Articles and Tax Tips

THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Don't Make These Common Form 1099 Filing Mistakes

Filing season is in full swing. Hopefully you have submitted for an extension to file. This helps you catch mistakes and avoid corrections, B-Notices, and Proposed Penalty Notices. But if not, and if you are rushing to complete your Form 1099 filing here are some common mistakes we hope you don't make.

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TAX TIP OF THE WEEK: Form 1042/1042-S Reporting And The Dual Resident Individual

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.

 

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TAX TIP OF THE WEEK: How do You Know if The W-8BEN or W-8BEN-E You Collect is a Valid Completed Form

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.

 

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TAX TIP OF THE WEEK: Key Changes in Publication 515 Regarding W-8BEN and Treaty Benefits

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.

 

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: One Business Bought Another - Who Handles the 1099's?

As you know there are a number of Form 1099 reporting situations that can be particularly tricky. This month let's look closer at what happens when a business is bought or sold during the course of the year and arranges between itself and its buyer who should handle the 1099's.

 

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TAX TIP OF THE WEEK: Exemptions From Withholding When Making Payments to Foreign Students and Scholars

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....

 

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TAX TIP OF THE WEEK: New York City Set to Add New Tax and Information Reporting "Doing Business" Nexus Rules

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.

 

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TAX TIP OF THE WEEK: Reporting Deposit Interest Paid to Non-Resident Alien Individuals

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.

 

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TAX TIP OF THE WEEK: New Form W-9 Released with Multiple Changes and One Big Issue for AP

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....

 

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: California Redefines "Doing Business" For Tax & Reporting Purposes

In September of 2014 The California Franchise Tax Board announced new “nexus” threshold requirements. Let's examine these new rules and learn why if your organization is generating in-state revenue from business activities that it is more likely you will have California reporting requirements for Tax Year 2014.

 

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