Tax & Accounting Blog

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

All IRS Operations Closed on Five “Furlough Days”

All IRS Operations Closed on Five “Furlough Days”

The Internal Revenue Service has announced that all IRS operations will be closed on May 24, June 14, July 5, July 22 and August 30, 2013. This includes all IRS offices nationwide, including all toll-free hotlines for taxpayer assistance, the National Taxpayer Advocate Service, and the nearly 400 taxpayer assistance centers. IRS employees are furloughed … Read More

Federal district court in Arizona issues final decision in demutualization case

Federal district court in Arizona issues final decision in demutualization case

On April 19, 2013, the federal district court in Arizona issued a final decision in the Dorrance case.  2013 WL 1704907.  This follows a preliminary decision in July, 2012.  See our previous bulletin, “Open Transaction Doctrine does not apply in insurance company demutualization case,” July 16, 2012. Background: A mutual insurance company has no … Read More

IRS Offers New “International Topic Index” of Tax Information for International Payments and Taxpayers

IRS Offers New “International Topic Index” of Tax Information for International Payments and Taxpayers

The IRS introduced a new service called the International Topic Index which will help both payers and recipients understand U.S. tax requirements relating to international transactions and filing requirements. The index will help individuals quickly locate relevant information from IRS informational pages, FAQs, forms, instructions, publications and other information sources. Topics are organized using IRS … 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