American Tax QI

Best IRS


Balancing for amounts, Income Code and taxation.
Squareness detection.
Reconciliation between multiple subjects.
Data extraction in Excel.

Production of forms

Forms 1042, 1042-s
Forms 945, 1099-INT, 1099-DIV, 1099-B
Electronic forms, for uploading to the IRS Fire site and in PDF, for sending to recipients

Professional consultancy

Maintaining Qualified Intermediary (QI) status
Audit support
Specific problems



BEST IRS is a solution created specifically to meet the needs of reconciliation and reporting of income from US sources.

Studied and developed on the basis of specific QI activities, the solution is configured on the basis of three elements:

These three components are defined together with the intermediary, based on his real needs.

A basic characteristic of the software used is total independence from the customers’ IT structure.


Over the years, thanks to the experience gained and the careful analysis of its customers’ feedback, IBSS has been able to develop a complete, integrated and high added value offer for QIs.

The purpose of the solution is to support responsible personnel throughout the Compliance process.

The automation and integration of activities drastically reduce management times and possible errors in reporting. Compared to conventional tools, efficient and timely management of the activity is guaranteed.

Dozens of financial institutions already benefit from this solution: from small finance companies to large international banking groups.


The reconciliation module allows you to automatically and quickly verify the alignment and congruence of the data that QI and Custodians will report to the Internal Revenue Service (IRS).

The user can customize the reconciliation by verifying the determining elements for correct reporting. For example, it will be possible to view the breakdowns at the level of gross amounts, taxation applied, income code of payments: by individual security and by custodian.


An important function of the tool is the conversion of QI payments to the USD exchange rate provided by each custodian. This function allows you to identify only the real differences. The activity becomes more streamlined and targeted.

It is also possible to extract the data not only for information purposes (e.g. sending data to other QIs or extra-group subjects), but also in order to produce sub-reconciliations (e.g. reconciliations for PAI or intra-group subjects).

Production of forms

Once the balance has been reached, the uploaded data will be directly usable to carry out checks and produce all the necessary forms.

A section has been foreseen in this part where it will be possible to carry out quality tests on the data in relation to the modules that will be produced. On the basis of these checks, warnings will be offered to the user in the event that data is not correct or is not consistent with each other.

Based on the data verified in the system, all the forms necessary for reporting will be produced: 945 and the various 1099s for US customers, 1042 and 1042-s for NON-US customers. All automatically, simply and quickly, both for original and corrective reports.

For detailed information on the QI solution click here.

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