Archive for November, 2013

, IRS Issues Mortgage Insurance Regulations

IRS Issues Mortgage Insurance Regulations

The IRS has issued mortgage insurance regulations for form 1098. Although the provision under IRC §163(h)(3)(E) has not been extended beyond 2013, IRS has issued final regulations (Complete Service Subscribers see the attached document...

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, National Change of Address (NCOA) processing with Siemens Universal U-Move

National Change of Address (NCOA) processing with Siemens Universal U-Move

At Tab Service Company we not only stress ease of use and speed but also how accurate we are with our outsourcing services. When it comes to 1099 processing we will run your recipient...

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, IRS Releases IRSAC Annual Report

IRS Releases IRSAC Annual Report

  Each year the Internal Revenue Service Advisory Council (IRSAC) releases a report outlining their advice on issues regarding tax administration called the IRSAC Anual report. This report was released on Nov 20 2013...

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, IRS Sends Warning to Consumers for Scams Related to Relief of Typhoon Victims

IRS Sends Warning to Consumers for Scams Related to Relief of Typhoon Victims

On November 15th the IRS sent a consumer alert to warn customers about fraudulent charities that say they will send relief to the areas struck by Typhoon Haiyan. They noted that individuals should be...

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, The United States-France FATCA signatories

The United States-France FATCA signatories

Foreign Account Tax Compliance Act (FATCA) is only effective between countries who sign and seek compliance. This act can be viewed as non-attractive for foreign entities because it takes a degree of autonomy out of...

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, Managing Content in the Cloud

Managing Content in the Cloud

The “cloud” has long endured as a buzz word in the information technology and services industry, but what exactly is the cloud and how does in relate to the TSC1099 web system? The cloud...

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, Interesting Statistics on the Form 1042-S: Foreign Person’s US Source of Income

Interesting Statistics on the Form 1042-S: Foreign Person’s US Source of Income

The 1042-S IRS Tax Form is used to document income paid to nonresident aliens. Over the years the IRS has released data and some interesting trends have arisen. Each year approximately 2.0 million 1042-S...

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, Form 1099-R New Distribution Code

Form 1099-R New Distribution Code

For tax year 2013, the IRS has added a new distribution code for Form 1099-R. Use Distribution Code D to identify non-qualified annuity payments and distributions from life insurance contracts that may be subject to tax...

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, Vendor Master File – Best Practices

Vendor Master File – Best Practices

Your organization has grown over the years and so has your vendor master file.  While many administrative chores don’t directly contribute toward your bottom line, maintaining a clean, up-to-date vendor master file is not one...

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, E-filing 1099 corrections couldn’t be easier…

E-filing 1099 corrections couldn’t be easier…

Invariably every year filers will uncover corrections after the original e-filing has been submitted.  Depending on the system you use for 1099 management and compliance this can be an easy task or one that...

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