• Labor unions in the US speak out against the ACA

    Unite Here, a large U.S. labor union, has slammed the Affordable Care Act, arguing that it does not offer adequate rights protection for employees.

    While enrollment for Obamacare exceeded 5 million Americans, labor unions in the U.S. voiced their grievances concerning the Affordable Care Act’s (ACA) coverage obligations. In the past, these groups actually supported the health care law but have recently voiced their fears of employee blowback that may result from the ACA.

    Read More

  • Russian banks set to comply with FATCA

    Russian banks are now able to share account information of U.S. citizens with the IRS.

    Despite political tension between the U.S. and Russia regarding the situation in Ukraine, the Russian Ministry of Finance has amended a law to allow the country’s banks to comply with the Foreign Account Tax Compliance Act (FATCA). Although the amended legislation will allow for cooperation between those banks and the IRS, an intergovernmental agreement (IGA) has yet to be signed.

    Read More

  • States are cracking down on small business tax evasion

    States are joining the IRS in efforts to collect unpaid taxes from small businesses and self-insured individuals.

    The IRS estimates that small businesses and self-employed individuals account for a sizeable portion of the multibillion-dollar tax gap. States are also wise to how often these two groups avoid their tax compliance obligations, and they are taking active steps to collect on those unpaid taxes.

    Read More

  • IRS publishes new Form W-8BEN-E with FATCA updates

    The IRS has published the new 2014 W-8BEN-E form for FATCA regulations.

    As the July 1 withholding deadline for the Foreign Account Tax Compliance Act (FATCA) pushes closer, the IRS has been updating tax forms to aid in tracking compliance. Recently, the agency published a new 2014 Form W-8BEN-E ”Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)” for FATCA-reporting purposes. 

    Read More

  • Koskinen says enforcing the ACA is essential

    IRS Commissioner John Koskinen says enforcing the Affordable Care Act is as essential as snow removal.

    There’s been buzz surrounding the IRS, given that budget issues have some pundits and government regulators wondering if certain propositions of the Affordable Care Act (ACA) would be delayed or repealed. However, IRS Commissioner John Koskinen has on several occasions stated that the agency would find the means to enforce the law’s tax information reporting requirements.

    Read More