Tax & Accounting Blog

New Versions of Forms W-8 Are Being Planned

New Versions of Forms W-8 Are Being Planned

The IRS is working on changes to the Forms W-8 you use for documentation that a payee is a foreign person, and documentation that a foreign beneficial owner of income is entitled to a reduced rate of tax withholding. The need for new Forms W-8 comes from FATCA, the Foreign Account Tax Compliance Act, most … Read More

Section 6050W Backup Withholding

Section 6050W Backup Withholding

In IRS Notice 2011-42 issued in May 2011, the IRS provided interim guidance for Third Party Settlement Organizations (TPSOs) with regard to backup withholding on payments to its participating payees.  The Notice eases backup withholding obligations for TPSOs, who may rely on this interim guidance until Section 3406 regulations are amended. The Notice provides that the Section … Read More

Join Us at the 2011 Tax Information Reporting Forum

Join Us at the 2011 Tax Information Reporting Forum

Information Reporting (1099) is becoming more complicated and the risks relating to non-compliance or inaccurate reporting are high. These recent changes to FATCA, 1099 reporting, 1042 and 1042-S, foreign reporting and cost-basis reporting will affect your business, whether it’s a corporation, a bank, trust department, or wealth management firm. Join us for a two-day, in-depth … Read More