Tax & Accounting Blog

IRS Proposes Regulations on Broker Reporting of Options and Debt Instruments

IRS Proposes Regulations on Broker Reporting of Options and Debt Instruments

In 2010, the IRS published Final regs relating to broker reporting of stock. On Nov. 25, 2011, the IRS issued proposed regs that would integrate rules for broker reporting of options and debt instruments into the current final regs that explain how brokers must report stock transactions. However, the proposed regs also would make some … Read More

Information Reporting on Form 1042-S: A New Challenge for Accounts Payable

Information Reporting on Form 1042-S: A New Challenge for Accounts Payable

Reporting income and taxes withheld on payments made to corporate vendors recently became more challenging for accounts payable (A/P) departments of both for-profit and not-for-profit organizations with the new IRS compliance focus on payments to nonresident alien individuals, foreign entities and foreign governments (collectively, foreign persons). A/P departments familiar with the ins and outs of Form … Read More