Countrywide Financial Corporation Selects Taxware for Global Transaction Tax Calculation and Compliance.SALEM, Mass. -- Taxware, a leading provider of global transaction tax calculation and compliance solutions and a First Data Corp. (NYSE NYSE See: New York Stock Exchange : FDC FDC - Floppy Disk Controller ) company, today announced that Countrywide Financial Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. Corporation (NYSE: CFC CFC See: Controlled foreign corporation ), a leading diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services provider, has selected Taxware Enterprise and TaxSolver(R) as its global transaction tax calculation and reporting software The following is a list of notable reporting software. Commercial software
Since it purchases taxable goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. for more than 100 business units across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. plus the United Kingdom, Japan and India, Countrywide required a transaction tax calculation system that could keep pace with not only the constantly changing sales and use tax Sales and use tax refers to:
value added tax n (Brit (VAT) as well. "As a growing company with a global presence, Countrywide needed a transaction tax solution with the ability to interface with multiple procurement and sales platforms including PeopleSoft Enterprise Payables 8.8," said Steve Sylvers, Managing Director of Corporate Tax at Countrywide. "Additionally, we wanted an integrated tax return compliance tool with the power to help increase efficiency and the functionality to fit into our control environment." Targeted at mid- to large-sized enterprises, Taxware Enterprise determines sales and use tax liabilities for over 8,000 state and local jurisdictions in the U.S., and Value Added Tax (VAT) and other consumption taxes for more than 150 countries worldwide. In addition to satisfying U.S. and international needs, Taxware Enterprise can be deployed locally or centrally to manage the tax compliance of multiple related or unrelated companies. There are more than 27,000 taxing jurisdictions worldwide, many of which change frequently. Complex tax rules are updated as needed as needed prn. See prn order. by Taxware's in-house tax attorneys and associates. TaxSolver automatically generates tax returns, allowing an enterprise's accounting staff to focus on high-value financial activities, while automating tax form completion. The product assigns and tracks payment information, schedule filing frequency and estimate payments, while automatically incorporating updated tax forms and rates each month. TaxSolver also allows users to view their current liability (i.e. tax calculated) versus compliance profile (i.e. tax remitted) from a sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. return perspective - a tool designed to assist with Sarbanes-Oxley compliance. "We are delighted to add Countrywide Financial to our list of global customers," said David Treinen, president of Taxware. "With a multinational base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army and the obligation to comply to multiple sets of tax laws across many geographies, we believe Countrywide can benefit from Taxware's ability to seamlessly calculate the right tax liability across its entire global operation." About Taxware Taxware, a First Data Company, is a leading developer of global commercial tax compliance systems. For more than 25 years, Taxware's products have simplified the tax calculation and compliance process with solutions for sales, use, value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. and other consumption taxes for businesses around the globe. By combining expert knowledge of the most current research and changes in tax legislation with the best available automated processes, Taxware has developed comprehensive solutions that facilitate compliance with Sarbanes-Oxley, serving as the control for corporate transaction tax operations. To learn more about Taxware, please visit www.taxware.com. About First Data Corporation First Data Corp. (NYSE: FDC) is a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide. Serving 4.1 million merchant locations, 1,400 card issuers and millions of consumers, First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes credit, debit, private-label, smart and stored-value card A smart card that is "loaded" with cash. See smart card. issuing and merchant transaction processing services; money transfer services; money orders; fraud protection and authentication solutions; check guarantee and verification services through TeleCheck; as well as Internet commerce and mobile solutions. The company's STAR Network offers PIN-secured debit acceptance at 1.6 million ATM and retail locations. For more information, visit www.firstdata.com. First Data's Western Union Financial Services, Inc., an international leader in consumer money transfer services, allows consumers to quickly and reliably pay bills and transfer money around the globe using its proprietary money transfer network. Western Union and its subsidiary, Orlandi Valuta, together make up one of the world's largest money transfer networks with approximately 225,000 Agent locations in more than 200 countries and territories. For more information on Western Union, visit www.westernunion.com. About Countrywide Financial Corporation Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) - America's #1 residential lender as ranked by Inside Mortgage Finance (Oct. 29, 2004), Copyright 2004 - is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. The company is headquartered in Calabasas, California and has a workforce of over 40,000 with over 600 offices. For more information about the company, visit Countrywide's Web site at www.countrywide.com. |
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