R.C. 1441 (http://www.1441compliance.com/1441compliance.nsf/c06872e7e5f77
e3c8525693f0069a1a4/055c747e2d62febe8525695700548f72) regulations.
Convey and CTI will provide the most comprehensive 1099 reporting and
withholding solution to address critical IRS priorities for domestic and
cross-border tax withholding and tax compliance.
By combining
Convey's on-demand Convey 1099 information reporting services (http://www.convey.com/
sol_hv.asp) and CTI's
withholding and NRA consulting (http://www.cticompliance.com/services.aspx),
software (http://www.cticompliance.com/products.aspx),
and outsourcing (http://www.cticompliance.com/outsourcing
.aspx)
solutions, financial services and multinational organizations can
leverage a full solution suite that automates 1099 and 1042-S reporting,
withholding and due diligence while adhering to the most stringent
information reporting and tax withholding industry's best practices.
The solution comes at a time when tax reporting and withholding
compliance is more critical than ever for financial institutions. In
December 2008, the IRS escalated domestic backup withholding and
withholding at source on payments made to non-U.S. persons a Tier 1
audit issue.
According to Cyrus Daftary, partner at Burt,
Staples and Maner, LLP, and executive director at CTI, withholding has
become a crucial issue and is only growing in severity. "1099 and 1042-S
tax reporting and withholding issues have become priority one and will
be critically scrutinized by the IRS when they audit financial
institutions and multinational corporations," Daftary said. "The Obama
administration is talking about the changes they want to see in the tax
withholding and information return reporting regime and are clearly
illustrating efforts to increase IRS scrutiny and the need for
organizations to place a premium on compliance efforts."
Jayne
Alfano, CTI's chief executive officer, said clients who leverage the
full solution suite will ensure both compliance and efficiency. "By
taking advantage of both CTI's and Convey's solutions, clients can cut
internal tax withholding and information return reporting workloads by
more than half while ensuring full compliance at a time when the issue
is more crucial than ever."
Brian Provost, Convey's chief
executive officer, said that the collaboration would provide the
protection that financial institutions and multi-national corporations
need in the wake of new IRS priorities. "There are over 40 years of
demonstrated compliance expertise between CTI and Convey," Provost said.
"With our combined track record of technology, service and expertise,
the combined Convey-CTI solution suite represents the best answer for
domestic and cross-border tax withholding and reporting needs in today's
market."
About Convey
Convey Compliance
Systems reduces both the costs and risks associated with handling 1099
reporting at both the federal and state level. Clients depend on
Convey's innovation and expertise to assure tax compliance while
handling the complexities of reporting and filing tax documents on
behalf of customers, vendors and investors. Convey's solutions combine
over 20 years of expertise in 1099 reporting with configurable on-demand
software and operational services, all designed to reduce costs,
increase efficiency and mitigate risk. Founded in 1986 and headquartered
in Plymouth, Minn., Convey serves clients ranging from small businesses
processing hundreds of forms to Fortune 500 companies processing
millions of forms. For more information, visit
www.convey.com.
About CTI
CTI's software and services have
been used in multi-national corporations and seven of the ten largest
financial institutions in the world since 1998. CTI has a strong team of
highly specialized and experienced international and domestic tax and
software professionals, including lawyers, accountants, software
engineers and operations experts. CTI's team is a leader in cutting edge
global tax technology; consulting and outsourcing services specializing
in information return reporting and tax withholding. Years of practice
have contributed to CTI's long standing and solid relationships with
worldwide financial institutions, multi-national corporations, tax
authorities and governments. For more information, see
www.cticompliance.com.
Contact Information
Troy Thibodeau
Convey Compliance Systems
http://www.convey.com
763-235-5765
Cyrus Daftary
Compliance Technologies
International
http://www.cticompliance.com
617-963-3412