Tax & Accounting Blog

Banks Are Going Green

Banks Are Going Green

Following the national trend in businesses across the country, banks are turning to more eco-friendly solutions. Implementing these new methods for reducing, reusing and recycling sometimes includes technology changes.  Changes in technology purchases that support a paperless office environment allow banks to significantly reduce paper output by offering workflow and document management solutions. With Workflow Management tools, … Read More

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Have 1099-K Reporting Rules Affected Your Company?

With IRC section 6050W in effect, some Form 1099 filing responsibilities have changed. While some payers will have less 1099-MISC filing responsibility, other payers will be responsible for complying with the new 1099-K requirements. The tax reporting rules of Section 6050W have been in effect since January 2011, so if you don’t already know, it’s important to … Read More

IRS Implementing New Systems to Find and Assess Penalties on Form 1042-S Filing Failures

IRS Implementing New Systems to Find and Assess Penalties on Form 1042-S Filing Failures

A report from the federal Treasury Inspector General for Tax Administration (TIGTA) pointed out problems of underpayment of U.S. tax by foreign persons.  This included payers not withholding correct amounts of federal income tax, and foreign persons claiming tax refunds they weren’t actually entitled to receive.  To give the IRS a stronger cross-matching program to … Read More

Connecticut Latest to Consider an Amazon Tax

Connecticut Latest to Consider an Amazon Tax

Connecticut has officially joined the ranks of states considering an Amazon Tax. The Finance, Revenue and Bonding Committee voted 38-14 on Thursday to adopt HB6624, an  “Amazon Law” patterned after a similar bill enacted in New York three years ago. If the legislation is passed as introduced the definition of retailer would be … Read More