Articles and Tax Tips

TAX TIP OF THE WEEK: Personal Services Income and Canadian Payees

Pay for certain personal services performed in the United States is exempt from U.S. income tax under certain conditions provided by treaty. This week let's look at the U.S. tax treaty with Canada in regards to the taxability of personal services peformed in the U.S.

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TAX TIP OF THE WEEK: Big Changes to Form 1042-S Filing Deadlines

I keep on saying it but...the IRS is at it again. This time tinkering with long standing Form 1042-S filing deadlines. We are facing a huge compliance season leading into one of the most high pressure filing seasons in recent memory - if you are not prepared. So let's get you ready.

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TAX TIP OF THE WEEK: What Should a Valid 8233 Look Like for a Treaty Benefit Claim?

Treaty benefit claims have been made much more complex in dealing with because of recent changes made to Forms W-8BEN, W-8BEN-E, and 8233. This week let's review what an acceptable Form 8233 should have to establish a claim for treaty benefits.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: The IRS Has Made 1042-S Related Changes that Your Compliance Efforts Must Address Now

The IRS is at it again. Form 1042-S related compliance and reporting is the latest to see substantial changes. This means your compliance efforts in 2016 will need to be radically revamped so that you will be ready for next year's accelerated filing season.

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TAX TIP OF THE WEEK: Latest Updates Involving Your New Form 1095 Filing Requirements

The Affordable Care Act now requires applicable large employers (ALE's) to file information returns with the IRS and employees. The IRS has been busy tweaking those rules. This week let's take a look at some of the latest updates, and what you need to know.

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TAX TIP OF THE WEEK: New IRS Regulations Will Limit Filing Extensions For Forms 1099, 1095, 1042-S, and W-2

The IRS is implementing sweeping new restrictions on your ability to request extensions to file Forms W-2, 1099, 1095, and 1042-S. This is an issue AP departments must address this compliance season, and as follows.

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TAX TIP OF THE WEEK: Payments to Independent Contractors From Foreign Countries Who Live in the U.S.

Today it's common to face Form 1042-S reportable payment situations that just a few years ago would have been considered rare. This week we have some tips for you on what to watch out for when you are sending a payment to a foreign person who is living in the U.S.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Royalties and The Form 1042-S

You need to be able to source the income paid to a Non-U.S. Person back to the US to have a 1042-S reportable and withholdable payment. These complicated rules revolve around your ability to identify the type of payment involved, and then know what to do with it in a reporting context. This month let's look at one of the many key payment type's you need to address: royalties.

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TAX TIP OF THE WEEK: IRS Updates Guidance Regarding Electronically Furnished Forms W-8 and W-9

On February 17, 2016 the IRS issued new guidance regarding the acceptance of electronically furnished Forms W-8 and W-9. This week let's take a look at these important new changes to your document collection and validation compliance requirements under the law.

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TAX TIP OF THE WEEK: Are U.S. Financial Institutions required to register under FATCA?

U.S. Financial Institution's (USFI's) have a number of compliance requirements under FATCA (Foreign Account Tax Compliance Act). And though you may have heard that USFI's don't have to register under FATCA - there are times when they do, and as follows.

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