MINNEAPOLIS, Jan. 15, 2015 /PRNewswire/ -- Convey Compliance Systems, LLC recently published two best practices reports based on the findings of their annual industry-wide tax information reporting (TIR) survey. Convey's Best Practices Survey was developed as a comprehensive effort to improve tax information reporting knowledge across the industry and provide much needed guidance on "best practices" for financial and non-financial organizations that struggle to keep up with rapidly-changing TIR regulations.
"From the increasing demands by state and territorial governments to huge new federal obligations like FATCA and Affordable Care Act reporting, Convey has been at the forefront of educating the market on how to most effectively deal with these complex and rapidly-changing obligations," said Troy Thibodeau, chief marketing officer. "The new industry survey and best practice reports are a concerted effort to help organizations understand the key challenges with the tax information reporting process and what their peers are doing to reduce risk and maintain compliance."
The comprehensive industry surveys received over 500 responses from a cross section of individuals, from senior executives and vice presidents to managers and analysts, representing a wide variety of industries including legal, insurance, banking, technology, manufacturing and government.
The respondents highlighted several key issues with regard to tax compliance. These challenges included organizational problems, insufficient access to compliance expertise and process and data obstacles. To address these setbacks, respondents indicated a number of best practices, including insights into how to proactively manage the process throughout the year and what technologies are most effective in maintaining compliance with the least organizational effort.
Based on the responses, it is clear organizations need to put effective strategies in place to stay ahead of regulatory changes. These strategies are outlined in the reports and include taking dedicated steps toward building awareness, creating a center for excellence and tracking process improvements. Overall, the report emphasizes the need for organizations to be proactive if they want to streamline reporting processes and eliminate penalties. Organizations interested in obtaining a free copy of either report can click here.
For nearly thirty years, Convey Compliance Systems, LLC has provided technology and services 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.
SOURCE Convey Compliance Systems, LLC