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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Audit Assistance, Best Practices, Compliance, Corporate Income Tax, Cost-Basis Reporting, Forecasting, Global Tax Compliance, ONESOURCE, Risk Assessment, Tax Automation, Tax Provision, US Income Tax Compliance, WorkFlow Manager 1 CommentPosted on February 23, 2012
A Closer Look at What Controls Your Excel Add-in Provides and What it Doesn’t The day has finally come when tax technology professionals have great reasons to recommend the use of spreadsheets for tax processes. The growing array of new Excel Add-in tools, responding to many of the historical risks related ...
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The New Realities of Tax Risk Management
Corporate Income Tax, Cost-Basis Reporting, FATCA, Forecasting, Global Tax Compliance, ONESOURCE, Risk Assessment, Tax Provision, Transfer Pricing, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager 1 CommentPosted on February 22, 2012
The Tax Council Policy Institute (TCPI) tax risk conference that I attended on February 15 and 16 in Washington, DC brought together experts and stakeholders from across the industry. Over 280 professionals from corporate tax, trade, risk,and treasury groups met with tax lawyers, accounting firms, and revenue agencies to discuss policy and ...
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Government Entities: One Step Closer to Repeal of the Law that Requires 3% Withholding on Vendor Payments
1099, Cost-Basis Reporting, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, Trust Tax, Withholding Management 0 CommentPosted on November 23, 2011
The United States Senate joined the House of Representatives in passing H.R. 674 to repeal the 3% withholding requirement that is currently scheduled to begin in 2013 for vendor payments made by federal, state and local governments and their agencies and instrumentalities. The Senate action puts us one step closer to ...
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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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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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Basis Reporting on Form 1099-B
1042-S, 1099, Cost-Basis Reporting, ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on October 6, 2011
Interim Guidance on Issues Relating to the Basis of Stock On June 22, 2011, the IRS issued Notice 2011-56. The Notice provides guidance on some technical issues relating to the basis of stock subject to broker reporting under §6045, pending publication of superseding guidance. Notice 2011-56 contains interim guidance for cost basis ...
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Cost Basis Transfer Statements: Check These Required Elements for Inherited Securities
1099, Cost-Basis Reporting, ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on September 26, 2011
The Final Regulations for basis reporting (TD 9504) established some very specific requirements for transfer statements in the case of inherited securities. An initial transfer statement is required upon inheritance to indicate whether the inherited securities are covered securities under the cost basis rules. Then, all subsequent transfers of the inherited ...
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Proposed Jobs Act Includes Provision Delaying Implementation of Law Requiring 3% Withholding
1042-S, 1099, Cost-Basis Reporting, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on September 21, 2011
The President’s Jobs Act Includes a Provision to Delay Implementation of the Law Requiring 3% Withholding by Government Payers for Goods and Services  The American Jobs Act of 2011 proposed by the President includes a wide range of tax cuts, tax credits, state funding assistance, infrastructure and property rehabilitation projects – ...
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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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Want Proof of Mailing to the IRS on Time?
1042-S, 1099, 6050W, Cost-Basis Reporting, Document and WorkFlow Management, FATCA, Information Reporting for Wealth Management, Tax Information Reporting, TIN Compliance, Trust Tax, US Income Tax Compliance, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on September 12, 2011
Don’t Rely on USPS First Class, Priority Mail or Delivery Confirmation Service Did you know that the only ways to establish prima facie evidence of delivery of documents that have a filing deadline prescribed by the Internal Revenue laws are the delivery methods that are specifically authorized in the tax regulations ...
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What Is a MOU in Relation to Electronic Forms W-8 and W-9?
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 September 1, 2011
A Memorandum of Understanding (MOU) is a document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations ...
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