Tax Withholding Calculations
One of the primary reasons to collect series W tax forms is to determine tax withholding obligations. Customer classifications are identified based on tax form elections or presumption rules when absent a valid form. Withholding types supported include NRA, FATCA, Backup, State, and 1446(f).
Tax Withholding Calculator
The TAINA platform is helping financial institutions in automating their tax withholding calculations and eliminates the need for tax operatives to calculate and apply these rates manually.
- Allows Client to remain compliant with regulations
- Reduces risk of under-withholding
- Makes for better customer experience so there is no over-withholding
Withholding Rate Identification
Calculate withholding rates at account level. View applied and state withholding rates for individual forms or all forms associated with an account.
- Account/Customer classifications from tax forms
- What is payment/income type from which TAINA supports over 50 types
- Sourcing of funds are either US or non-US
- Once those three factors are identified, withholding rates are determined and displayed on UI
Integrate with our Intermediary Multi-tier Manager & Digital Withholding Statements
Enable calculation of withholding rates for beneficial owners and partners which can then be viewed in a graphical multi-tier intermediary tree structure. Use the multi-tier manager to view both blended and breakout withholding rates.
- Accepted Global Industry Standard withholding statements templates including;
- Detailed
- Simple
- Alternative
- Pooled
Withholding Calculator Transaction Engine
The Transaction Engine helps determine the net amount of money to distribute to, or withhold from, an End Customer. The input requires the customer number, and transaction details.
- The output provides customer details for reporting, transaction amount, and withholding amount based on details in TAINA system
- This output is to be used as a withholding reconciliation and reporting aid during year-end operations.
Streamline Tax Withholding Calculations
Automating Tax Withholding Calculations is also a time-saving tool.
- Tax Operatives to spend less time manually calculating and applying rates
- IMY payment details are broken down at the beneficiary level
- Output is in excel format that allows for simple mapping to reporting vendor input files
Income Reclassification at Year End
The Input has been improved to help calculate payment detail breakdowns after year end income reclassifications have been identified from REITs/RICs or due to return of capital.
- Reclassifications can be split by 1099 or 1042S reporting obligations
- Leverage existing customer details to quickly update reporting values by the IRS deadline