Articles and Tax Tips

TAX TIP OF THE WEEK: Handling a Big Form W-9 Issue Posed By FATCA

With the rollout of the Foreign Account Tax Compliance Act (FATCA) we have been seeing several compliance problems cropping up in regards to both the Forms W-8 and W-9. This week let's look at one such W-9 related problem, and what you should do about it.

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TAX TIP OF THE WEEK: What it Means to Be a Withholding Agent Under the Law

Definitions matter. When the IRS classifies you as a withholding agent you have compliance, due diligence, reporting, and withholding responsibilities that your Accounts Payable department must be ready to execute at the highest level of competency - particularly when a payment of U.S. sourced income is made to a Non-Resident Alien payee.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Initial Registration for the IRS TIN Match Program

The IRS TIN Matching Program allows payers to verify if a payee’s name and TIN matches with what the IRS has on its records. This program offers a great opportunity to validate payee information before submitting your Forms 1099 to the IRS. But registration can be tricky, this month let's see how to get over those initial sticky points.

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TAX TIP OF THE WEEK: Recent Non-Resident Alien and FATCA Compliance Update On Emailed and Electronically Uploaded Forms W-8

The IRS has recently updated guidance on how Accounts Payable and Tax pro's should handle emailed Forms W-8 when it comes to documenting payments of U.S. sourced income made to Non-Resident Aliens, or for FATCA reporting purposes.

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TAX TIP OF THE WEEK: What to Do With an Attorney/Settlement Payment Involving Multiple Parties

This week let's follow up on our discussion of reporting payments to attorneys and for settlements by taking a look at what to do when multiple parties are involved in the transaction (as is typically the case).

 

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TAX TIP OF THE WEEK: Attorney/Settlement Payment Form 1099 Reporting Overview

Fall is here. That means reporting season is around the corner, and it's time to get ready. There are many payment situations that can trip you up when it comes time to Form 1099 report. This week we shall examine one: payments to attorneys and for settlements reported on  Forms 1099.

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TAX TIP OF THE WEEK: Another Key Form 1094/1095-C Compliance & Reporting Issue

Under the Affordable Care Act’s (ACA) employer shared responsibility provisions in 2016 certain large employer's must file Form 1095-C, and Form 1094-C. This week let's look at a key compliance issue already cropping up as you get ready for filing season.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Form 1095-C and 1094-C Filing Basics

Under the Affordable Care Act’s (ACA) employer shared responsibility provisions in 2016 certain large employer's must file Form 1095-C, and Form 1094-C.  Last week we examined the first step in identifying your new compliance responsibilities - this month let's look at step two.

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TAX TIP OF THE WEEK: How to Know if You Need To File Forms 1094-C and 1095-C

Under the Affordable Care Act’s (ACA) employer shared responsibility provisions, certain large employer's must file Form 1095-C, and Form 1094-C early in 2016.  This week let's look at how to identify your compliance responsibilities under these new filing requirements.

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TAX TIP OF THE WEEK: A Closer Look at Royalties vs. Services and Sourcing Non-Resident Alien Income

When it comes to payments made to Non-Resident Aliens you must be able to source the income back to the US to have a reportable and withholdable situation. But to do that, you must take another step.

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