Businesses depend on automated identity validation solutions all the time. The reliance on such solutions is reported to be rampant in the past few years due to the surge in identity fraud instances. Fraudsters are innovative with their efforts to steal data and money from businesses.
The global trends indicate a surge of identity fraud instances during the pandemic where businesses functioned and continue to function remotely.
Digital account opening took centre stage for businesses and neo banks leveraged the digitization wave the most. Further, enterprise industries, such as healthcare, e-commerce, gig economy, and more saw substantial growth in demand for digital compliance solutions.
Identity validation essentially means to identify and verify the real identities of businesses and entities in accordance with the federal records. Compliancely, a real-time identity validation infrastructure enables just this and then some.
Compliancely also enables businesses to verify the most critical element of tax compliance – TINs. IRS TIN Matching or TIN Check or TIN Lookup is one of the most demanded identity validation services by businesses as it could be a hit-or-miss deal in the context of tax compliance.
Let us explain this with some context.
When you report an incorrect TIN, the IRS could reject your returns and assess CP2100 and CP2100A notices along with penalties of up to $250 for each incorrect TIN.
Businesses and employers work with a variety of independent contractors in a tax year and 1099 vendor compliance is certainly hard to fetch without accurate TIN reporting.
So, it’s only fair for businesses to rely on automated TIN matching solutions that help verify taxpayer identification numbers (TINs) along with the legal name of the independent contractors in real-time.
While there are many solutions in the market, only a few make the cut. Due to the inherent mechanism of TIN matching, businesses expect automation in the process to speed up the validation and move on to the next stages of regulatory compliance.
Compliancely makes an efficient real-time TIN match automation solution for businesses that want to streamline their vendor onboarding processes with accurate and real-time TIN records.
The following will discuss how TIN matching effectively improves the TIN matching experience for your business.
Let’s get to it.
Compliancely provides real-time TIN matching results. This means the information is searched, validated, and verified in real-time to bring you accurate TIN match reports. This leaves no room for historic reports and inaccuracies, accelerating reporting accuracy.
What’s more? Real-time TIN Matching helps prevent TIN discrepancies with the IRS as discussed above, making it ideal for deadline-sensitive ecosystems.
The IRS maintains the real-time records of all entities and individuals with their respective TINs and legal names. Compliancely runs your TIN match inquiries against the official records of the IRS, retrieving the real-time status of the TIN. The dynamic identity verification infrastructure is connected with the original source, the IRS – giving your TIN match experience authority and credibility.
With its bulk validation experience, Compliancely enables businesses to identify, validate, and verify 100,000+ TINs in under a minute with a 30-second turnaround period. Industry enterprises often look for identity verification solutions that are dynamic and responsive, and Compliancely does this and then some. Easily import your tax-sensitized data with the available integrations and leverage effective real-time bulk TIN matching experiences.
It is established that Compliancely enables simplified real-time TIN matching experiences. What Compliancely also does is that it re-screens the data if the source (IRS) data lists are updated, giving you the most recent, real-time TIN match results.
Compliancely automatically re-screens the data periodically with predefined intervals to ensure that your data stays fresh with the latest updates in accordance with the source records. This means your internal audit and compliance protocols are powered with faster and ready access to the updated TIN records.
Compliancely enables businesses to adapt to diverse independent contractor business arrangements with a common interface – TIN Matching API.
Your KYC verification, CIP, and AML compliance protocols are met with a highly scalable TIN Match API that delivers precise results for your high-volume TIN Match inquiries.
And the best part is that Compliancely adapts to your ecosystem while optimizing your compliance experiences, effectively improving your vendor onboarding operations and essentially streamlining real-time TIN match compliance.