Tax & Accounting Blog

New Schedule D for Cost Basis Reporting

There has been much discussion about Form 1099-B reporting of cost basis information for covered securities since the initial IRS draft was released in October 2010. However, not until recently has the impact of the changes to Schedule D been discussed. In April, the IRS released draft versions for both Schedule D and a new … Read More

Understanding W-8BENs – A Foreign Perspective

W-8BENs have been around for just over 10 years and it has taken the select few that currently use them years of cumbersome administration – and some painful audit procedures – to truly understand how they need to be completed correctly. Now that we’ve finally grasped them, we are soon to be faced with not just one … Read More

Revised IRS Guidance: FATCA

Revised IRS Guidance: FATCA

FATCA Tax Withholding Phase-In Applies to Payments to Foreign Entities, in addition to Foreign Financial Institutions IRS Notice 2011-53, originally issued on July 14, was revised and reissued on July 25 to clarify that FATCA withholding will be phased in for payments to foreign entities, following the same extended schedule announced in the original Notice … Read More

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Form W-9 (Request for Taxpayer Identification and Certification)

In January 2011, a revised Form W-9 replaced the 2007 version, which was in use at the time.  Requesters of payee tax ID information should only use the 2011 version for new solicitations. Prior solicitations that used the older form version do not have to be replaced. Form changes include additional checkboxes (for federal tax … Read More

Document Imaging ROI – It’s More than You Think

Document Imaging ROI – It’s More than You Think

Reducing costs is one of the main goals of a trust institution when implementing a document imaging system.  But, how to calculate the Return on Investment (ROI) you’ll achieve takes some thought and research.  A document imaging system provides software for scanning, indexing, retrieving and archiving images of documents and electronic files.  It covers more than … Read More

New FATCA Notice Released – Notice 2011-53

New FATCA Notice Released – Notice 2011-53

On July 17, 2011,  the IRS released a new notice, 2011-53, which provides a ‘workable timeline for FFIs and U.S. Withholding Agents to implement the various requirements of FATCA’. Specifically: • An FFI must enter an agreement with the IRS by June 30, 2013, to ensure that it will be identified as a participating FFI … Read More