Tax & Accounting Blog

Who’s a Form 1099-K Filer and Who’s Not?

Who’s a Form 1099-K Filer and Who’s Not?

This IRS Letter Ruling Adds to Our Understanding IRS Letter Ruling 201201001 illustrates that the structure of a business that manages prescription drug benefit plans puts it outside the purview of I.R.C. Section 6050W information reporting (Form 1099-K). The conclusion was based on the fact that the business serves plan sponsors on the one hand and makes … Read More

Penalties for Failure to Comply with NRA Withholding and 1042-S Information Reporting – Part 1

Penalties for Failure to Comply with NRA Withholding and 1042-S Information Reporting – Part 1

In August of 2010, the IRS announced “executing our international strategy is a top priority, and our work continues to intensify in this area.” Included in this strategy is a requirement for examiners to review withholding and reporting on payments to foreign individuals and entities during corporate audits. Other organizations should anticipate that the IRS will apply … Read More

Maryland Set To Have Energy Star Tax Holiday In February

Maryland Set To Have Energy Star Tax Holiday In February

Maryland will be having a Sales Tax Holiday for qualified Energy Star products for the second consecutive year this February.  Between Saturday  the 18th and Monday the 20th, items such as energy star dishwashers, laundry machines, and solar powered water heaters will be exempt from sales and use tax according to state statute §11–226.  This … Read More