• What is Form 1099-Q?

    Form 1099-Q is used to report distributions from a qualified tuition program (QTP).

    Form 1099-Q, Payments from Qualified Education Programs, is a tax compliance document related to contributions to a 529 or Coverdell Education Savings Account (ESA), which are qualified tuition programs (QTPs). It is connected to Form 5498-ESA, Coverdell ESA Contribution Information.

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  • Czech government approves local legislation for FATCA

    FATCA's reach is still growing, as the Czech lower parliament recently approved a bill to facilitate the law's implementation.

    As another example of the global popularity of the Foreign Account Tax Compliance Act (FATCA), the Czech Republic’s lower parliament recently fast-tracked local legislation that will allow for the international tax law to be implemented in the country. The bill was approved on Oct. 22, according to Radio Prague.

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  • What is Form 1098-E?

    Interest of $600 or more paid to a lender during the year is reported on Form 1098-E under certain conditions.

    Form 1098-E, Student Loan Interest Statement, is a tax reporting document used to report interest of $600 or more paid on an education loan during the year in the course of a lender’s trade or business. The form was created as part of the U.S. government’s efforts to help Americans with their education expenses.

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  • FATCA presenting challenges for overseas trusts

    Certain trusts are considered financial institutions under FATCA, and trustees must determine their status to avoid penalties.

    Although certain provisions of the Foreign Account Tax Compliance Act (FATCA) have been in place for some time, there are still challenges and confusion regarding what the international tax law requires. This is particularly true for foreign trusts.

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  • Australian official says international collaboration necessary for curbing BEPS

    As more countries collaborate to combat BEPS, MNEs will likely face increased compliance costs.

    At the Second Annual Tax Forum hosted by the Tax Institute of Australia Oct. 9 to 10, Andrew Mills, second commissioner of the Australian Taxation Office (ATO) for Law Design and Practice, said countries must work together to tackle base erosion and profit shifting (BEPS) problems arising because of multinational corporations (MNEs). He noted corporations are globalizing, and corporate tax policies must adjust with the times.

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