Articles and Tax Tips

TAX TIP OF THE WEEK: Form 1099-MISC Box 7 Filing Deadlines Take Precedence Over E-Filing Rules

Please remember that the IRS in both 2016 and October of 2017 amended the filing requirements for Forms 1099-MISC. This week, let's go over these changes as well as a reminder regarding where this fits in vis-a-vis paper versus electronic filers.

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TAX TIP OF THE WEEK: Form 1095-B and 1095-C Statement Deadlines Extended

On December 22, 2017 the IRS accounced that it has extended the 2018 due date for certain entities to provide 2017 health coverage information statements to individuals.  This week let's take a look at who this applies to and the new deadlines.

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TAX TIP OF THE WEEK: Form 1099/1042-S Sourcing Rules for Payments Involving U.S. Possessions Changed Under New Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act passed in December of 2017 has made significant changes in terms of whether payments made to payees in U.S. possessions can be U.S. sourced (and thus reportable under the law). This week let's look at what accounts payable departments making 1099 and 1042-S reportable payments need to know.

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THIS MONTH'S FEATURED ARTICLE: Tax Cuts and Jobs Act Radically Changes Fringe Benefit Reporting Rules

The Tax Cuts and Jobs Act passed in December of 2017 includes steep reductions in your organization's ability to avoid reporting a slew of fringe benefit related reimbursements. This month let's take a look at these huge changes and what you need to know to be compliant under W-2/1099 reporting rules.

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TAX TIP OF THE WEEK: An Overview of 2017 Changes to Forms 1099, 1098, 5498 and 1042-S

Filing season is almost upon us! What follows is a brief overview of the biggest 2017 changes to key information returns other than the 1099-MISC (which we have discussed elsewhere). Please make sure you are on top of the following filing changes.

Form 1042-S:

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Mistakes to Avoid When Validating Claimed Exempt Organization Payees

Select Check is an IRS online tool that allows you to verify the status of a claimed exempt organization payee. We recommend you use Select Check - just watch out for the following 1099 reportable mistakes in the upcoming filing season:

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TAX TIP OF THE WEEK: Tips for Handling Five Special B-Notice Processing Situations

Many of you face unique B-Notice processing situations (with 2017's fall B-Notice season wrapping up this month). This week we will look at five tricky B-Notice processing problems and offer you tips for handling each!

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TAX TIP OF THE WEEK: States are Pulling Out of the Combined Federal/State 1099 Filing Program

Virginia recently pulled out of the Combined Form 1099 Federal/State Filing Program. Many other states are considering such a step as well. Let's assess what this means for your organization's Form 1099 due diligence responsibilities and risk of penalty this 1099 filing season.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Tips to Help Handle The Ongoing 1099-MISC Filing Confusion

This month let's address the issues surrounding new October 2017 IRS guidance regarding filing Forms 1099-MISC with a box 7 reportable payment while also filing Forms 1099-MISC that don't have a box 7 reportable payment - and what all of this means for due dates, due diligence, and avoiding penalties.

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TAX TIP OF THE WEEK: Getting Started With The IRS TIN Match Program

Would you like to limit costly penalties for incorrect Form 1099 filings? One of the best tools out there to help is the TIN Match Program. This week we provide some tips to help you get started.

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