Tax reporting season often comes with its fair share of confusion and questions, especially for those dealing with more complex tax forms. On February 6th, the Internal Revenue Service (IRS) took steps to alleviate some of these concerns by revising the frequently asked questions (FAQs)… Read More »Form 1099-K: IRS Updates to FAQ’s
Today, we conclude our dive into the many Forms 1099. To wrap up, we have a triple bill: we will be tackling Forms 1099-INT (Rev. January 2024), Interest Income, 1099-DIV (Rev. January 2024), Dividends and Distributions, and 1099-OID (Rev. January 2024), Original Issue Discount. If… Read More »What are Form 1099-INT, 1099-DIV & 1099-OID?
We’re currently working our way through some of the essential information you need when reporting on Forms 1099. Today, we’re looking at Form 1099-K (Rev. January 2022), Payment Card and Third Party Network Transactions, diving into what the form is used for, and other useful… Read More »Understanding the Form 1099-K!
Providing Monthly Headlines, Key Reminders, Trending Monthly Topics Read Now We are excited to announce that we have officially joined the SAP Ariba partnership network. We started this partnership with one shared goal in mind, and that is to continue to enhance, automate and simplify… Read More »Comply Connect – September 2023 – Issue 4
A withholding agent is required to collect tax documentation upfront in order to document payees as either U.S. or non-U.S. This is a critical step to take when it comes to determining who you are paying. Unlike the Forms W-8, of which there are many,… Read More »IRS Form W-9 vs. Substitute Form W-9: What’s The Difference?
What is the Form 1042-S? The IRS Form 1042-S facilitates reporting various types of payments made to foreign individuals or entities. These payments are subject to reporting and withholding requirements under Chapter 3 of the Internal Revenue Code. In this article, we are going to… Read More »Payments Subject to 1042-S Reporting: What They Are
The IRS is aware that non-U.S. individuals who are acting on behalf of their non-U.S. employer may not be able to complete the Filing Information Returns Electronically (FIRE) Information Returns (IR) Application for Transmitter Control Code (TCC) as the IR Application for TCC requires a… Read More »IR Application for TCC: Non-U.S. 1042-S Filers
Key Updates and Reminders The IRS updated Tax Treaty Table 1, Tax Rates on Income Other Than Personal Service Income Under Chapter 3, Internal Revenue Code, and Income Tax Treaties (Rev. May 2023). The rates for Spain were updated and footnote ‘zz’ added to the… Read More »Comply Connect – June – Issue 01
For organizations with information reporting and withholding requirements, tax documentation collection and validation can be a time-consuming and complex process. Electronic IRS form collection software automates the collection and validation of tax forms. By automating the collection of Forms W-8 and W-9, you free up… Read More »Electronic IRS Form Collection: Automating To Increase Efficiency
The 2023 International Tax Withholding and Information Reporting Conference hosted by Kaplan brought together tax professionals, compliance experts, and the IRS to discuss the latest and greatest in tax information reporting. Read below as we summarize some key takeaways and reminders from the conference. TAKEAWAY… Read More »Kaplan Key Takeaways – 2023 International Tax Withholding and Reporting Conference