Tax & Accounting Blog

Ask the Expert: Can Paper W-9s be Destroyed after Scanning into your Electronic System?

Ask the Expert: Can Paper W-9s be Destroyed after Scanning into your Electronic System?

Question: Can Paper W-9s be Destroyed after Scanning into your Electronic System? Answer from Marianne Couch, principal COKALA Tax Information Reporting Services: You can destroy the original paper Forms W-9 if your electronic system and your procedures meet IRS requirements. Field Service Advice 200229011, posted on April 8, 2002 states: “If Taxpayer complies with the … Read More

IRS Study Points to Errors in Form 1099-R Reporting of Retirement Distributions to Individuals Living Outside the United States

IRS Study Points to Errors in Form 1099-R Reporting of Retirement Distributions to Individuals Living Outside the United States

The IRS Employee Plans Compliance Unit, in a review labeled the International Foreign Distribution Project, found many errors on Forms 1099-R for individuals living outside the United States. The project focused on individuals living outside the U.S. or U.S territories who received retirement plan or IRA distributions before reaching age 59 ½. Responses … Read More

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Germany and U.S. Reach Intergovernmental Agreement for FATCA Implementation

The tax authorities of Germany and the United States have initialed an intergovernmental agreement (IGA), as announced by the German Finance Ministry, that makes possible the implementation of U.S. information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The German government announcement states that its agreement is … Read More

March FATCA Webcasts for AP Departments and Trusts

March FATCA Webcasts for AP Departments and Trusts

This year is a pivotal time for new tax regulations. We’re here to help with webcasts throughout the year that address the new regulations head on. For March, we address how the rules affect accounts payable and U.S. payers in trust, bank and brokerage. Join us as Jerri LS Langer, JD, LLM and Marianne Couch, … Read More

IRS Issues New 2013 Edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities

IRS Issues New 2013 Edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities

The IRS has issued a new edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, revised for use in 2013. Pub 515 is the basic plain-English IRS explanation of payers’ tax withholding obligations under Chapter 3 of the Internal Revenue Code (section 1441 withholding) for payments of U.S-source income to … Read More

Form 1042-S Information Reporting to Non-U.S. Persons Part 2: Payments Not Reportable on Form 1042-S

Form 1042-S Information Reporting to Non-U.S. Persons Part 2: Payments Not Reportable on Form 1042-S

Income payments not subject to NRA withholding are also not subject to Form 1042-S reporting. They include: • Income excluded from income under section 61 (e.g., qualified scholarships and fellowships). • Proceeds on sales of U.S. real property interests by non-U.S. persons (use Form 8288). • Partnership profits reported by the partnership to a … Read More