Information Reporting and Compliance – News you can use

News and Information about 1099 and IRS information reporting

, 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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, 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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, 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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Publication 1220 Released for Tax Year 2013

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....

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