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It's here! During the summer of 2023 the IRS rolled out a draft 2023 Form W-9 advance dated to October 2023.

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Validating Form W-8 treaty benefit claims is one of the tougher tasks you face in Accounts Payable or Tax.

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One thing you can count on with Form 1042/1042-S filing is that nothing stays the same.

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The IRS has rolled out some late breaking but important news for Form 1042/1042-S filers.

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It's not bad enough we are still in the midst of 1099 filing season. Form 1042/1042-S filing is right around the corner as well.

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Free Blog Articles

Wednesday, January 24, 2024 - 12:42

Earlier in January the IRS announced new enforcement pushes for 2024. If you are in Accounts Payable or Tax at a medium-large sized organization or a CPA advising such an organization then please beware.

Thursday, January 11, 2024 - 14:04

Yesterday (January 10, 2024), the National Taxpayer Advocate (Erin Collins) issued her annual report to Congress on the IRS' performance in key metrics like tax support. Unfortunately, there was not much good news.

During 2023 IRS employees answered only 35% of all calls received. For the full fiscal year, IRS employees answered 29% of all calls received. In particular, the report states that service for tax professionals was below average, with only 34% of calls answered in FY 2023. Those that actually had their call picked up only did so after onerous wait times:

Monday, October 16, 2023 - 19:05

We just spent the past two months reminding our readers, listeners, and subscribers of the dangerous liabilities that can arise from negative interactions with the IRS. These include things like CP2100 "B" Notices, IRS Form 972-CG Proposed Penalty Notices, and dealing with audits.

Monday, September 18, 2023 - 12:17

Last week the IRS announced the hire of 3,700 new employees specifically to target compliance (featuring 1099/1042-S related compliance in particular).

Worse yet, the IRS is specifically looking to hire experienced accountants. As we all know, the more relevant experience of a new hire then the quicker they can ramp up into becoming a formidable examiner. The IRS states that "the hiring will be for higher-graded revenue agents, which are specialized technical positions that generally focus on audits."

Monday, July 17, 2023 - 14:22

In June the IRS rolled out a new draft Form W-8EXP. This month's subscriber article goes into greater detail on that development. But it is expected to be only the first of many changes to come this summer and fall. It appears the IRS intends to update all Forms W-8 over the coming months as well as the Form 1042-S.

That's only part of the changes though (and this is the biggie) - the Form W-9 is apparently slated for a new version. Note that the W-9 has not been updated since October of 2018. That's a really long-time, folks! Changes are long overdue.