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
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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Learn the Latest in Nonresident Alien and Foreign Vendor Tax Compliance
1099, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on April 2, 2012
Paula N. Singer, Esq., Thomson Reuters practice leader, will present a number of sessions on nonresident alien and foreign vendor tax compliance this spring during webcasts, training seminars and trade shows. Murthy Law Firm’s Corporate Telecast On April 4, 2012, Paula will participate in Murthy Law Firm’s corporate telecast, U.S. Tax Issues for ...
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FATCA Proposed Regulations Are Issued by IRS
1042-S, 1099, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on February 8, 2012
The long-awaited proposed tax regulations for FATCA, the Foreign Account Tax Compliance Act, were issued February 8 by the IRS. An electronic copy is available at http://www.irs.gov/pub/newsroom/reg-121647-10.pdf . FATCA imposes new disclosure obligations on foreign financial institutions that maintain U.S. accounts, and on certain non-financial foreign entities; and FATCA establishes new ...
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Who’s a Form 1099-K Filer and Who’s Not?
1099, 6050W, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on January 23, 2012
This IRS Letter Ruling Adds to Our Understanding IRS Letter Ruling 201201001 illustrates that the structure of a business that manages prescription drug benefit plans puts it outside the purview of I.R.C. Section 6050W information reporting (Form 1099-K). The conclusion was based on the fact that the business serves plan sponsors on the ...
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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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New IRS Form to Report Foreign Assets
FATCA, Global Tax Compliance, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, Trust Tax, Trusts, US Income Tax Compliance, W-8 & W-9 Foreign Reporting 0 CommentPosted on January 3, 2012
The IRS recently released a draft of new Form 8938 that requires taxpayers to report on certain foreign financial assets for tax year 2011. This reporting is part of FATCA (Foreign Account Tax Compliance Act), which strives to improve compliance of U.S. taxpayers who have offshore assets. This new IRS filing requirement ...
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Oregon Requires Form 1099-MISC and 1099-R Reporting this Year
1099, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on December 15, 2011
This has been a very busy year in Form 1099 reporting, but when you are planning your 1099 preparation timeline for payments made in 2011, remember that tax laws in Oregon have changed. After many years of not requiring 1099 reporting, Oregon now has rules for reporting Forms 1099-MISC, 1099-R, 1099-G ...
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Understanding FATCA – Part 2 of 3
1042-S, 1099, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on December 13, 2011
The Foreign Account Tax Compliance Act (FATCA) is intended to increase transparency for the IRS with respect to US persons that may be investing and earning US income through non-US institutions. It is clear that the new FATCA reporting and withholding regime will impact not only processes and procedures designed to ...
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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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IRS Releases New FAQs to Help Payers Understand the New Tax Reporting of Form 1099-K (I.R.C. Section 6050W)
1099, 6050W, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, Trust Tax, Withholding Management 0 CommentPosted on November 21, 2011
The IRS has revised and updated the Frequently Asked Questions (FAQs) posted on the IRS website for payers who need to know about Form 1099-K reporting. The updated FAQs are at http://www.irs.gov/newsroom/article/0,,id=249029,00.html. They cover developments as recent as the postponement of the start of backup withholding on Form 1099-K payables (to the ...
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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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