Greenphire releases robust tax solution for the clinical trials market
Greenphire, a provider of financial software for clinical trials, is unveiling a new tax capability for its customers, easing the administrative burden of reporting, tracking, and managing tax associated with participant payments.
The new capability enhances Greenphire's existing 1099 reporting capability, while offering further control over the payment and reimbursement process.
Developed based on insights from sites and sponsors about their top payment challenges, the new tax offering aids in streamlining the tumultuous reconciliation process, replacing time and labor-intensive manual processes while enabling IRS tax compliance. Its automated functionality also reduces the risk of human error, saving sites from future financial and administrative headaches.
Greenphire's new tax capability for ClinCard customers includes the following features and benefits:
- Automatically determines taxability based on transaction type
- Automatically withholds a portion of taxable payments when Tax Identification Number (TIN) is unavailable / invalid
- Boosts efficiency with real-time, TIN validation, eliminating the need for site staff to manually validate TINs via a separate application
- Allows for configuation flexibility (i.e. withholding percent, thresholds, approach)
- Provides comprehensive reporting functionality, including a Taxable Payments report for enhanced remittance transparency
- Automates 1099-MISC production
The company has watched the clinical trials sector struggle with the manual, often entirely separate processes, involved with accurately managing 1099-Misc forms and related withholdings in a way that isn't sustainable in today's accelerated drug development market, said Zach Hales, product manager, Greenphire.
By working closely customers, Greenphire has developed and delivered an innovative solution that removes the administrative burden and allows them to focus on what's truly important – successful clinical trial outcomes, Hales said.
For more information about this news, visit https://greenphire.com/.