• IRS publishes new Form 1099-MISC

    The latest 1099-MISC form includes a new check box for FFIs and U.S. payers to indicate their chapter 4 status for FATCA.

    The IRS has released the latest version of Form 1099-MISC, Miscellaneous Income, for tax year 2015. The new form includes three changes.

    Read More

  • Addressing virtual currencies in the global crackdown on tax evasion

    If the IRS requires U.S. citizens to report virtual currencies processed through foreign exchanges, these exchanges will have to register as FFIs under FATCA.

    The U.S. Foreign Account Tax Compliance Act (FATCA) and Organization for Economic Cooperation and Development’s (OECD) Common Reporting Standard (CRS) have put a lot of focus on cross-border tax evasion – particularly in regard to banking secrecy. Now, foreign exchanges for virtual currencies, which haven’t been in the spotlight, may be the next targets of financial regulators across the globe.

    Read More

  • What are Forms 1099-R and 5498?

    Forms 1099-R and 5498 are related to IRAs.

    Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-sharing Plans, Individual Retirement Accounts (IRAs), Insurance Contracts, etc., and Form 5498, IRA Contribution Information, are tax information reporting documents related to taxpayers’ retirement savings plans. The former is used to designate distributions, while the latter deals with contributions.

    Read More

  • Getting Ready for the Season webinar coming soon

    With Convey's Getting Ready for the Season webinar, you can learn about the latest tax reporting trends from your desk.

    The 2015 tax information reporting season is fast approaching, and now is the ideal time to get ready.

    Read More

  • Survey finds FATCA among top data management challenges

    Many financial firms across North America and Europe are still using legacy systems for data collection, which could present challenges for FATCA compliance.

    A recent report from the Depository Trust & Clearing Corporation (DTCC) has revealed many financial firms ranked the Foreign Account Tax Compliance Act (FATCA) as one of the two biggest operational demands for entity data management processes. The other challenge  cited by respondents was global over-the-counter (OTC) derivatives regulation.

    Read More