Vendor Due Diligence & Tax Reporting
Navigating IRS Tax Requirements for Vendor Payments
S&P Global Market Intelligence (SPGI) equips multinational corporations and financial institutions with the tools and support needed to navigate the IRS requirements for payments to vendors. SPGI’s Vendor Due Diligence and Information Reporting tools provide comprehensive and robust end-to-end solutions for Tax Forms W-8 and W-9 collection during vendor onboarding, tax withholding determinations at time of payments to vendors and annual reporting requirements of Tax Forms 1099 and 1042-S.
IRS Tax challenges with onboarding and paying vendors
Vendor payments are a particular challenge for a multinational corporation's finance, accounts payable or tax teams as well as an increased area of focus for IRS audits. Tax documentation defects result in penalty notices, B-Notice (CP 2100) and may result in back up withholding exposure to the entity making payments to vendors and service providers. Industry best practice advocate that prior to a payment, a payor is to determine the tax status of the recipient, the source and character of the income, and the withholding rate (where applicable). More efficient vendor onboarding reduces costs and risks to the organization and increases efficiency.
How SPGI Can Help
SPGI offers a full range of tax onboarding, withholding and reporting tools and services to provide scalable and accurate ways to classify vendors and payments for tax, increase onboarding efficiency and mitigate risk. SPGI Tax Solution have been trusted by some of the largest Multinational Corporations for the past 20 years to support them with:
Regulatory Compliance
Provide comprehensive services to fulfill compliance requirements with advanced and comprehensive vendor due diligence and reporting solutions.
Cost Efficiency
Minimize expenses associated with tax compliance and account onboarding.
Simplified Onboarding
Streamline the onboarding process and reduce friction for a smoother user experience.
Operational Efficiency
Maintain high operational standards while ensuring full regulatory compliance.
Our Approach
Solution Features
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Discover how our innovative technology and expert insights can simplify your tax compliance and due diligence processes. Request a demo to unlock the potential for greater efficiency and accuracy in managing your tax obligations.