Tax & Accounting Blog

Congress Repeals 2010 Legislation that Expanded 1099 Information Reporting Requirements

Congress Repeals 2010 Legislation that Expanded 1099 Information Reporting Requirements

On April 14, 2011, the President signed H.R. 4, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This new law retroactively repeals unpopular Form 1099 information reporting rules added by 2010 legislation. Background Code Section 6041 requires all persons engaged in a trade or business making certain payments of … Read More

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