Posts Tagged ‘Compliance’
IRS Relieves Businesses from Reconciliation Requirements
Many businesses are thankful for the IRS response to concerns over 1099-K reconciliation requirements. As a part of the Housing and Economic Recovery Act of 2008, companies were required to explain any disparities between their records of payment card transactions with what the payment card
“Dirty Dozen” List Released by the IRS
Every year the IRS issues a list of twelve tax scams that taxpayers should be cautious about. Many of these scams occur during tax season and can lead to significant penalties and possibly criminal prosecution for the culprit. Commissioner Shulman says, “Scam artists will tempt people
TIGTA Suggests Changes to 1099-R Form
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
Fumbling Forecasts: From the Super Bowl to Tax Time
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 the New York Giants would win, but was it for the right reasons? Most of these fortune tellers probably
Current Economics’ Magnifying Effect on Tax Gap Problem
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
Firsthand Report from the 2nd Public Hearing on the Real-Time Tax System
On Wednesday, January 25th, Convey attended the 2nd public hearing on the Real-Time Tax System initiative the IRS is proposing in Washington, D.C. We also attended the first public hearing in December, so as we learn more about this IRS initiative, we want share it with you. First of all, the
Tax Reporting & Withholding Conference
Attend the 26th Annual Tax Reporting & Withholding Conference, May 6 – 8, 2012 and be ready to comply with all the IRS changes. There are more new reporting rules effective in 2012 and 2013 along with penalties of $100 or $250 per return if the IRS finds intentional disregard. Each
Delving Deeper into the Tax Gap Details
We all just can’t stop talking about the tax gap – but with good reason. Considering the difference in what is owed to the IRS, and what they actually collected in 2006 has increased 30% over five years, to $450 billion; it’s definitely something to talk about. Additionally,