Articles and Tax Tips

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.

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.

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.

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.

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:

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!

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.