MasterCard Worldwide and Convey Compliance Offer Commercial Customers Simple, Cost Effective Compliance with U.S. Tax Regulations

MasterCard Commercial Customers Enjoy Preferred Pricing on Complimentary Tax Reporting and Processing Services

Convey Media Contact:

Nick Green, Convey Compliance Systems
ngreen@convey.com
(763) 235-5714

Purchase, NY and Plymouth, MN – July 29, 2010 – MasterCard Worldwide and Convey Compliance, a leader in web-based tax compliance and reporting, have joined forces to offer comprehensive tax information reporting services to MasterCard commercial card issuers and their cardholders. MasterCard commercial cardholders now have access to specialized tax reporting and processing services offered by Convey at preferred pricing. The services help companies navigate and comply with today’s complex tax regulations in a cost-effective, efficient and transparent manner.

Convey’s suite of services complements MasterCard’s Enhanced Merchant Reporting (EMR) system, an online reporting tool that enables companies to easily track and report purchasing card spend to help them comply with IRS 1099 requirements. With today’s announcement, MasterCard commercial customers 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. Commercial customers can also benefit from a discount on web-based educational seminars offered by Convey.

 “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,” said Brian Provost, CEO of, Convey Compliance. “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.”

 Financial institutions that have an acquiring operation may also take advantage of the services and discounts offered by Convey to more effectively comply with Information Reporting Regulation (IRS Code Sec 6050W) that shifts the 1099 reporting responsibility to acquirers.

In addition to tracking an organization’s spending, MasterCard’s EMR system provides automatic and complete reporting on 1099 status and comprehensive transactional and supplier data to facilitate and streamline the tax information reporting process for organizations.

“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,” said Robert Reeves, Senior Vice President, Global Commercial Products, MasterCard Worldwide.  “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.”

---

About Convey

Convey provides tax information reporting services and software to businesses to make IRS compliance clear and uncomplicated. With Convey’s flexible, scalable software and the guidance and focused experience of its service teams, Convey’s clients – from small companies to nearly half of the Fortune 500—can be assured that they’re complying with IRS regulations and reporting financial transactions efficiently and correctly. Convey reduces risk, improves bottom lines, and provides the clearest path to compliance. Learn more about Convey at: www.convey.com.