Tax & Accounting Blog

New York Tax Leaders Help Each Other with Data Management Issues

New York Tax Leaders Help Each Other with Data Management Issues

Some of the topics discussed at last week’s tax data management roundtable discussion included growing global operations and the need for accuracy and speed in tax processes. The event featured 40 New York tax professionals from companies in the area and many in attendance expressed that multiple systems were a challenge, especially with systems that aren’t integrated. Data can be difficult to find when it’s located … Read More

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The Tax Gap – IRS Oversight Board’s Annual Report (June 2012)

The IRS Oversight Board issued its annual report to Congress for 2011 in June (posted June 5, 2012). The report notes that the estimated net tax gap grew nearly $100 billion from 2001 (when the gap was last estimated) to 2006. Of particular interest is the Board’s assessment of the tax gap and IRS’ efforts to … Read More

NRA Withholding and Reporting on Payments to Foreign Nationals – Part 1

NRA Withholding and Reporting on Payments to Foreign Nationals – Part 1

The federal withholding and reporting rules for payments for personal services made to foreign nationals depend on the recipient’s federal tax residency status – resident alien or nonresident alien. Compensation payments to resident aliens are subject to the same rules for withholding and reporting as are such payments to U.S.citizens. These payments are not subject … Read More

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New Details on FATCA Registration Process Released

The IRS’ June 20 FATCA Newsletter released new details on the FATCA registration process. The online system being built hopes to make foreign financial institution (FFI) registration as painless as possible. Some of the key details included in the newsletter are: FFIs will register through an online system Each FFI must designate a FATCA representative (referred to … Read More