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For individuals or businesses that are filing taxes, the deadline for both is nearing closer. Companies that filed on paper should have completed their forms last month, but for those using a 1099 processing service or other e-filing opportunities, taxes must be filed by April 1. For individuals, the deadline is two weeks later, April 15. Since both ... Tax Tips

There is no such thing as a complete Taxpayer Bill of Rights, yet… Taxpayer Advocate, Nina Olson, disseminated a yearly report to the US congress strongly advising them to force the IRS to create a Taxpayer Bill of Rights. One of her deep seated fears of the agency that led her to publish the report stem ... “Taxpayer Bill of Rights”

The IRS has published a correction to their Foreign Financial Institution (FFI) Agreement that was released in December.  Revenue Procedure 2014-13 (2014-3 I.R.B. 419), Published January 13, 2014, Containing Corrections to the FFI Agreement that was Released on December 26, 2013 is Now Available here.  

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 up your particular states regulations.    2. Misconception: Copy A of the IRS 1099 Form can be printed in black or ... Common Misconceptions on 1099 Reporting

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 to day basis so it is important to focus on ways to improve frequently reoccurring steps. In a paper based system ... Benefits of going paperless with financial documents

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 excuses can be quite harsh when you take a look at them. When delinquency and fraud is more serious jail time ... What happens if you’re too far behind on your taxes?

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 expected was its impact of tax reporting. In a fiscal year employees who make in excess of 200,000 earnings are mandated ... How the Affordable Care Act changes Tax Reporting

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 commercial software may have a few issues this year around.  These changes include: The size of recipient’s name field is smaller ... IRS Changes 1099-DIV

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 as an organization it is important to stay dated with reporting requirements. Organizations sending their payees a second “B” Notice must ... Sending out second B-Notices

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 T.D. 9642) regarding reporting under IRS §6050H on Form 1098 of certain mortgage insurance premiums.  The final regulations revise the temporary ... IRS Issues Mortgage Insurance Regulations

  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 and has some information for tax professionals that is worth reading about. This part of the IRS serves as a mentor ... IRS Releases IRSAC Annual Report

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 the hands of the signatory country’s treasurer. Nevertheless, the act was officially sign by France on November 14th although they had ... The United States-France FATCA signatories