Articles and Tax Tips

TAX TIP OF THE WEEK: Watch Out for Expensing Business Entertainment This Year - The Rules Have Changed

The Tax Cuts and Jobs Act passed in December of 2017 includes major changes to your organization's ability to avoid W-2/1099 reporting entertainment related fringe benefits - including those for sports tickets and membership dues. Here's what you need to know.

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THIS MONTH'S FEATURED ARTICLE: Why AP Needs to Understand W-8BEN-E Treaty Benefits Claims Involving LOB

Limitations on benefits (LOB) provisions of treaties need to be understood by everyone in accounts payable. Particularly if you are making 1042-S reportable payments and your payee requests on the W-8BEN-E treaty benefits that lower the rate of withholding.

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TAX TIP OF THE WEEK: Avoid These Common Form 1042 Filing Errors

The Form 1042-S attracts the lion's share of the attention when reporting payments of U.S. sourced income made to foreign payees. However, the Form 1042 is equally important. Let's take a look at some mistakes you want to make sure you avoid this filing season.

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THIS MONTH'S FEATURED ARTICLE: IRS Mulling Major Changes to W-2, 1099-MISC, and 941 E-Filing Thresholds

On January 10th the National Taxpayer Advocate recommended that the IRS substantially modify longstanding e-filing thresholds for Forms W-2, 1099-MISC, and 941. Let's take a look at what the IRS is planning for Accounts Payable and Payroll.

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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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