Last week the IRS released new regulations regarding how the IRS will implement changes made late last year to the Individual Taxpayer Identification Number (ITIN) program. This week let's take a look at those changes, how they will be implemented, and what it means for Accounts Payable and Tax professionals.
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TAX TIP OF THE WEEK: IRS Considering Increased Form 1099-MISC E-Filing Via Lowering Filing Threshholds
In a stunning development the IRS is examining whether to increase mandatory E-filing by drastically lowering the threshold from the standard 250 Forms 1099-MISC in a given filing season. This week let's take examine what threshold the IRS is considering and what it could mean for your 1099 filing and compliance efforts.
THIS MONTH'S FEATURED SUBSCRIBER ARTICLE: The IRS is Examining Issuing Automatic Penalty Notices for 1099's Filed With Missing or Incorrect TIN's
More big changes in the law could be headed your way if you fail to file Form 1099's with the payee's correct name and TIN. That means you will need to be even more careful this upcoming filing season, as shown by the latest updates provided via this month's tax tip involving proposed penalty notice processing.
TAX TIP OF THE WEEK: The IRS is Considering Requiring AP Departments Collect Certified TIN's From Payees
If you have glanced at the current poll you will see there is a raging debate about the nature of IRS requirements vis a vis the Form W-9 and the collection of the payee's name and TIN (tax payer identification number). This week let's take a deeper look at that issue and a new due diligence requirement that the IRS is currently mulling over.
The Form W-8BEN-E has been revised. This new April 2016 version contains important changes that you must incorporate into your compliance efforts given you must cease usage of the 2014 W-8BEN-E by this upcoming October. This month, let's take a look at the new form and what you need to know.
Form 1099 compliance is a tricky game. Oftentimes winning that game comes down to knowing what the other side will do before they do it. To that end, this week examine some common issues IRS auditors focus upon when they examine your filed Forms 1099-MISC.
When your organization makes a payment of U.S. sourced income to a Non-Resident Alien (NRA) you likely have an NRA reporting or withholding responsibility. Fail to meet that responsibility and you can come under audit. Let's look at what your audit response should focus upon.
You know it's bad when an accounts payable issue makes the news. This time it's an article in the Washington Post poking fun at the phone wait times for people attempting to have the IRS answer their tax questions.
One of the most common W-8 related questions we get revolve around identifying when it is appropriate to accept a prior version of a W-8. For instance, now that a new April 2016 Form W-8BEN-E has been released is it still ok to accept the 2014 version of the form? This month let's take a look at this issue.