Articles and Tax Tips

TAX TIP OF THE WEEK: Making Sense of the New W-9 & The FATCA Exempt Payee Code

Late in August 2013 the IRS released a new Form W-9. Among other things this new W-9 features a number of changes prompted by FATCA (the Foreign Account Tax Compliance Act). In this week's tip let's take a more in depth look at one such change. 

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Solutions for Eight of the Trickiest B-Notice Processing Issues

The IRS B-Notice informs a payer that he or she may be responsible for backup withholding and may need to pay to the IRS 28% for domestic payees if certain conditions are met.  This article is meant to act a as a troubleshooting tool for your use during this 2013 Fall B-Notice Season.

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TAX TIP OF THE WEEK: The Fall B-Notice Waiting Game

Fall B-Notice season is upon us. You wait, and wait, but where is your B-Notice listing? What should you do? For this week's tax tip let's take a look at what you are waiting for, and why this will determine whether or not you will see a CP2100 or CP2100A notice (i.e. B-Notice).

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TAX TIP OF THE WEEK: Form 1099-K B-Notice and Penalty Relief Extended Under Certain Circumstances

There has been some recent new news on payment card transactions and the Form 1099-K vis a vis this fall's IRS B-Notices and Penalty Notices....

 

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TAX TIP OF THE WEEK: How to Handle Settlement Payments Paid in Multiple Years

When payments are made to a single payee in one year but then cashed in another year reporting can get tricky. But what happens if the payment arises out of the same settlement and is made to different parties in two different years? In this week's tax tip let's take a look at such a situation.

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Evaluating The Effectiveness of One Typical 972-CG Waiver Request Excuse

In July the IRS started sending out its Forms 972-CG – the dreaded Proposed Penalty Notice. As such, the unfortunate recipients of these notices have been readying their excuses as to why the proposed penalty should be waived. Let's see how one top excuse actually stacks up in terms of its effectiveness...

 

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TAX TIP OF THE WEEK: The Accountable Plan Rules Documentation Requirements

The commonly relied upon "accountable plan" rules provide a vehicle for handling reimbursed expenses. However, we have found that the adequate accounting requirements for the documentation of employee's expenses are often not fully being satisfied. As such, this week let's review these due diligence requirements.

 

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TAX TIP OF THE WEEK: A More In Depth Look at the Recent Changes in FATCA Implementation

Earlier this summer the IRS released Notice 2013-43 revising the Foreign Account Tax Compliance Act (FATCA) implementation guidelines. In this week's tax tip we shall take a detailed look at the new timeline (with guidance provided on what the changes mean for you).

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THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: Simple Tips Toward Crafting a Better 972-CG Waiver Request Letter

Processing IRS Form 972-CG, otherwise known as the “Proposed Penalty Notice”, is never easy. As such, let's take a more detailed look at the most important weapon in your arsenal for responding if you receive a Form 972-CG - the waiver request letter.

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TAX TIP OF THE WEEK: Associations and the W-9 - Exempt or Not?

With filing season still months away this is a time in the year to focus on honing your documentation policies and procedures. To that end, you are likely currently collecting Forms W-9 from payees seeking to advance all kinds of reasons why they are exempt from reporting. This week we will take a look at one such claim: that made by the "Association".

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