Update & Developments

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

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

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

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 the following:

The tax code requires a new filing date for information ret… Read More

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

An IRS memo issued on January 15, 2016, provides information on the proper procedure for computing applicable percentage aggregate amounts of penalties imposed for intentionally disregarding Internal Revenue Code (IRC) § 6011(e) electronic media filing requirements. This is good for AP managers to be aware of because it relates to the electronic filing of forms...… Read More

The Protecting Americans from Tax Hikes Act of 2015 (commonly called the “PATH Act”) was enacted in December 2015 as part of the Consolidated Appropriations Act. One aspect of the PATH Act that is of particular relevance to Accounts Payable is that the law amends Internal Revenue Code (IRC) sections 6721(c), covering information returns, and...… Read More

Companies and their AP teams need to be aware of an update in the Internal Revenue Manual (IRM) concerning Individual Taxpayer Identification Numbers (ITINs) assigned to foreign individuals who need an ID number for tax purposes but aren’t eligible for U.S. Social Security numbers (SSNs), reports Cokala Tax Information Reporting Solutions, LLC. The update concerns...… Read More

Accounts payable professionals need to be aware of an important piece of new tax legislation that affects filing dates for IRS Forms 1099, the series of information returns used to report income types other than wages, salaries, and tips (Form W-2 is used for those). The 2016 Consolidated Appropriations Act combines federal government funding appropriations...… Read More

March 2016 The Internal Revenue Service, as part of a continuing effort to reduce paperwork and regulatory burden (as required by the Paperwork Reduction Act of 1995), has invited commentary from businesses and other for-profit organizations on proposed and/or continuing information collections for Form 1099-MISC. Form 1099-MISC is used by payers to report (among other...… Read More

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