• IRS releases draft instructions for ACA reporting forms

    Employers are happy to have instructions for ACA reporting forms.

    A little more than a month after the IRS released draft versions of tax information reporting forms under the Affordable Care Act (ACA), the agency has published draft instructions for the forms. When the forms were released, several industry groups awaited the arrival of the accompanying instructions so they could better understand their reporting obligations, The Hill reported.

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  • Industry groups say Internet tax could hurt economic competitiveness

    A coalition of 42 organizations said a lapse in the moratorium on taxes levied on Internet access could be bad for the economy.

    The Permanent Internet Tax Freedom Act (PITFA) was passed by the U.S. House of Representatives on Jul. 15 and called for a permanent extension on the moratorium on taxes levied on Internet access. This moratorium is set to expire Nov. 1, and a coalition of 42 national and state organizations have urged the U.S. Senate to pass the bill before the deadline.

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  • New TIEAs and the growing trend of information transparency

    Hong Kong has signed TIEAs with countries in the Norden Association.

    The global push toward tax information sharing has not only become evident through cross-border governmental collaboration under the Foreign Account Tax Compliance Act (FATCA), but through the increasing number of tax information exchange agreements (TIEAs) as well. More countries expect to sign such agreements in the near future.

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  • IRS issued guidelines on avoiding backup withholding

    Payors can now accept copies of social security cards to verify TINs following a second "B" notice.

    In August, the IRS published Revenue Procedure 2014-43, which provided information on steps to avoid backup withholding. The document announced revised procedures for payees who have received a second “B” Notice from payors for services within a three-year period. 

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  • IRS to provide guidance on employer-sponsored meals

    The IRS plans to provide more guidance on employer-sponsored meals as taxable fringe benefits.

    The U.S. Treasury Department recently released its 2014 to 2015 Priority Guidance Plan. The document included a note that the IRS would provide guidance under sections 119 and 132 of the Internal Revenue Code (IRC) regarding employer-sponsored meals.

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