Archive for December, 2013
Update: FATCA Financial Institution Registration
Since the IRS FATCA registration website has become available (Aug 19 2013) financial institution registration can begin. If you have entered data into your FATCA account after Aug 19 2013, it has been saved...
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For TSC1099 Users Only – Important News
Processing Service Agreements January is right around the corner and if you haven’t returned your TSC1099 service agreement please do so as soon as possible. This allows us to determine capacity and setup a...
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Common Misconceptions on 1099 Reporting
1. Misconception: 1099 Reporting for the state is not necessary if there is no state tax withheld. Truth: The majority of states’ regulations say that 1099s have to be filed regardless of withholdings. Look...
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Benefits of going paperless with financial documents
By eliminating paper and automating your accounts payable and accounts receivable processing you will lower you time and cost per invoice. This is one process that every company must deal with on a day...
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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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Notice 2011-38_IRS Introduces Shortened TIN Option
What started out as a pilot program now appears to be a permanent change. The IRS permits filers to use an abbreviated version of the Tax Identification Number (TIN). This program was introduced to...
Read MoreJust what exactly does happen if you get too far behind on your taxes?
We have heard of the stories and read headlines about fraud, evasion and being grossly behind on paying federal or state taxes. The penalties for a tax payer who has used up all available...
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How the Affordable Care Act changes Tax Reporting
Since the Affordable Care Act has been implemented many things remain uncertain surrounding its functionality. It has put many changes into action and also created many unforeseen externalities for Americans. However, one that was...
Read MoreIRS Changes 1099-DIV
This year the 1099-DIV form, which is used by banks to report dividends and other distributions to both taxpayers and the IRS. A few changes have been made to the forms layout so some...
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Sending out second B-Notices
The purpose of sending out B-notices is to collect or verify missing Taxpayer Identification Numbers. The penalty for not sending out B-notices could result in 100 USD fine that accompanies a 972CG Notice so...
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