Posts Tagged ‘IRS’
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
Reconciliation Requirements for 2012 1099-K Eliminated
Reconciliation requirements for 1099-K forms are no longer required for businesses, according to a letter written by the IRS to Susan Eckerly, senior vice president of public policy at the National Federation of Independent Business. IRS deputy commissioner for services and enforcement, Steven T.
1099-K Update: Deferred Reporting Requirements
In a previous post, we wrote about the new 1099-K requirements, its complexities, and efforts aimed to “simplify” its requirements. Because there has been much confusion around the forms, the IRS has decided individual taxpayers no longer have to separately report the amount of merchant card
Hard Times Lead to Additional 1099 Reporting
As a result of the recession and mortgage crisis, there has been an increase in the received number of 1099-C and 1099-A forms (cancellation of debt), within the past few years. These forms are distributed by creditors and debt collectors to individuals who have debts that were forgiven, never
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