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.
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.
