Tax & Accounting Blog

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What Is a MOU in Relation to Electronic Forms W-8 and W-9?

A Memorandum of Understanding (MOU) is a document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create … Read More

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Lehigh University: First to Bring Real World Tax Technology to Classroom

This year, adjunct professor of tax, Robert Duquette, CPA, utilized ONESOURCE Tax Provision and ONESOURCE Income Tax in his new course Applied Federal Income Taxation: Planning and Compliance at Lehigh University. This was the first time that undergraduate audit students were exposed to real world corporate transactions. I spent some time with Professor Duquette to learn … Read More

IRS Agrees to the Use of a Substitute W-8BEN for Internal Revenue Code Section 6050W

IRS Agrees to the Use of a Substitute W-8BEN for Internal Revenue Code Section 6050W

IRS Notice 2011-71 simplifies payee documentation rules for payments from an offshore payer settled to an offshore account and permits substitute forms in lieu of Form W-8BEN. Background of Section 6050W Section 6050W — added to the Code by the Housing Assistance Tax Act of 2008 (Pub. L. No. 110-289) — requires annual information returns … Read More