Articles and Tax Tips

March is almost upon us, and that means you are bumping up against the filing deadline for Forms 1042/1042-S. It also means that Form 1099 filing is in full swing. But some payee's are trickier than others. This week let's look at which information return is used for reporting the dual-resident payee.

The new Forms W-8BEN and W-8BEN-E are complex documents used for both Chapter 3 documentation (Non-Resident Alien compliance/reporting rules) and Internal Revenue Code Chapter 4 (FATCA). This week let's look at one important factor in determining if your payee has provided you with a valid and completed W-8BEN or W-8BEN-E.

Last year the IRS created a new Form W-8BEN for individuals. But this created one very big due diligence/compliance problem for AP departments in those situations when a payee provides a Foreign TIN to claim treaty benefits. This week we will revisit that issue in light of the recently updated IRS Publication 515.

For this week's tax tip we will cover a tricky issue for U.S. colleges and universities. This involves payments made to foreign students or scholars and when such payments are exempt from otherwise well established types of withholding. First we will start with the basics....

New York City (NYC) is set to expand its information reporting/tax requirements for businesses generating revenue in NYC even if they have no physical location in the city. The proposed new tax rules will be retroactive to January 1, 2015. Read on for more on these sweeping new compliance and reporting requirements.

When it comes to determining your Form 1042-S Reporting Responsibilities identifying the payment type is crucial toward avoiding IRS imposed penalties. Each payment type has different rules to follow. This week let's look at deposit interest.

The IRS has just changed the Form W-9 vs. the previous August 2013 version. Please use this new December 2014 version of the Form W-9 going forward. As for the big changes there is one that will give you headaches if you don't know what to do. Let's break it down for you....

It's that time of the year again! No, we are not talking about the holidays. It's almost filing season! Accordingly, this week we are highlighting some Form 1099 Filing requirements for the State of Minnesota that could cause trouble for your AP department.