Convey Compliance Systems Inc. expands Taxport Compass for FATCA

MINNEAPOLIS, Sept. 15, 2014 /PRNewswire/ -- Convey Compliance Systems, an industry-leading provider of third-party tax information reporting technology and services, recently expanded its compliance research tool, Taxport Compass®, to include information on the Foreign Account Tax Compliance Act (FATCA). With Taxport Compass, compliance teams within organizations have easy access to all the regulatory information they need in a single source, to ensure they are meeting their requirements for FATCA.

Taxport Compass, a compliance research tool that is developed by Convey's tax experts and compliance professionals, now includes detailed information on all model intergovernmental agreements (IGAs) and foreign financial institution (FFI) agreements. Taxport Compass also provides data on individual reporting requirements and electronic formats for each country that has an IGA with the United States.

To keep up with the frequent tax legislation changes, organizations need the ability to quickly understand what has changed and how it applies to their business. Taxport Compass streamlines regulatory updates and changes by filtering out irrelevant information and delivering key points, allowing for more accurate reporting for organizations. Taxport Compass also provides guidance for next steps, such as details about specific forms, filing methods, thresholds and due dates, which enables compliance teams to stay on top of changes. These specifics are particularly important with evolving obligations like FATCA.

Jeff Cronin, Convey's VP of Product Strategy stated, "Many countries that have signed intergovernmental agreements (IGA) do not have filing specifications released for their financial institutions, but we anticipate they will. Convey's Compliance Team will continue to monitor for these updates. As FATCA requirements evolve, we will update Taxport Compass in real time with additions and changes."

For many organizations impacted by FATCA, the provisions are difficult to digest. Not only does the complexity of FATCA requirements present obstacles, the landscape of international tax information reporting continues to expand with the Common Reporting Standard (CRS), which is currently being developed by the Organization for Economic Cooperation and Development (OECD).

About Convey

For nearly thirty years, Convey Compliance has provided technology and services to improve compliance and reduce costs related to tax information reporting. Convey is at the forefront of the industry for providing third-party reporting technology and services to over 2,000 clients. In June of 2014, Convey merged with Taxware, a global provider of sales, use and value-added tax (VAT) software. Together, the two companies create a comprehensive portfolio of technology products and services designed to simplify tax compliance and mitigate risk.

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SOURCE Convey Compliance Systems