The Treasury Inspector General for Tax Administration (TIGTA) released a recent report suggesting the IRS clarify certain aspects of Form 1099-R for retirement income reporting. The form caused confusion among many individuals regarding taxable IRA income. TIGTA suggested several changes to the form in order to improve compliance: “Given the magnitude of underreporting, even small ...

Predictions are a tricky thing to do. Take Super Bowl XLVI for example. Scores of fans got their pick wrong, and that’s with a minimum 50-50 chance. On the flip side, many predicted ...

One way the IRS is trying to better our $450 billion tax gap is through stricter tax information reporting requirements. Besides honing in on foreign reporting rules, there are also two new forms that have added further complexities to the 2011 tax season: Form 8949 (Sales and Other Dispositions of Capital Assets), and Form 8938 (Statement ...

The 1099-K tax requirements, which requires payment providers (such as credit card companies and PayPal) to submit month-by-month transaction totals to the IRS for a given business year, is facing significant opposition. The opponents of the requirements, part of the Housing and Economic Recovery Act of 2008, state that it imposes burdens on small business ...

Many Citibank customers were recently confused and shocked to learn that the frequent flier miles they received for opening a checking or savings account with Citibank last year were actually considered taxable income, after receiving the 1099-MISC form in the mail. Much of the confusion stems from the fact that other perks, such as frequent ...