Last week the IRS raided Caterpillar's Peoria Illinois headquarters over alleged failures to follow compliance rules involving cross-border transactions between it and it's various subsidiaries. Here is what you need to know.
Bad news for filers of Forms 1099 and 1042-S. On January 10, 2017 National Taxpayer Advocate Nina Olson announced the IRS is seeking to make enforcement 50% of the IRS budget.
Subscribers to the TIR Answer Center enjoy access to veteran tax attorneys who provide organizations just like yours with convenient and affordable answers to the Form 1099 questions they have, and in two business days or less!
You know it's bad when an accounts payable issue makes the news. This time it's an article in the Washington Post poking fun at the phone wait times for people attempting to have the IRS answer their tax questions.
You may have heard budgetary difficulties have precluded the IRS from maintaining the level of enforcement activity that it would like. However, if you are a medium to large size organization this is not only misleading - but if you are careless in your 2016 compliance efforts you can easily face penalty or audit.
Buried in a report from the Treasury Inspector General's Office of Audit comes word that IRS issued ITIN's may be suspect. And yet you are on the hook if you file an information return with the wrong TIN.
If your organization has 50 or more full-time employees, including full time-equivalent employees, then you need to be ready. You are subject to the Affordable Care Act information reporting requirements and must report
The Treasury Inspector General for Tax Administration recently published its long awaited report highlighting trends in compliance activities. And accounts payable and tax departments at mid-size and large-organizations in particular should be worried.
The IRS has announced that, in conjunction with the Department of Treasury, it will amend regulations under Internal Revenue Code Sections 1471-1474 to extend the time that certain FATCA transitional rules will apply.
On September 18th Coca-Cola reported it's facing a huge multi-billion dollar potential penalty for under-reporting income over a three year period, and because of foreign transfer pricing issues.
