Articles and Tax Tips

THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: The Forms 1099-A and 1099-C

This month let's take a deeper dive into the Forms 1099-A and 1099-C. We will focus upon what you should watch out for in terms of in-year compliance and reporting related payments - tasks which are attracting renewed attention from IRS examiners.

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TAX TIP OF THE WEEK: Form 1099 Backup Withholding Versus 1042 NRA Withholding

Form 1099 backup withholding can be a confusing process. Throw in the need to withhold on payments of U.S. source income made to Non-Resident Alien (NRA) payees and things get crazier yet. This week let's examine the differences between these two withholding regimes.

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TAX TIP OF THE WEEK: Watch out - IRS Raises Form 1099/1042-S Penalty Rates Yet Again in 2017!

The IRS has raised penalty rates yet again in 2017. Penalty rates are up for those organizations failing to timely provide a payee with their statement and/or file a correct information return including involving Forms 1099/1042-S. Here is what you need to know.

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TAX TIP OF THE WEEK: Is an App Purchased For Use in The U.S. But Created Abroad Form 1042-S Reportable?

Here is a real world situation involving a U.S. company that purchased an app created by a company in Canada for use in the United States. Let's see if you can figure out whether that payment is 1042-S reportable - don't worry, we will help you find the answer.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Reporting 1042-S Payments to Foreign Joint Owners

If you make a payment directly to a beneficial owner then you must complete Form 1042-S and treat the beneficial owner as the recipient. But what happens when joint owners are involved? What's the withholding rate? This month let's get answers to these key questions.

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TAX TIP OF THE WEEK: Form 1099 Returned as Undeliverable - What Should Your AP Department do?

You filed a Form 1099-MISC for a vendor, but the payee statement is returned as undeliverable. This week let's look at what you should do in this all-too common situation.

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TAX TIP OF THE WEEK: Foreign Owned U.S. Disregarded Entity Pitfalls

Disregarded entities cause all kinds of problems for 1099 filers, but those problems are magnified when you throw the 1042-S into the mix. Here's what you need to know when dealing with foreign owned U.S. disregarded entities.

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TAX TIP OF THE WEEK: Brand New Update to Form 1042-S - Certain Codes No Longer Valid

Please be careful. On February 1, 2017 the IRS issued new guidance for filers of the Form 1042-S in regards to payments of U.S. sourced income made to Non-Resident Aliens (NRA's). Here is what you need to know:

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: How to File Forms 1042-S Without Payee TIN's

This month's article addresses a hot topic. It provides you the exact steps you need to take to file Forms 1042-S when the payee has not or refuses to provide their TIN.

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TAX TIP OF THE WEEK: Reminder on Important W-2 Information Reporting Changes For This Filing Season

We just want to remind you about important W-2 information reporting changes that impact the current filing season. Please read on for what you need to know.

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