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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 combat the increased risk of identity theft involving sensitive data such as TINs.  Now  instead of reporting the entire nine digit ... Notice 2011-38_IRS Introduces Shortened TIN Option

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 ... Just what exactly does happen if you get 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

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 list through Siemens Universal U-Move system so that any 1099 recipient who has moved and filed a change of address with ... National Change of Address (NCOA) processing with Siemens Universal U-Move

  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

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 weary of charities that involve contact by phone, social media, email or even face to face solicitations. A large percentage of ... IRS Sends Warning to Consumers for Scams Related to Relief of Typhoon Victims

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

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 is a metaphor for remote data storage and the benefits when dealing with high volume data such as 1099 information are ... Managing Content in the Cloud

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 forms are filed in the U.S by tax payers and in the 2011 calendar year close to 9 billion dollars was ... Interesting Statistics on the Form 1042-S: Foreign Person’s US Source of Income