Tax & Accounting Blog

Mississippi Requires Forms 1099-R to be Filed Electronically for 25 or More Forms

Mississippi Requires Forms 1099-R to be Filed Electronically for 25 or More Forms

The threshold for mandatory electronic filing of Forms 1099-R to the Mississippi Department of Revenue has been lowered from 50 forms to 25 forms. The Mississippi due date for electronically filed Forms 1099-R is March 31. Electronic filing, via upload, is through the state’s new TAP online electronic filing system.  The Form 1099-R electronic file must be … Read More

Who Is a U.S. Citizen and Why It Matters: Part 5 – Documentation of U.S. or Non-U.S. Status

Who Is a U.S. Citizen and Why It Matters: Part 5 – Documentation of U.S. or Non-U.S. Status

To assist payments with the task of identifying U.S. persons (i.e., U.S. citizens, resident aliens, and U.S. entities), the IRS provides Form W-9 which, in addition to providing important information about a payee, may act as a certificate of U.S. status (unless the payer has reason to doubt the validity of the document). … Read More

Who Is a U.S. Citizen and Why It Matters: Part 4 – Loss of  U.S. Citizenship?

Who Is a U.S. Citizen and Why It Matters: Part 4 – Loss of U.S. Citizenship?

The 14th amendment also prevents U.S. citizenship from being involuntarily cancelled. Although Congress enumerated certain acts that shall lead to a loss of citizenship, the Supreme Court has held that the only way a U.S. citizen may expatriate is through his or her own voluntary and intentional actions of renunciation or abandonment. Section 349(a) of the … Read More

IRS Electronic Tax Administration Advisory Committee Report – 2012

IRS Electronic Tax Administration Advisory Committee Report – 2012

Early this summer, the Electronic Tax Administration Advisory Committee (ETAAC) presented its 2012 Annual Report to Congress. The report discusses prior year recommendations and milestones before stressing significant inefficiencies caused by late legislation (often retroactive to the beginning of the year). There is not only a negative impact on tax compliance and e-filing administration, but also … Read More

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FinCEN Announcement: Electronic Filing of Form 8300

On September 19, FinCEN announced that businesses may now electronically file Form 8300 using the BSA e-filing system. Businesses must file Form 8300 when they receive over $10,000 cash in one transaction, or in two or more related transactions. The filing is due in 15 days after the cash is received. Paper filings of Form 8300 … Read More