Tax & Accounting Blog

Form 1099 Changes to Note as You Prepare for Year-End Statements and Filing

Form 1099 Changes to Note as You Prepare for Year-End Statements and Filing

Notes that may help you plan your Form 1099 reporting season: Your company’s logo, slogans or advertising are not permitted on the Form 1099 statements you send out to report amounts paid in 2011 and later years. This is the new rule, though we’re still waiting for the IRS to issue specific clarifications or explanations of … Read More

IRS Clarifies How Electronic Records Must Be Furnished for Examination

IRS Clarifies How Electronic Records Must Be Furnished for Examination

The IRS Small Business/Self Employed (SB/SE) division, which is heavily involved in Form 1099 tax reporting and withholding among other issues, recently released some details of how electronic accounting records (instead of books and records on paper) are to be furnished in response to an IRS Information Document Request (IDR).  The IRS will want your backup … Read More

Will Congress Repeal the 3% Tax Withholding Law Affecting Government Payers for Goods and Services?

Will Congress Repeal the 3% Tax Withholding Law Affecting Government Payers for Goods and Services?

The U.S. House of Representatives Committee on Ways and Means voted on October 13 to approve H.R. 647, a legislative bill for repeal of Section 3402(t) of the Internal Revenue Code, the law which requires government entities to withhold 3% federal income tax from certain payments for services and for property.  In the U.S. Senate, … Read More

Join Us at the Tax Information Reporting Forum

Join Us at the Tax Information Reporting Forum

Information Reporting (1099) is becoming more complicated and the risks relating to non-compliance or inaccurate reporting are high. The recent changes to FATCA, 1099 reporting, 1042 and 1042-S, foreign reporting and cost-basis reporting will affect your business, whether it’s a corporation, a bank, a trust department or a wealth management firm. Join us for a … Read More

Understanding FATCA – Part 1 of a 3 Part Series

Understanding FATCA – Part 1 of a 3 Part Series

The Foreign Account Tax Compliance Act (FATCA) was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010. FATCA creates a new information reporting and withholding regime for payments made to certain Foreign Financial Institutions (FFIs) and other foreign entities. FATCA is intended to increase transparency for the IRS with … Read More