Tax & Accounting Blog

FATCA Proposed Regulations Are Issued by IRS

FATCA Proposed Regulations Are Issued by IRS

The long-awaited proposed tax regulations for FATCA, the Foreign Account Tax Compliance Act, were issued February 8 by the IRS.  An electronic copy is available at http://www.irs.gov/pub/newsroom/reg-121647-10.pdf .  FATCA imposes new disclosure obligations on foreign financial institutions that maintain U.S. accounts, and on certain non-financial foreign entities; and FATCA establishes new requirements to withhold … Read More

We’re Listening: Global Tax Provision

We’re Listening: Global Tax Provision

Welcome the second update from our “We’re Listening @ ONESOURCE” series…the official series dedicated to addressing our ONESOURCE customers’ feedback. Do you have insights on how we can better serve our customers? We want to hear from you! Check back throughout the next seven weeks for more blog posts on how … Read More

Penalties for Failure to Comply with NRA Withholding and 1042-S Information Reporting – Part 3: Penaly for Late 1042-S Submission

Penalties for Failure to Comply with NRA Withholding and 1042-S Information Reporting – Part 3: Penaly for Late 1042-S Submission

U.S.-source income payments to foreign persons that are subject to withholding or that are exempt from withholding under an Internal Revenue Code or income tax treaty provision must be reported on Form 1042-S. Unlike the rules for Form 1099, Form 1042-S is required whether or not the payer is engaged in a U.S.trade or business. There is … Read More