Articles and Tax Tips

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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TAX TIP OF THE WEEK: Minnesota's Unique Form 1099 Filing Requirements

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.

 

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TAX TIP OF THE WEEK: IRS Makes Late Update to Form 1042 Instructions

The IRS has made another late in the game update: this time to the Form 1042 instructions. This follows on October and November 1042/1042-S updates (detailed in the recently released 2014 Filing and State Reporting Guide) that are leaving AP professionals scrambling to respond.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: State and Local Information Reporting Focus on Los Angeles

In addition to Federal and State Level reporting, there are a number of cities that have unique reporting requirements. These include infamous Form 1099 required cities such as Philadelphia, Wilmington, Detroit, and this month's focus: The City of Los Angeles.

 

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