Withholding Statement Extractor

Harnesses advanced OCR techniques and AI algorithms to automate the extraction of data from Withholding Statements, regardless of their format or complexity.

Patent Pending (white)

In a time where regulatory demands and tax complexities are on the rise, Comply Exchange leads the charge in focusing on developing cutting-edge solutions to streamline tax and information reporting processes. Since our inception in 2009, we have been committed to delivering high-end software solutions to companies in order to satisfy their U.S. tax and information reporting obligations. From private equity firms to large financial institutions, fund administrators and top advisory firms, we cater to a diverse range of clients. Our ultimate goal is to equip our clients with technology and tools that streamline and simplify their compliance efforts while ensuring precision and effectiveness.

Current Challenges in U.S. Tax and Information Reporting

Navigating  U.S. tax and information reporting obligations can present a myriad of obstacles from the extensive documentation needed to comply with regulations like Chapter 3, Chapter 4 (FATCA), OECD’s CRS, and DAC 7 and 8, to the intricate complexities involved in managing funds, trusts, and partnership documents. Additionally, the  time consuming and risky tasks of manually reviewing documents, mapping out complex structures, and calculating withholding taxes places a heavy burden on companies, draining their time, resources, and expertise.

Key Features and Functionality

Automated W-8IMY Withholding Statement Processing:

Efficiently handles the end-to-end processing of W-8IMY forms, ensuring compliance and accuracy.

Hybrid Data Extraction:

Combines manual input with Generative AI processes to extract and manage data seamlessly.

Automated Approval Workflows:

Streamlines the approval process with automated workflows, reducing manual intervention and improving turnaround times.

Comprehensive Audit Trail:

Provides detailed tracking and logging of all actions and changes, ensuring transparency and accountability.

Standardized File Format Outputs:

Delivers outputs in standardized file formats, significantly enhancing efficiency and accuracy compared to traditional manual processes.

The Benefits

Time and Cost Savings:

Our automated solution can extract the necessary data from any withholding statement in a matter of minutes.

Improved Accuracy and Compliance:

At the forefront of our product is a rigorously trained AI system that continually learns and reviews the latest IRS regulations and guidance, ensuring all data is compliant.

Enhanced Efficiency in Tax Withholding Processes:

No matter what your current process is, our extractor can be seamlessly implemented to ensure no unnecessary stress is added to your current workflow.

Defined Processes and Procedures for Audit Reference:

We provide a comprehensive and transparent audit trail from the beginning, preparing your company for any potential audit.

Reduced Manual Errors and Improved Staff Retention:

By automating laborious tasks and providing intuitive processes, our solution allows clients to focus on strategic initiatives while ensuring regulatory compliance.

The Evolution of Withholding Statement Extraction

Introducing the innovative Withholding Statement Extraction software by Comply Exchange, a game-changer in revolutionizing how companies manage Withholding Statements (WHS’s). Comply’s patent-pending WHS Extractor is seamlessly integrated with our top-of-the-line suite of documentation collection, validation, and management software. Harnessing advanced OCR techniques and AI algorithms, this game-changing technology automates the extraction of data from WHS’s, regardless of their format or complexity.

Furthermore, by standardizing data formats and seamlessly integrating with existing workflows, the WHS Extraction software simplifies the import of complex multi-tier structures directly into our Admin software. This advancement streamlines the automated calculation of withholding rates and amounts, reducing the need for manual intervention and minimizing the risk of errors that can lead to inaccurate reporting and costly penalties.

Manual Withholding Statement Management

20 - 30 Mins

Average time to manually split & upload PDF’s

(Small to medium-sized Structure)


10 - 15 Mins

Cursory Validation Checks

Validation Check


10 Mins

Withholding Statement Review (Minimum)


1 - 2 Hours

Structure Set Up & Review


5 - 10 + Hrs

Calculate Withholding Rates & generate 1099/1042-S Templates

Comply Exchange's Withholding Statement Extractor

<5 Mins

Utilizing OCR technologies PDF upload and automated seperation

Upload and Split PDFs 


6 to 20s

OCR Forms
(Per Form W-8 & W-9)

OCR Forms W-8 & W-9



Automated build & validate entity records


3 Mins

Send to & Run the WHS Extractor


5 Mins

Review & Send to Comply


On Demand!

Calculate Withholding rates & produce 1099/1042-s templates

Future Developments and Roadmap

Continuing our journey of innovation, our roadmap is set to include enhancements like expanding fund structure capacity and advancing automation capabilities. By remaining at the forefront of technological progress, we are dedicated to fulfilling the dynamic demands of our clients and staying compliant with regulatory standards.

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Q1 2024

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Q4 2024

Schedule a Demo

To learn more about our Withholding Statement Extractor, schedule a demo today. We tailor make each product demo to fit your companies needs and requirements.