Tax & Accounting Blog

The Software Training Cost Paradox: Part One

The Software Training Cost Paradox: Part One

Professionals that work within specialized fields are required to participate in educational training in order to maintain their professional certification. Each year, there is a minimum number of training hours (CPE) that individuals such as Engineers, Attorneys, Law Enforcement, and Accountants must complete. For accountants, there are multiple avenues available to obtain the necessary hours … Read More

TIN truncation on Form 1099 payee statements will continue under new proposed regulations

TIN truncation on Form 1099 payee statements will continue under new proposed regulations

The IRS has published proposed new tax regulations for truncating taxpayer identification numbers on the recipient statements for Forms 1099 – including the expansion of TIN truncation to include not only paper 1099 statements, but also 1099 statements furnished electronically.  However, the proposed regulations limit TIN truncation to social security numbers (SSNs), individual taxpayer identification … Read More

IRS Adds Form 1099-B to the Combined Federal/State Reporting Program

IRS Adds Form 1099-B to the Combined Federal/State Reporting Program

The IRS has added Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, to the Combined Federal/State Reporting Program (CFSFP) beginning with the filing of Forms 1099-B for tax year 2012. As detailed in IRS Announcement 2013-3, this change is an important revision to the IRS electronic file specifications which originally were issued … Read More