1099 / 1042-S / W-9 / W-8

Member Guide to 1099-MISC & 1042-S on the AP & P2P Network

  Income paid in the calendar year other than wages, tips and salaries must be reported to the IRS on Forms 1099 and 1042-S. The following links lead to information and tools related to 1099-MISC and 1042-S reporting available to members on Accounts Payable & Procure-to-Pay Network. Definitions and Explanations BasicsForm 1099-Misc Filing Basics1099: What and Who... Read more »
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Alert: States Wrangle with 1099 Reconciliation Deadlines

Cokala Tax Group reports that a number of states, including Delaware, have issued unclear or conflicting instructions for providing reconciliation reports for W-2 and 1099 withholding. With the changes to the federal filing deadline, which now requires 1099 forms reporting non-employee compensation in box 7 to be filed with the IRS by January 31 (the... Read more »
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1099-MISC and 1042-S Reminders for 2017

As 2016 comes to a close, it’s a good idea for AP professionals to review the upcoming changes to IRS reporting forms 1099-MISC and 1042-S. Here is an overview of some of the key points to keep in mind: 1099-MISC box 7 Form 1099-MISC reporting amounts as non-employee compensation (NEC), reported in Box 7, are... Read more »
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IRS to Boost Security for e-Services

In response to significant hacks on the IRS between 2014 and 2016, resulting in the identity theft of hundreds of thousands of taxpayers, the agency discontinued issuing e-filer PINs in mid-2016, either online or by phone. Some of the stolen credentials had been used to file fraudulent tax returns. To improve security, the IRS subsequently... Read more »
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IRS Updates to Information Reporting Forms 1099-MISC and 1042-S

There are several changes concerning information reporting Forms 1099-MISC and 1042-S that AP professionals need to understand as they look toward the 2016 and 2017 filing seasons. The AP & P2P Network interviewed Mary Kallewaard, Principal, COKALA Tax Information Reporting Services, LLC, to find out exactly what accounts payable pros need to know. Kallewaard reports... Read more »
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New IRS Form W-8EXP to Go into Effect in September 2016

The IRS has issued a revision of Form W-8EXP, Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding and Reporting, with a date of September 2016; the previous version was dated April 2014. According to U.S. Treasury regulations, once a new version of a form is issued, a withholding agent may... Read more »
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Responding to a 972CG Penalty Notice

If you filed an information return late, with the wrong TIN or none at all, you might receive a 972CG Penalty notice from the Internal Revenue Service. Recipients of a penalty notice have 45 days to respond and either pay the penalty or write an explanation as to why the penalty should be abated. It... Read more »
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IRS Form 1042-T Update

The IRS has released a redesigned Form 1042-T in draft form, along with revised and expanded instructions. It is important for AP professionals to be aware of these upcoming changes so they can ensure that their companies are in compliance with Form 1042-T provisions and avoid penalties for improper reporting of payments to foreign individuals... Read more »
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July 1, 2016 FATCA Status Update Deadline Is Behind Us

Since July 1, 2016 FATCA exemption status has been required from all subject accounts including those that were pre-existing, i.e. those in place prior to January 1, 2015, which were excepted from certain requirements during the transition period. 2014 and 2015 were considered a transition period as far as IRS enforcement of the FATCA due... Read more »
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Form W-8BEN-E Revisions: What AP Needs to Know

Most businesses make payments to foreign-owned vendors. With the exception of payments for tangible property such as goods, materials, and equipment, payments to foreign vendors must be assessed to determine whether the business needs to withhold tax from those payments and report them on a Form 1042-S information return filed to the IRS, explains Mary... Read more »
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