Articles and Tax Tips

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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TAX TIP OF THE WEEK: Tips to Help You Determine When Backup Withholding is Required

Under Internal Revenue Code (IRC) Section 3406(b), payers making certain 1099 reportable payments to payees must withhold and pay to the IRS 28% of those payments in certain situations.  This week we'll go over some tips for recognizing when you need to withhold.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Online Retailers Facing Sales Tax Amnesty Deadline

Under most state laws any retailer generating in-state revenue from selling goods must pay sales taxes. In recent years the nexus requirement has been expanded, and now a tax amnesty involving half of the 50 U.S. States expires next week. Let's look at what you need to know.

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TAX TIP OF THE WEEK: New Changes to W-8 Validation and 1042/1042-S Reporting Procedures for U.S. Banks

The IRS has announced big changes for financial institutions in terms of validating foreign TIN's and dates of birth on Forms W-8 and 1042/1042-S reporting. This week let's take a look at what those changes mean for U.S. banks W-8/1042/1042-S compliance/reporting needs.

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TAX TIP OF THE WEEK: Watch Out for FATCA Status Checkboxes When Validating Forms W-8

With the new 2017 Form's W-8 released this summer comes new compliance, and ultimately 1042/1042-S reporting, issues. This week let's examine a real-word problem encountered when validating a W-8BEN-E.

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