IRS Releases 2024 Instructions for Form 945
The IRS recently released the 2024 Instructions for Form 945 (Annual Return of Withheld Federal Income Tax). There are two notable changes. First, the IRS
Solution: Tax Information Reporting
IRS Releases 2024 940 Form and Instructions
The IRS recently released the 2024 940 Form and Instructions (Employer’s Annual Federal Unemployment (FUTA) Tax Return). There are two notable changes. First, the IRS
Sovos Annual Tax Compliance Trends Report
Discover the top 2025 tax trends reshaping compliance. Learn how AI, real-time data, and new mandates are transforming tax into a strategic advantage.
Canada Releases 2024 NR4 Publication (Non-Resident Tax Withholding, Remitting, and Reporting)
The Canada Revenue Agency (CRA) recently released the 2024 NR4 Publication (T4061 Non-Resident Tax Withholding, Remitting, and Reporting). There are several changes of note. When
Canada Releases 2024 T5008 Publication (Return of Securities Transactions)
The Canada Revenue Agency (CRA) recently released the 2024 T5008 Publication (T4091: Return of Securities Transactions). There is one notable change for filers who use
Canada Revenue Agency Releases 2024 T5 (Statement of Investment Income)
Canada Revenue Agency (CRA) recently released the 2024 T5 (Statement of Investment Income). There are several important changes related to the mid-year capital gains inclusion
Canada Releases 2024 T4A Publication (Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary)
Canada Revenue Agency (CRA) recently released its 2024 T4A Publication (RC 4157 Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip
Rhode Island Rereleases 2024 Withholding Filing Requirements
Rhode Island has released a second version of its 2024 Withholding Filing Requirements guide. Rhode Island houses its W-2 and 1099 electronic specifications in the
1099 101 Reporting
Join us for an introduction to the fundamentals of 1099 reporting, covering key terminology, common form types (e.g., 1099-MISC, 1099-NEC), deadlines, thresholds, corrections, federal vs.
IRS Establishes $5,000 Transitional TPSO Threshold for 1099-K for 2024, $2,500 for 2025, Waives Backup Withholding Penalties for TPSOs for 2024
On November 26, 2024, the IRS released Notice 2024-85 (Revised Timeline Regarding Implementation of Amended Section 6050W(e)). The notice announces transitional relief for Third-Party Settlement
West Virginia Releases 2024 1099 Specifications
West Virginia recently released its 2024 1099 Specifications. There are several changes of note. First, a new instruction has been added for software companies and
Maryland Releases 2024 1099 Specifications
Maryland recently released the 2024 Maryland Employer Reporting of 1099 Instructions and Specifications. There are significant changes to the 1099 filing process, which can be
1099
Form 1099-K Reporting: What TPSOs Should Know
As tax year 2024 approaches, third-party settlement organizations (TPSOs) are keeping a close watch on IRS guidance regarding their obligations under the IRS’s Form 1099-K
Tax Compliance
Top 5 FAQs to Prepare for the 2025 Tax Filing Season
While “spooky season” may be over for most of us, the scariest time of year for many businesses is right around the corner: tax filing
Maryland Releases 2024 W-2 Specifications
Maryland recently released the 2024 Maryland Employer Reporting of W-2 Instructions and Specifications. There are substantial changes. A new portal, Maryland Tax Connect, has replaced
Canada Releases 2024 T4A Form
Canada Revenue Agency (CRA) recently released the 2024 T4A (Statement of Pension, Retirement, Annuity, and Other Income). The description for Box 134 has been updated.
Indiana Releases 2024 W-2 and 1099 Electronic Filing Specifications
Indiana recently released its 2024 W-2 and 1099 electronic filing specifications. The 1099 specifications have several notable changes. Form 1042-S will no longer be accepted
Ohio Releases 2024 W-2 Specifications; Employer Withholding Moving to OH Tax eServices
Ohio recently released its 2024 W-2 Upload Specifications. Most notably, filers should be prepared to navigate a new and improved interface when filing 2024 information