Tax & Accounting Blog

Form 1099-K and Backup Withholding of Federal Tax: A New Threshold Established by the IRS

Form 1099-K and Backup Withholding of Federal Tax: A New Threshold Established by the IRS

IRS Notice 2011-42 creates a new rule that affects backup withholding of federal income tax on some of the payments that are reportable on Form 1099-K, Merchant Card and Third-Party Network Payment.  2011 is the first year for Form 1099-K reporting under section 6050W of the Internal Revenue Code.  Payment settlement entities are required to … Read More

2013 Is the New Starting Date for 3% Tax Withholding by Government Payers

2013 Is the New Starting Date for 3% Tax Withholding by Government Payers

A one-year postponement will make January 1, 2013 the applicability date for governments and government-owned entities to start withholding 3% from payments for services and property under tax regulations published in May.  These final tax regulations (TD 9524) provide guidance for administering the new withholding requirement, and a proposed regulation published simultaneously pushes back the … Read More

Join Us at the 2011 Tax Information Reporting Forum

Join Us at the 2011 Tax Information Reporting Forum

Information Reporting (1099) is becoming more complicated and the risks relating to non-compliance or inaccurate reporting are high. These 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, trust department, or wealth management firm. Join us for a two-day, in-depth … Read More

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Some 1099s Still Go to Corporations, Despite Repeal of the Big 1099-MISC Changes

Does the repeal of the 1099-MISC expansion mean all payments to corporations are now exempt from being reported? No, because some specific requirements to report payments to corporations are in effect under subsections of the tax code other than the one that was expanded in March 2010 and then repealed in April 2011. Payments to corporations that … Read More

Tackling Compliance Risk

Tackling Compliance Risk

Trust Tax June 13, 2011

Changes in the financial regulatory climate over the past few years are causing wealth management organizations to reassess their vulnerabilities and update their strategies for mitigating compliance risk. No longer is audit readiness relegated to the back office or to the month preceding the annual auditor visit. Transparency is required throughout all levels and functions in … Read More