Accounts Payable
US entities and institutions are leveraging leading edge regulatory technologies to validate W-8 tax forms for their vendors, suppliers and non-employee compensation arrangements, whilst mitigating their risk and improving the efficiency of their tax documentation processes.
Risk of non-compliance for Accounts Payable
US entities and institutions making payments to non US vendors or individuals is a common practice for services rendered. Many outsource this to payment service vendors as these payments require that you collect and validate a minimum of a US TIN or W-8 to prevent backup withholding and identify valid exemptions or treaty reduction where applicable.
Accounts Payable Pain points
Validation Rules
Clear ruleset for qualifying specific special exemptions
Expanded Payment Types
Expanded payment types for compensation & royalty payments
Information Reporting
Customized solution for expanding payments and information reporting
Validation Rules
Clear ruleset for qualifying specific special exemptions
Expanded Payment Types
Expanded payment types for compensation & royalty payments
Information Reporting
Customized solution for expanding payments and information reporting
Improve the efficiency of your tax documentation processes
In Partnership with Big 4 and input from the industry, TAINA is expanding our Platform toaccounts payable processing. TAINA has been designing a new solution which will address all the key pain points in accounts payable processing.
Streamline documentation collection and validation
Allows your vendors, suppliers and non-employees to seamlessly complete and submit W8 forms from their mobile or computer. Provide an intuitive user journey with built-in tips based on IRS guidelines and instant validation checks for faster form completion and reduced rejection rates.
Online W-8 Forms
Electronic solicitation and collection of Form W-8 forms
Withholding rate calculations
Supports blended and breakout rate calculations
Advanced Audit Trail
High quality data for audits and information reporting
Online W-8 Forms
Electronic solicitation and collection of Form W-8 forms
Withholding rate calculations
Supports blended and breakout rate calculations
Advanced Audit Trail
High quality data for audits and information reporting
Superior customer and investor experience
Automate your tax document collection and validation with our online customer and investor that is providing real value for business.
How's TAINA Different?Perform Efficient and Reliable Review And Remediation
Streamline your validation and remediation process for teams that are unfamiliar with tax rules with an automated tax operations validation portal. Perform multi-level review with a built in workflow and process scanned forms with our the best-in class OCR for fast and reliable review.
Minimize exposure of under withholding
Calculate and evaluate tax withholding rates with our integrated withholdings rates engine. Identify valid exemptions or treaty reduction to provide applicable withholding rates to w-forms Integrated with our intermediary tool to view withholding rates in a graphical tree structure.
Fully Automated Tax Operations
Reduce risk and saves cost with a more efficient and cost effective validation process.
How's TAINA Different?Build and Validate Intermediary Trees
Build and visualize complex intermediary structures into user-friendly structure charts up to 100 layers deep using our W-8IMY allocation statement functionality. Include all key information and withholding rates when integrated with our withholding rates module.
Mitigate risk of failure under IRS Audit
Reduce your risk of fines by ensuring you can prove compliance with a robust and detailed audit trail. Track and store a record of all forms validated through the system including any corrections made by users with our integrated audit portal.
Useful Resources
To find out more about how TAINA's fully automated FATCA and CRS Validation platform is adding value to payment service vendors, check out these useful resources.
Request a personalised demo of the TAINA Validation Platform
Assess how TAINA's Platform may be able to add value to your particular processes. Our experts will listen to your concerns and pain points, take onboard your process and then guide you through how our platform may be able to help.
Schedule a demo to:
- Assess the TAINA’s suitability and value add to your current processes
- Receive short overview and expert level decks
- Receive expert advice and answers to your questions and concerns
- Hear more about hosting and integration arrangements