Tax & Accounting Blog

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Form 1099-K and I.R.C. Section 6050W Questions and Answers in an Online IRS FAQ

The IRS offers 30 questions and answers at http://www.irs.gov/pub/irs-utl/irdm_section_6050w_faqs_7_23_11.pdf to help explain who has an obligation to file information returns for 2011 under the rules for Section 6050W of the Internal Revenue Code (I.R.C.), and when and how to file those new Form 1099-K information returns. If you are one of the many Tax, Operations, and Accounts … Read More

Banks “Starting to Panic” over FATCA

Banks “Starting to Panic” over FATCA

Risk.net recently released an article stating that banks are now starting to panic over FATCA. According to the European Banking Federation (EBF) and the Institute of International Bankers (IIB), it has been estimated that large banks will have to spend in the region of $250 million each to contact clients and overhaul computer systems … Read More

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Onboarding Automation Gives Wealth Managers a Competitive Edge

Wealth management firms are missing opportunities to deepen client relationships and increase revenue during the account onboarding cycle according to the July report, Wealth Management Onboarding: Expanding beyond Account Opening, from Boston-based Aite Group. More than 70% of wealth management firms surveyed view client onboarding as either a back-office function that needs to be cost-contained or a … Read More

FATCA Survey – Expected Cost Increases and Challenges

FATCA Survey – Expected Cost Increases and Challenges

Finance and tax executives in the banking industry expect compliance costs to increase significantly as a result of the Foreign Account Tax Compliance Act (FATCA) and say they will face numerous challenges trying to comply with the legislation given its broad scope and expanded reporting and monitoring requirements, according to a survey from KPMG LLP. … Read More

IRS Answers Questions about I.R.C. Section 3402(t)

IRS Answers Questions about I.R.C. Section 3402(t)

IRS Answers Some Questions about Rules for Government Payers to Withhold 3% from Many Payments There’s a new FAQ page on the IRS website with information that federal, state and local government Accounts Payable, Tax, and Procurement offices will want to know about their future obligation to withhold 3% from a wide range of payments.  … Read More