Tax & Accounting Blog

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

Do You Understand the Latest Changes in Regulations?

Do You Understand the Latest Changes in Regulations?

Information reporting (1099) is becoming more complicated and the risks relating to non-compliance or inaccurate reporting are very 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, bank, trust department or wealth management firm. The Small Business Jobs Act of 2010 enacted … Read More

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If You Use Per Diem Amounts for Travel Expense Payments, Note that Some Rules Are Changing

The IRS has announced the intention to discontinue authorizing the high-low method for substantiating expenses incurred for lodging, meals and incidentals while traveling away from home.  Announcement 2011-42 indicates that the IRS will no longer calculate and issue authorized per diem amounts for certain high-cost localities, to be used as the high-low alternative under the … Read More