Since the Affordable Care Act (ACA) first took center stage, a lot of questions have been raised regarding what the health care law requires. During the 2015 tax season, which is the first time taxpayers will need to comply with the ACA’s tax information reporting rules, employers and insurers will likely need to help their […]
Tax information reporting research is a difficult endeavor for many organizations, especially when new regulations are continually coming to light. To help with your non-wage tax legislation research, Convey Compliance Systems is hosting a free Simplify Your Non-Wage Reporting Research webinar Jan. 21 at 1 p.m. CST. With the 2015 tax season underway, organizations may […]
The IRS announced it launched its International Data Exchange Service (IDES) Jan. 12. This system allows foreign financial institutions (FFIs) and tax administrations to report on certain U.S. accounts to the agency under the Foreign Account Tax Compliance Act (FATCA). “The opening of the International Data Exchange Service is a milestone in the implementation of […]
2014 brought many new forms and regulatory updates to the world of tax information reporting, and some of these changes will be pertinent during the 2015 tax season. Many organizations should review the new regulations to ensure compliance in 2015 and the following years. Here is a look back at some of the big updates that […]
2015 will bring the first data transfers under the Foreign Account Tax Compliance Act (FATCA), which is a major milestone for the international tax legislation. However, some analysts have questions about whether the IRS will be able to effectively use this data due to recent IRS budget cuts. CPA Practice Advisor noted the agency is primed […]
The IRS has published a revised version of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. Although the IRS designated the update for the 2015 tax year, the change includes some information that is relevant to the 2014 tax year. The agency noted the delayed revision resulted from steps to provide more […]
The Holy See has reached a Model 1 intergovernmental agreement (IGA) in substance to comply with the Foreign Account Tax Compliance Act (FATCA). Even though the overall reporting is expected to be small, this represents a big win for the expanding international tax legislation as the jurisdiction has a history of maintaining secrecy. In fact, […]
When virtual currency is used to purchase other items or services, a semi-taxable “barter” transaction has arisen in New York. Bitcoin and other virtual currencies have been a hot topic as of late, and it seems that New York has decided to address this issue with respect to sales tax. Previously, the IRS had held […]
The U.S. Treasury Inspector General for Tax Administration (TIGTA) has released its latest Semiannual Report to Congress, which covers April 1 to Sept. 30 and cites the Affordable Care Act (ACA) as the IRS’ most significant undertaking. While the report recapped many of the agency’s challenges, including the implementation of the Foreign Account Tax Compliance […]
IRS Commissioner John Koskinen has made another announcement about how the agency’s budget cuts, which Congress included in the The Tax Increase Prevention Act, will present noticeable consequences. Following his announcement that the funding reduction has led to a hiring freeze, he has now said the agency could experience a two-day shutdown. This isn’t the […]
The U.S. Treasury Inspector General of Tax Administration (TIGTA) has published a report detailing weaknesses in the IRS system for collecting tax information returns related to the Affordable Care Act (ACA). Specifically, TIGTA examined the ACA Information Returns (AIR) Release 1 Project. TIGTA generated the report to determine how well the IRS can mitigate risk […]
Tax season is upon us and proactive organizations are now taking the necessary steps to prepare their tax information reporting processes. Here are the top five steps organizations can take in preparation for a successful tax season: – Compliance research: In the world of tax information reporting, regulatory changes and updates are frequent and impact […]
The Treasury Inspector General for Tax Administration (TIGTA) has released a report saying the IRS needs to develop a plan for increasing the rate of business electronic filing. Although business e-filing rates went up during the 2014 tax season and have done so over time, as indicated by an October IRS report, TIGTA said the pace isn’t […]
Authors: Katherine Audet and Edward Duhamel It is well known that in many states, food products bought for home consumption are either exempt from sales tax or are subject to a reduced rate of sales tax. But did you know that certain beverages, such as soft drinks, are not considered “food” by all states? Soft […]
IRS Commissioner John Koskinen has once again stated the 2015 tax filing season could be delayed. This time he cited certain provisions of the Affordable Care Act (ACA) as the cause in addition to Congress’ continued inactivity regarding tax extenders, according to AccountingWeb. The commissioner made his statement at the 2014 Fall Meeting of the Council […]
As you may know, Brazil recently held its presidential election, with Dilma Rousseff winning another term in office after edging out a victory over challenger Aecio Neves. With 99 percent of precincts reporting, Rous seff got a plurality of the vote at 51.5 percent to her challenger’s 48.4 percent.
The IRS Information Reporting Program Advisory Committee (IRPAC) recently published its 2014 Public Report. In it, the committee detailed various recommendations it has for the IRS to improve tax information reporting. IRPAC was created in 1991. It serves as a public forum for discussing reporting issues, and each year, the committee submits a report to […]
IRS Commissioner John Koskinen recently wrote a letter to U.S. Senate Finance Committee Chairman Ron Wyden detailing his concerns that the 2015 tax filing season will be delayed if Congress doesn’t take action on extenders. These are tax provisions that expired at the end of 2013, and the commissioner said Congress needs to decide whether to extend […]