Tax & Accounting Blog

Ask the Expert: If a payee returns prior-year money to you, do you have to “correct” the 1099-MISC you issued for that prior year?

Ask the Expert: If a payee returns prior-year money to you, do you have to “correct” the 1099-MISC you issued for that prior year?

Question: If a payee returns prior-year money to you, do you have to “correct” the 1099-MISC you issued for that prior year? Answer from Marianne Couch of COKALA Tax Information Reporting Services: This question came up in several different contexts recently. An overpayment of royalties was returned to the payer by personal check; an overpayment … Read More

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IRS Releases Schema of the List of FATCA-compliant Foreign Financial Institutions

Under FATCA, payers (referred to in tax parlance as “withholding agents”) must withhold tax on certain payments to foreign financial institutions (FFIs) that do not agree to report certain information about their U.S. accounts or accounts of certain foreign entities with substantial U.S. owners. An FFI may agree to report certain information about its … Read More