Making tax reconciliation less taxing
The IRS obliges Qualified Intermediaries to supply end-of-year reconciliation reports for tax purposes on US-sourced income. This challenging undertaking is compounded where organizations (and entities within) utilize a variety of disconnected resources to manually extract and collate the data that needs to be assessed.
IHS Markit’s Tax Reconciliation Tool consolidates the reconciliation process into a single system, replacing manual processes with an automated platform that feeds from a variety of sources. The solution streamlines the end-to-end process, generating multiple efficiencies and dramatically improving accuracy. The customized reports generated by the platform provide clear details around the results, offering a comprehensive audit trail for every endeavor.
Built in partnership with clients, our team of experts have optimized the Tax Reconciliation Tool to tackle real-world challenges. Whether you are a Tax Operations Manager aiming to increase efficiency in your tax reporting and due diligence processes or a Responsible Officer looking for more transparency and quality assurance in your firm’s submissions to the IRS – our solution allows you to spend less time worrying about accuracy and more time adding strategic value to your organization.
The Tax Reconciliation Tool simplifies tax compliance operations by replacing fractured processes into a single platform offering several key operational benefits: