• It’s essential to remember state reporting

    California tax authorities are stepping up their enforcement efforts.

    In addition to filing tax information for the federal government, organizations must also be aware of the obligations for state tax authorities. This is necessary so businesses can avoid penalties as well as ensure their payees have the appropriate tax documents.

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  • IRS lets financial institutions test drive the IDES

    FIs and tax administrations can test the IDES until Feb. 20 at 5:00 p.m.

    In an email alert, the IRS announced it will give financial institutions (FIs) and tax authorities the opportunity to test its International Data Exchange Service (IDES) for the Foreign Account Tax Compliance Act (FATCA). The testing session began Feb. 18 at 2:00 a.m. EST and will last until Feb. 20 at 5:00 p.m. EST.

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  • IRS publishes final ACA reporting forms

    The IRS has published final versions of ACA reporting forms but has not released the final accompanying transmittals.

    The IRS has released the final versions of Affordable Care Act (ACA) reporting forms. These include Forms 1095-A, Health Insurance Marketplace Statement; 1095-B, Health Coverage; and 1095-C, Employer-Provided Health Insurance Offer and Coverage. These forms apply to health insurance marketplace exchanges, insurers, and large and self-insured employers, respectively.

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  • And the Academy Award goes to…Form 1099-MISC

    This year's Oscar swag bags included an Italian vacation package.

    The Academy Awards are always a big spectacle, with many celebrities, eclectic outfits and expensive gift bags, known as a swag bags, appearing each year. While films such as “Birdman or (The Unexpected Virtue of Ignorance)” and “The Grand Budapest Hotel” walked away with Oscars at the 87th annual installment of the awards show, the IRS may be the biggest winner.

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  • Erroneous forms indicate need for diligence in ACA reporting

    When employer and insurer ACA reporting begins in the 2016 tax season, these entities must ensure member information is synchronized and accurate.

    Even in the initial years of a new tax information reporting requirement, filers hope to meet their obligations with as few errors as possible. However, one Affordable Care Act (ACA) health care exchange made a large mistake in sending 100,000 incorrect 1095-A forms, The Los Angeles Times reported.

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