The American Rescue Plan Act of 2021 lowered the threshold for reporting on Form 1099K, Payment Card and Third-Party Network Transactions. This form is used to report payments: From payment card transactions (e.g., debit, credit, or stored-value cards), and/or In settlement of third-party payment network transactions above the minimum reporting thresholds. For returns for calendar years after 2021, payors must report gross payments that exceed $600 and any number of transacti

Don't forget your backup withholding deadlines related to Form 945, Annual Return of Withheld Federal Income Tax, and information returns on

As another year draws to an end, we’d like to take this opportunity to thank all our colleagues, clients and partners, as without you we wou

On December 14, 2021, the IRS published Form 1099-NEC (Rev. January 2022), a continuous use form. The boxes align a bit differently from the

On November 30, 2021, the IRS published the 2021 Form 945, Annual Return of Withheld Federal Income Tax.

On December 1, 2021, the IRS published Instructions for Forms 1099-INT and 1099-OID and the forms themselves revised for January 2022.

In case you missed it, the Internal Revenue Service Advisory Council (IRSAC) published its November 2021 report. In it, there are a number

On November 16, 2021, the IRS published DRAFT 2021 Instructions for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Forei

On November 17, 2021, the IRS reminded users that the Public Key for FATCA filing will expire soon.

On November 8, 2021, the IRS published Revenue Procedure 2021-45, which includes information return penalties for tax year 2022.

On November 15, 2021, the IRS announced the availability of its Form 1042-S Data Integrity Tool.

On November 9, 2021, the IRS published a third early release of DRAFT Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligib

On November 5, 2021, the House of Representatives passed a $1.2 trillion infrastructure bill, which means that the legislation is headed to

On November 3, 2021, the IRS published DRAFT Instructions for Form W-7, Application for IRS Individual Taxpayer Identification Number to be

On November 1, 2021, the IRS published Publication 1167, General Rules and Specifications for Substitute Forms and Schedules.

On November 2, 2021, the IRS published Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, a

On November 1, 2021, the IRS published DRAFT 2022 Instructions for Forms 1099-R and 5498, Distributions From Pensions, Annuities, Retirement

On October 12, 2021, the IRS published a final October 2021 revision of Form W-8BEN-E and Instructions for Form W-8BEN-E.

On October 5, 2021, the IRS published a final October 2021 revision of Instructions for Form W-8ECI.

On October 4, 2021, the IRS published the 2021 Form 1042-T Transmittal Form. Have a look at the 2021 form here