Tax & Accounting Blog

Ask the Expert: Can Paper W-9s be Destroyed after Scanning into your Electronic System?

Ask the Expert: Can Paper W-9s be Destroyed after Scanning into your Electronic System?

Question: Can Paper W-9s be Destroyed after Scanning into your Electronic System? Answer from Marianne Couch, principal COKALA Tax Information Reporting Services: You can destroy the original paper Forms W-9 if your electronic system and your procedures meet IRS requirements. Field Service Advice 200229011, posted on April 8, 2002 states: “If Taxpayer complies with the … Read More

New Draft of Form 1042-S for 2014 Released and IRS Accepting Comments

New Draft of Form 1042-S for 2014 Released and IRS Accepting Comments

The IRS has published the highly anticipated draft of an all-new Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, for use in reporting 2014 income payments. The many changes in this Form 1042-S are designed to accommodate reporting of information relating to both Internal Revenue Code Chapter 3 withholding at source on payments … Read More

April Webcasts For Trust Tax, AP, and Nonprofits

April Webcasts For Trust Tax, AP, and Nonprofits

The end of tax season is a perfect opportunity to enhance your knowledge on FATCA updates, as well as the often confusing area of nonresident alien taxation. Webcast Details: FATCA Compliance Implementation Part 2 for U.S. Payers in Trust, Bank and Brokerage Date: Wednesday, April 17 Time: 2:00 PM ET | 1:00 PM CT | … Read More

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Germany and U.S. Reach Intergovernmental Agreement for FATCA Implementation

The tax authorities of Germany and the United States have initialed an intergovernmental agreement (IGA), as announced by the German Finance Ministry, that makes possible the implementation of U.S. information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The German government announcement states that its agreement is … Read More

IRS Corrects Error and Reissues Publication 515 for 2013 Tax Withholding on Nonresident Aliens and Foreign Entities

IRS Corrects Error and Reissues Publication 515 for 2013 Tax Withholding on Nonresident Aliens and Foreign Entities

If you downloaded IRS Publication 515 when the 2013 edition was first released by the IRS, you’ll need to replace it with a corrected version. Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, provides information about withholding U.S. income tax, documenting the beneficial owners of U.S.-source income, and the claims a … Read More

IRS Issues New 2013 Edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities

IRS Issues New 2013 Edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities

The IRS has issued a new edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, revised for use in 2013. Pub 515 is the basic plain-English IRS explanation of payers’ tax withholding obligations under Chapter 3 of the Internal Revenue Code (section 1441 withholding) for payments of U.S-source income to … Read More