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
We’re Listening: Ongoing Commitment
Best Practices, Compliance, Corporate Income Tax, Document and WorkFlow Management, ONESOURCE, Software, Tax Provision, Transfer Pricing, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager 0 CommentPosted on March 6, 2012
After reading through hundreds of suggestions on ways to improve our global provision product, data collection tools and user communities...we've been able to make some big improvements in our product offerings. As we wrap up this quarter's “We’re Listening @ ONESOURCE” series, we'd like to emphasize this campaign is not a one-time ...
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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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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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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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IRS Agrees to the Use of a Substitute W-8BEN for Internal Revenue Code Section 6050W
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 August 30, 2011
IRS Notice 2011-71 simplifies payee documentation rules for payments from an offshore payer settled to an offshore account and permits substitute forms in lieu of Form W-8BEN. Background of Section 6050W Section 6050W — added to the Code by the Housing Assistance Tax Act of 2008 (Pub. L. No. 110-289) — requires ...
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Onboarding Automation Gives Wealth Managers a Competitive Edge
Document and WorkFlow Management, Information Reporting for Wealth Management, Tax Information Reporting, Trust Tax 0 CommentPosted on August 24, 2011
Wealth management firms are missing opportunities to deepen client relationships and increase revenue during the account onboarding cycle according to the July report, Wealth Management Onboarding: Expanding beyond Account Opening, from Boston-based Aite Group. More than 70% of wealth management firms surveyed view client onboarding as either a back-office function that needs ...
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FATCA Survey – Expected Cost Increases and Challenges
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 August 22, 2011
Finance and tax executives in the banking industry expect compliance costs to increase significantly as a result of the Foreign Account Tax Compliance Act (FATCA) and say they will face numerous challenges trying to comply with the legislation given its broad scope and expanded reporting and monitoring requirements, according to ...
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Understanding W-8BENs – A Foreign Perspective
1042-S, 1099, 6050W, Cost-Basis Reporting, Document and WorkFlow Management, FATCA, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on July 28, 2011
W-8BENs have been around for just over 10 years and it has taken the select few that currently use them years of cumbersome administration - and some painful audit procedures - to truly understand how they need to be completed correctly. Now that we’ve finally grasped them, we are soon to be faced ...
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