Compliance with information reporting and withholding requirements continues to be challenging. Failure to comply can be costly.
Tax information reporting and withholding (IRW) regulations and forms are constantly evolving and subject to changing interpretation. KPMG LLP’s (KPMG) Information Reporting & Withholding Tax Services professionals closely monitor these areas and provide timely news subscription services that keep subscribers abreast of changes and developments to help them mitigate noncompliance risks across three areas:
KPMG IRP Alert primarily focuses on U.S. federal IRW-related technical tax issues and compliance initiatives. Subscribers receive news alerts periodically via e-mail with updates on Internal Revenue Service IRW developments, such as new regulations, notices, and rulings, as well as changes to forms and filing requirements. In addition, the alerts also consider the practicalities of implementation and the potential business impact on companies.
IRP Alert news service can also include an arrangement for subscribers to discuss the content of news alerts, including related U.S. withholding or reporting issues, with KPMG’s experienced IRW professionals.
KPMG State IRP Alert provides subscribers with timely and valuable state IRW data and insights. Subscribers have access to tables covering a wide range of state IRW information related to financial products, securities, retirement plans and IRAs, federal Forms 1099-A, 1099-C, and 1099-K, and more. Subscribers also receive weekly updates on related developments.
KPMG AEOI Updates & Tracking Service is designed to help subscribers keep up to date with changes to U.S. Foreign Account Tax Compliance Act (FATCA) and the Organisation for Economic Co-operation and Development’s Common Reporting Standard (CRS) across more than 30 countries. Subscribers select the jurisdictions they want to track and receive tailored ongoing alerts of FATCA and CRS Automatic Exchange of Information (AEOI) developments in selected jurisdictions, monthly summaries of alerts, and monthly Excel grid of updates and regime status.
Professionals in the KPMG Information Reporting & Withholding Tax Services practice offer a wide range of information reporting consulting services and technology solutions to help financial services entities and multinational companies comply with U.S. and foreign withholding requirements and reporting regimes. By actively working with KPMG International member firm partners and professionals around the world, we can advise you on the application of local country rules and procedures, while helping you implement a consistent global approach.