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The IRS has released the New 2014 Form W-8IMY. With this new form the IRS has now released the first new Final Forms W-8BEN, W-8ECI, W-8EXP, W-8IMY since 2006 as well as the brand new Form W-8BEN-E.

This is about as hot off the presses as it gets. Yesterday the IRS released finalized Forms W-8BEN and W-8ECI and their new instructions (see here and here).

Housing Wire is reporting that JP Morgan Chase has hired 3,000 employees for its compliance and legal departments. In addition the bank is spending roughly $1.5 Billion to beef up its control efforts, and manage risk and compliance issues. 

A new report issued by the Treasury Inspector General for Tax Administration Office of Audit (TIGTA) and the IRS have determined that employers regularly misclassify millions of workers as independent contractors instead of employees. 

The IRS has just released Notice 2013-43 and, here we go again, the Foreign Account Tax Compliance Act (FATCA) implementation guidelines have again been revised. Let's take a brief look at what this means for you.

The second quarter issue of the Information Reporter E-Zine is now available. Current TIR Answer Center subscribers enjoy free access to the quarterly published E-Zine; with this new issue focused on FATCA.

Our subscribers have been enjoying a look at the extensive differences between last month's new Form W-8BEN-E (for entities) and previous versions. Today, we will briefly examine the two key differences between the May 2013 version of the Form W-8BEN (for individuals) and its 2012 variant.

On May 9 the Internal Revenue Service (IRS) announced a plan to share tax information with its peers in Australia and the U.K. Enforcement focus is on trusts and companies holding assets on behalf of residents in jurisdictions throughout the world; and thus potentially engaged in tax evasion.

Yet another new compliance task is now confronting AP and tax departments around the country. That being handling new IRS notices sent out to information reporters when filed Forms 1099-K may lead the IRS to believe that your organization has underreported, or when the IRS may have "other questions" about the returns your organization has filed in recent weeks.

The IRS Form CP2100 and CP2100a , commonly known as the "B-Notice", is used to notify information reporters as to incorrect or incomplete payee names and/or taxpayer identification numbers on forms filed with the IRS. The number of such forms issued has risen 40% in the past six years. As such your AP department had better be ready for another trying B-Notice season.