Articles and Tax Tips
Are you still filing your 1099s on paper forms? We hope not. Filing returns on paper forms takes more time and produces greater errors. When filing paper forms, there is a risk that the scanner will not properly read the information included on the return, as wll as a higher risk for payer errors when transferring data by hand. As opposed to paper filing, filing electronically through the FIRE system has many advantages...
It is now critical that you properly report to individual US states but knowing in which states you have reporting requirements and effectively reporting is easier said than done. This article will introduce you to the basics of state reporting....
On August 16, 2010 the IRS issued guidelines regarding the mandatory information reporting of payments made to merchants by third parties and information reporting penalties and backup withholding rules for third party and payment card transactions. In addition, the IRS has also released a draft of a new information reporting form, Draft Form 1099-K; a form that has a couple of key items worth reviewing by information reporters. In particular...
Our very own Steven Mercatante Esq. will be speaking on state reporting matters, in a Convey Compliance webinar scheduled for December 14, 2011 at 3pm EST. Don't miss out!
On August 16, 2010 the IRS issued guidelines regarding the mandatory information reporting of payments made to merchants by third parties and information reporting penalties and backup withholding rules for third party and payment card transactions; mostly defining who is responsible for what. Perhaps the most important part of the new guidelines, at least for the majority of information reporters, is in regards to payment card (P-Card) transactions and thus the focus of this article is on the sections of the law applicable to P-Card reporting. In particular...
The Internal Revenue Service announced on August 4, 2010 that is has consolidated its Large and Mid-Size Business (LMSB) division and, effective October 1st, has renamed it the Large Business and International Division (LB&I). This is significant for information reporters because....