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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. 

The amendments will extend:

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.

On June 29, 2015 Congress passed a bill signed into law by the President doubling all information reporting penalties. This comes on the heels of the IRS decision earlier this year to cut its popular program answering questions related to the filing of Forms 1099 and 1042-S.

Earlier this month the President issued his proposed budget for fiscal year 2016. It includes a massive near 20 percent hike in the IRS' budget, with these funds largely meant to help close the $385 billion annual tax gap.

Bad news for filers seeking IRS guidance on filing Forms 1099 and 1042-S. On January 14, 2015 National Taxpayer Advocate Nina Olson announced the IRS will not be providing guidance on meeting information reporting filing, compliance, and due diligence requirements under the law.

I have said it time and again, beyond Federal W-8/1042/1042-S related audits and State level audits for under 1099 reporting the biggest liability accounts payable professionals must be aware of is paying workers misclassified by their employer as independent contractors.

One of the biggest compliance problems faced by Accounts Payable Departments are issues posed by companies misclassifying workers as independent contractors when regulators think these workers are employees; as recently found out by yet another multinational corporation and in regards to thousands of its workers.