Tax & Accounting Blog

Penalties for Failure to Comply with NRA Withholding and 1042-S Information Reporting – Part 4: Penalty for Late Forms 1042-S for the Recipient

Penalties for Failure to Comply with NRA Withholding and 1042-S Information Reporting – Part 4: Penalty for Late Forms 1042-S for the Recipient

If a withholding agent fails to provide correct Forms 1042-S to recipients when due and cannot show reasonable cause, the withholding agent may be subject to a penalty for each failure. The IRS may also impose the penalty for failure to include all required information or for furnishing incorrect information on Form 1042-S. The penalty is … Read More

FATCA Proposed Regulations Are Issued by IRS

FATCA Proposed Regulations Are Issued by IRS

The long-awaited proposed tax regulations for FATCA, the Foreign Account Tax Compliance Act, were issued February 8 by the IRS.  An electronic copy is available at http://www.irs.gov/pub/newsroom/reg-121647-10.pdf .  FATCA imposes new disclosure obligations on foreign financial institutions that maintain U.S. accounts, and on certain non-financial foreign entities; and FATCA establishes new requirements to withhold … Read More

We’re Listening: Global Tax Provision

We’re Listening: Global Tax Provision

Welcome the second update from our “We’re Listening @ ONESOURCE” series…the official series dedicated to addressing our ONESOURCE customers’ feedback. Do you have insights on how we can better serve our customers? We want to hear from you! Check back throughout the next seven weeks for more blog posts on how … Read More