Record Keeping for Information Reporting

Posted by Sue Tuson on September 8, 2017

Sue Tuson

The IRS and state governments continue to increase requirements and penalties for information reporting. With these increases, using best practices when keeping records is crucial. If proper documentation is not maintained, taxpayers risk heavy assessments and penalties. Filing Form 1099 Form 1099 is an information return that tells the IRS the amount of income paid to subcontractors and other parties during the calendar year. Generally, a payer must report service income, interest income, rents, royalties, dividends, and other income when payment amounts exceed certain thresholds. In order to report the payment, a Form W-9 is …

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Cross-Border Taxation Update

Posted by Sue Tuson on May 25, 2017

The IRS announced 13 audit campaigns last March.  Included in the campaign is an effort to increase voluntary compliance for Form 1120-F Non-Filers.  Form …

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India Withholding Taxes

Posted by Sue Tuson on April 26, 2016

US companies doing business with Indian entities may be subject to withholding taxes at the time the customer makes the payment. Generally, withholding occurs on …

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Repair Regulations

Posted by Sue Tuson on September 12, 2013

The IRS has attempted to clarify what was once a very ‘grey area’ for taxpayers by issuing T.D. 9564. These temporary regulations have given businesses …

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