Articles and Tax Tips

TAX TIP OF THE WEEK: 2019 Form 1099 Penalty Rates Remain High

The IRS recently published new penalty rates for the failure to file correct 1099 information returns and/or correct 1099 payee statements.

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THIS MONTH'S FEATURED ARTICLE: W-8BEN Due Diligence Issues for 2019

With the 1042-S filing season behind us it's time to turn our attention to 2019 due diligence tasks surrounding the validation of the Forms W-8.

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TAX TIP OF THE WEEK: Can An Employee's Daily Commuter Miles Be Reimbursed As a Non-Reportable Expense?

Employee expense reimbursements and to what extant they are reportable have recently come under IRS revision.

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TAX TIP OF THE WEEK: Are Fellowship/Scholarship Payments Made to Citizens of Mexico Exempt from U.S. Tax Reporting?

Scholarship, fellowship, and grant payments often create confusion in terms of W-2 or 1099 reporting. If the payee is a Non-U.S.

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THIS MONTH'S FEATURED ARTICLE: Is a Freight Services Payment Made to a Non-Corporate Trucking Company 1099 Reportable?

When it comes to 1099-MISC reporting few issues are as problematic as whether or not to report a freight services payment.

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TAX TIP OF THE WEEK: How Do I Break Down and 1099-MISC Report a Single Check Settlement Payable to Multiple Claimants?

It is not uncommon to have a situation where a single reportable settlement payment is made to multiple payees (let's say three related claimants a

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TAX TIP OF THE WEEK: Does LLC Mean the Vendor Is A Non-1099 Reportable Corporation?

First the basics.

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THIS MONTH'S FEATURED ARTICLE: Form 1099 Versus Form 1042-S Backup Withholding Basics

It is vitally important for accounts payable departments to understand the differences between Form 1099 backup withholding and Form 1042-S backup

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TAX TIP OF THE WEEK: Parsing the 1099-MISC Box 3 Non Fixed and Determinable Settlement Reporting Exception

Settlement payments are typically Form 1099-MISC box 3 reportable to the claimant. However, there are exceptions to this general rule.

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TAX TIP OF THE WEEK: How to Correct 1099's Reported for the Wrong Year

Unfortunately, it's not uncommon to face a situation where 1099 reporting was done for one year but in reality should have been done for another.

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