MasterCard and Convey Compliance, a web-based tax compliance and reporting services firm, have joined forces to offer comprehensive tax information reporting services to MasterCard commercial card issuers and cardholders.
MasterCard said that its commercial cardholders will have access to Convey’s specialized tax reporting and processing services, which help companies to navigate and comply with current complex tax regulations.
According to the MasterCard, Convey’s suite of services complements its Enhanced Merchant Reporting (EMR) system, an online reporting tool that enables companies to easily track and report purchasing card spend, to help comply with IRS 1099 requirements.
MasterCard commercial customers, through this partnership, can receive preferred pricing on Convey’s tax services, such as simplified 1099 tax processing at federal, state and local levels, taxpayer identification number (TIN) matching, W-9 solicitation and 1042-S filing to report income paid to a non-resident alien.
Brian Provost, CEO of Convey Compliance, said: “Our comprehensive reporting and processing services enable commercial organizations to increase efficiencies and reduce costs and risks associated with meeting the demands of today’s complex tax regulations. We’re excited to be working with MasterCard to bring these value-added services to their commercial customers, who are always looking for flexible, affordable and transparent options to meet their compliance needs.”
Robert Reeves, senior vice president of global commercial products at MasterCard, said: “Tax reporting services from Convey Compliance strongly complement the capabilities of MasterCard EMR, which has helped corporations and government agencies accurately track spending and generate detailed reporting. Utilizing the services together, commercial entities can benefit from a turnkey tax reporting solution that addresses their complex tax reporting needs and helps ensure compliance with regulations.”