News

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 under section 1411.  A non-qualified annuity is an annuity that is not within an IRA or a qualified retirement plan.  For a complete ... Form 1099-R New Distribution Code

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 of them. Neglecting this aspect of your business can affect everything from issuing duplicate payments to non-compliance with IRS regulations, which will ultimately ... Vendor Master File – Best Practices

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 consumes a great deal of time. If you are a TSC1099 customer, you know how easy this is.  Just log in, ... E-filing 1099 corrections couldn’t be easier…

12-15-2013 – Test files submitted (TSC1099 Users only).  If you are a new TSC1099 user or your file format has changed from the previous year, talk to your account rep about submitting a test file for our review.  Call 312-527-4306. 1-20-2014 – Final data file submitted (TSC1099 Users only).   Exceptions can be made if you talk ... Tax Year 2013 – Important Dates

Tab Service Company, a leading provider of 1099 outsourcing services,  is pleased to announce the successful completion of another SSAE16 SOC2 audit. SOC 2 is a generally accepted auditing standard utilized by service organizations to demonstrate their internal controls and security practices to their clients. By completing the SOC 2 examination, Tab Service Company can now ... Tab Service Company, a 1099 Outsourcing Services Provider, Announces Completion of its SSAE16 SOC2 Audit

The IRS has posted Publication 1220 for tax year 2013. It can be downloaded in PDF format from http://www.irs.gov/pub/irs-pdf/p1220.pdf. This is the first year Publication 1220 will no longer be issued as a Revenue Procedure. It will be a web based document that can be updated during the filing season.  Last year the IRS made changes right ... Publication 1220 Released for Tax Year 2013

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