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The IRS is aggressively pursuing withholding agent’s’ compliance with the 1441 rules, FATCA (Foreign Account Tax Compliance Act) and other regulations, in order to offset offshore tax evasion and recover lost revenue. We’re seeing a lot more auditing in this space than we previously had. Noncompliance can result in severe tax penalties levied by the IRS. FATCA rules specifically make the company paying suppliers responsible for tax regulatory compliance. The penalty can be up to 30 percent of the payment. This executive summary outlines best practices and solutions to be in compliance. Download now to learn more. |
