Tax & Accounting Blog

Minnesota Income Tax Rate Change Retroactive to January 1

Minnesota Income Tax Rate Change Retroactive to January 1

Minnesota Governor Dayton signed the new omnibus budget bill HF 677 on May 23, enacting a compromise on income tax rates worked out in conference between the state House and Senate which had passed different versions of the bill. The newly approved income tax rate structure is retroactive to January 1, 2013, and changes affect … Read More

Illinois Electronic Withholding Deposit and IL-941 Filing will Move from WebFile system to MyTax Illinois System on July 1

Illinois Electronic Withholding Deposit and IL-941 Filing will Move from WebFile system to MyTax Illinois System on July 1

On July 1, 2013, the Illinois Department of Revenue will implement the third phase of the MyTax Illinois online tax account management program. This third phase of MyTax Illinois will provide return filing, payment, and account management for withholding income tax (Form IL-941 and IL-941-X). It will also provide account management and payment options for … Read More

Ask the Expert: The W-9 in response to B Notice does not have a signature

Ask the Expert: The W-9 in response to B Notice does not have a signature

Question: We received a new Form W-9 from a vendor, in response to the “First” B-Notice letter we sent them after the vendor was on our recent B-Notice list from the IRS showing that the taxpayer ID number we used on the last Form 1099-MISC for this vendor didn’t match the vendor name. But we … Read More

IRS Releases Drafts of W-9, W-8BEN and W-8BEN-E Forms

IRS Releases Drafts of W-9, W-8BEN and W-8BEN-E Forms

The IRS has released their initial draft of the new Form W-9 as well as the second drafts of the W-8BEN and W8-BEN-E forms. It is helpful to look at these draft forms now and determine how your organization will go about implementing their use when the final versions are issued. There are implementation deadlines … Read More

Upcoming ONESOURCE Trust Tax and Tax Information Reporting Webcasts

Upcoming ONESOURCE Trust Tax and Tax Information Reporting Webcasts

This May, join our Trust Tax and Tax Information Reporting experts as we wrap up our three part series on FATCA for trusts and begin a two-part series on payments to foreign vendors. Webcast Details: FATCA Compliance Implementation Part 3 for U.S. Payers in Trust, Bank and Brokerage Date: Wednesday, May 22 Time: 2:00 PM … Read More

IRS Private Rulings on Tax Reporting of Account-opening Bonus Payments for IRAs and 529 Plans

IRS Private Rulings on Tax Reporting of Account-opening Bonus Payments for IRAs and 529 Plans

The Internal Revenue Service has issued two private letter rulings concerning the reportability of a cash bonus credited to a customer’s IRA account – or to a section 529 higher education savings plan account – as an account-opening incentive. In both rulings, the IRS held that an IRA new-account incentive bonus required no 1099 reporting. … Read More