Foreign financial institutions and governments might initially have groaned when the U.S. Congress passed the Foreign Account Tax Compliance Act in March 2010, but it looks like at least some of them are starting to come around. In February, the U.S. Treasury announced it had partnered with five European nations ...
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Partners and Details Firming around FATCA
1042-S, 1099, Document and WorkFlow Management, FATCA, Global Tax Compliance, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on April 11, 2012
Registration for April Nonresident Alien and Foreign Vendor Tax Compliance Training Nearly Closed
1099, ONESOURCE, Tax Information Reporting, TIN Compliance, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on April 10, 2012
Registration for April's Nonresident Alien and Foreign Vendor Tax Compliance Training is nearly closed. The training, which takes place April 24 -27,  at the Hyatt Regency in Cambridge, Massachusetts, has nearly forty-five sessions divided into a two-day lecture track and a two-day software track, allowing attendees to register for all four days ...
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New Cost Basis Rules May Be Lost on Many
1042-S, 1099, 6050W, Cost-Basis Reporting, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 1 CommentPosted on April 9, 2012
With taxpayers in the throes of planning their 2011 income tax returns, now’s a good time to remind filers not to overlook new cost basis reporting rules governing securities sales. In the past, they had the option of specifying which shares they sold when computing their cost basis. But as of ...
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$385 Billion in Unpaid Federal Tax Falls into the Tax Gap, New IRS Study Reports
1099, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, Withholding Management 0 CommentPosted on January 16, 2012
The IRS has released a new set of tax gap estimates for tax year 2006 (the most recent year for which these figures are available). The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time. Much of the tax gap amount ...
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When a Foreign Vendor Needs a U.S. Taxpayer Identification Number
1042-S, FATCA, ONESOURCE, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on December 22, 2011
The IRS is in the process of enforcing compliance of long-standing rules requiring U.S. tax withholding on U.S.-source income payments to nonresident aliens and foreign entities (collectively, foreign persons). As a result, foreign vendors are being asked by their clients to provide them with a U.S. withholding certificate to document ...
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New W-9 (Rev. Dec 2011) Released
1042-S, 1099, 6050W, Cost-Basis Reporting, Document and WorkFlow Management, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust & Estate Administration, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on November 16, 2011
Over the past nine months, the IRS received multiple complaints about the recently released W-9 (Rev. Jan 2011). Criticism centered on the tax classification area, where the word, required, was added. This led filers to believe that the tax classification section was mandatory, where, in fact, it is not. Due to the high number of ...
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QIs Have No Choice with Regard to FATCA
1042-S, 1099, 6050W, Cost-Basis Reporting, Document and WorkFlow Management, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on November 7, 2011
In last week’s EEI conference, it was announced that Qualified Intermediaries (QIs) will have no choice but to register to become a Participating Foreign Financial Institution (PFFI). This announcement came as quite a shock to some of the QIs that attended the Washington event, who assumed that they have the choice ...
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Positive Future Changes for the W-8BEN
1042-S, 1099, 6050W, Cost-Basis Reporting, Document and WorkFlow Management, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on November 3, 2011
In last week’s EEI conference, Michael Danilack, Deputy Commissioner at the IRS, announced some positive changes for those having to collect and audit the W-8BEN. The term he used was "clearing the underbrush" which, in essence, means that the IRS is aware that they have been too strict on the validation rules ...
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Form 1099 Changes to Note as You Prepare for Year-End Statements and Filing
1099, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, Withholding Management 0 CommentPosted on November 1, 2011
Notes that may help you plan your Form 1099 reporting season: Your company’s logo, slogans or advertising are not permitted on the Form 1099 statements you send out to report amounts paid in 2011 and later years. This is the new rule, though we’re still waiting for the IRS to issue specific ...
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IRS Clarifies How Electronic Records Must Be Furnished for Examination
1099, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on October 27, 2011
The IRS Small Business/Self Employed (SB/SE) division, which is heavily involved in Form 1099 tax reporting and withholding among other issues, recently released some details of how electronic accounting records (instead of books and records on paper) are to be furnished in response to an IRS Information Document Request (IDR). The IRS ...
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Join Us at the Tax Information Reporting Forum
1042-S, 1099, 6050W, Cost-Basis Reporting, Document and WorkFlow Management, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on October 19, 2011
Information Reporting (1099) is becoming more complicated and the risks relating to non-compliance or inaccurate reporting are high. The recent changes to FATCA, 1099 reporting, 1042 and 1042-S, foreign reporting and cost-basis reporting will affect your business, whether it's a corporation, a bank, a trust department or a wealth management ...
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Understanding FATCA – Part 1 of a 3 Part Series
1042-S, 1099, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting 0 CommentPosted on October 13, 2011
The Foreign Account Tax Compliance Act (FATCA) was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010. FATCA creates a new information reporting and withholding regime for payments made to certain Foreign Financial Institutions (FFIs)Â and other foreign entities. FATCA is intended to increase transparency ...
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Treasury Issues Final Rule on FBAR
Document and WorkFlow Management, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax 0 CommentPosted on October 3, 2011
On February 24, 2011, the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury Department, issued a final rule on Foreign Bank Account Reports (FBARs). The rule addresses the scope of persons that are required to file FBARs. The rule specifies the types of accounts that are reportable and ...
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IRS Document Requests Include Copies of Accounting Software Backup Files
1042-S, 1099, 6050W, Cost-Basis Reporting, Document and WorkFlow Management, FATCA, Information Reporting for Wealth Management, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on September 19, 2011
Did you know that IRS requests for documents for examination are now routinely specifying backup copies of electronic accounting software records instead of paper books and records? The IRS Small Business/Self Employed (SB/SE) division (which is heavily involved in Form 1099 tax reporting and withholding, among other issues) published a set ...
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