Tax & Accounting Blog

Ask the Expert: Is it a problem that we have received a Form W-9 with a taxpayer ID number starting with a “9”?

Ask the Expert: Is it a problem that we have received a Form W-9 with a taxpayer ID number starting with a “9”?

Question: Is it a problem that we have received a Form W-9 with a taxpayer ID number starting with a “9”? Answer from Marianne Couch of COKALA Tax Information Reporting Services: Not all TINs beginning with a “9” are a problem. It is true that social security numbers (SSNs) never begin with a “9”. When … Read More

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Highlights of the Form 1042-S Changes

As we alerted readers in an earlier blog post, the IRS has published the highly anticipated draft of an all-new Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, for use in reporting 2014 income payments (reporting you will do in 2015). A copy of the draft form is available to view on the … Read More

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Cayman Islands will Adopt an Intergovernmental Agreement for FATCA Implementation

The Cayman Islands Government has announced that it will adopt an intergovernmental agreement (IGA) with the United States for implementation of the U.S. Foreign Account Tax Compliance Act, commonly known as FATCA. The Caymans-U.S. IGA will follow the “Model 1” for FATCA cooperation which was drafted by the U.S. Department of the Treasury, giving the … Read More

Ask the Expert: Can Paper W-9s be Destroyed after Scanning into your Electronic System?

Ask the Expert: Can Paper W-9s be Destroyed after Scanning into your Electronic System?

Question: Can Paper W-9s be Destroyed after Scanning into your Electronic System? Answer from Marianne Couch, principal COKALA Tax Information Reporting Services: You can destroy the original paper Forms W-9 if your electronic system and your procedures meet IRS requirements. Field Service Advice 200229011, posted on April 8, 2002 states: “If Taxpayer complies with the … Read More

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Germany and U.S. Reach Intergovernmental Agreement for FATCA Implementation

The tax authorities of Germany and the United States have initialed an intergovernmental agreement (IGA), as announced by the German Finance Ministry, that makes possible the implementation of U.S. information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The German government announcement states that its agreement is … Read More

March FATCA Webcasts for AP Departments and Trusts

March FATCA Webcasts for AP Departments and Trusts

This year is a pivotal time for new tax regulations. We’re here to help with webcasts throughout the year that address the new regulations head on. For March, we address how the rules affect accounts payable and U.S. payers in trust, bank and brokerage. Join us as Jerri LS Langer, JD, LLM and Marianne Couch, … Read More