Solution provides critical information for the issuers of Form 1099-OID
Wolters Kluwer today announced it has been awarded a five-year contract by the Internal Revenue Service (IRS) to provide the agency with Original Issue Discount (OID) calculations.
Wolters Kluwer’s GainsKeeper solution will be used by the agency to populate the OID tables found in its 1212 Publication and used for tax reporting purposes on Form 1099. The IRS publishes this data as an essential resource for brokers, securities firms, and other investment organizations, which use it in calculating investor tax obligations based on provided OID factors for applicable debt securities. Investors need to report taxable income on their tax returns, and investments in debt securities can result in taxable OID that must be reported.
“It’s a privilege to be chosen by the IRS to provide it with crucial tax information that is used by tax preparers and is essential in the tax filing process for applicable debt securities,” said Chuck Ross, Vice President and General Manager, Investment Compliance Solutions and Compliance Program Management. “We are proud of the work we do at Wolters Kluwer, and we take our responsibility to the IRS, financial firms, tax professionals, and taxpayers seriously.”
About Wolters Kluwer Governance, Risk & Compliance
Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environment.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.