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Subscribers! This quarter's Volume 4 Issue 3 of the Information Reporter E-Zine is now ready. In this quarter we break down and examine everything your AP department needs to know about reporting Non-Qualified Deferred Compensation (NQDC).

Last week the IRS issued a new draft Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding. This is the third such draft form released (with the drafts of two new forms W-8BEN released earlier this summer).

Important News - IRS Revenue Procedure 2012-30 has been published (and has already been updated via Rev. Proc. 2012-33). Needless to say many of you are filing electronically; so the fact that a new set of guidelines have been released superceding last year's in regards to filing most major information returns is pretty big news.

We have received several questions of late regarding recent changes in state reporting laws, and what we can do to help. To that end not only does our subscription service answer whatever state reporting questions you may have, but we also do have a guide that can help.

Knowing how the IRS defines something is often key to understanding how to or whether to file or report; as well as going a long way toward helping you handle B-Notices, Proposed Penalty Notices or Audit situations. Today, let's examine what exactly the IRS means when it speaks of a "missing TIN" and what you should be doing in response. 

There continues to be tremendous interest from those interested in what kind of questions we handle via our TIR Answer Center subscriber service.

The Treasury Inspector General for Tax Administration (TIGTA) announced today that the number of partnership audits has increased by nearly 25% from 2007 to 2011. In addition, a renewed focus on transactions involving payees across borders resulted in audits netting $2.1 billion in additional taxes.

We hope this hasn't slipped under your radar but the federal budget for Fiscal Year 2013 has allocated a $14 million increase to the Department of Labor budget, and in the form of grants to states to help in identifying misclassified workers, recover unpaid taxes, and boost enforcement measures.

Our very own Steven Mercatante Esq. will be the expert speaker for CFO Learning's Webcast "Decoding the IRS Worker Classification: Employee or Independent Contractor" scheduled for Wednesday July 25, 2012 at 2:00pm EST. Register today!

Ok, we have had the current poll question up for a long time, and are sure many of you are ready for an answer. As such, here is not only what your AP department needs to know, but also a good look at the kind of detailed guidance our subscribers enjoy access to on a regular basis: