IRS Publication 1281
Here is link to IRS Publication 1281 – which covers Backup Withholding for Missing and Incorrect Name/TINs. TABLE OF CONTENTS Part 1- Introduction • Backup Withholding Rate/Effective Dates 3 Part 2 – Frequently Asked...
Category: IRS
Tax-filing and Payment Extensions Expire Oct. 15
The Internal Revenue Service urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the...
2012 OVPD – Calculating the Offshore Penality
Penalty Computation Worksheet When determining the highest amount in each undisclosed foreign account for each year or the highest asset balance of all undisclosed foreign entities for each year, what exchange rate should be...
New Filing Compliance Procedures for Non-Resident U.S. Taxpayers (FBAR, Form TD F, Tax Return)
The Service is announcing a new procedure for current non-residents including, but not limited to, dual citizens who have not filed U.S. income tax and information returns to file their delinquent returns. This procedure...
Which Payments are Subject to Backup Withholding?
Backup withholding can apply to most kinds of payments that are reported on Form 1099. These include: Interest payments (Form 1099-INT), Dividends (Form 1099-DIV), Patronage dividends, but only if at least half the payment...
BWH Rate 2012
Backup Withholding (BWH-B) Rate/Effective Dates Rate/Percentage is 28%, effective for all subject payments after December 31, 2002 until December 31, 2012. The rate after December 31, 2012 will be determined at a later date....
Request for Taxpayer Identification Number and Certification – IRS Form W-9
Use Form W-9 to request the taxpayer identification number (TIN) of a U.S. person (including a resident alien) and to request certain certifications and claims for exemption. (See Purpose of Form on Form W-9.)...
Form 1099-H Health Coverage Tax Credit (HCTC) Advance Payments
Form 1099-H includes Copy 1, which is provided to recipients by the IRS Health Coverage Tax Credit (HCTC) Transaction Center. Copy B must be provided to recipients by all other filers. File Form 1099-H,...
2012 Offshore Voluntary Disclosure Program
2012 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers Forms TD F 90-22.1, Report of Foreign Bank and Financial Accounts Form 433A, Collection Information Statement for Wage Earners and Self-Employed Individuals Form 433B,...
FBAR and Form 8938 Comparison
Form 8938, Statement of Specified Foreign Financial Assets Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) Who Must File? Specified individuals, which include U.S citizens, resident aliens, and certain non-resident...
Report of Foreign Bank and Financial Accounts – FBAR. Deadline June 29th, 2012
United States persons are required to file an FBAR if: The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States;...
Higher Education Tax Benefits
Tax credits, deductions and savings plans available to taxpayers to assist with the expense of higher education. A tax credit reduces the amount of income tax you may have to pay. A deduction reduces...
Form 941 for 2012: Employer’s QUARTERLY Federal Tax Return
Form 941 for 2012: Employer’s QUARTERLY Federal Tax Return Under the Middle Class Tax Relief and Job Creation Act of 2012, workers will continue to receive larger paychecks for the rest of this year...
Travel, Entertainment, Gift, and Car Expenses
Publication 463 – Introductory Material What’s New Reminder Introduction Users of employer-provided vehicles. Volunteers. Ordering forms and publications. Tax questions. Useful Items – You may want to see: 1. Travel Traveling Away From...
2011 Tax Benefits Changes and Tax Payment and Reporting Requirements
Two Extra Days to File and Pay Taxpayers across the nation will have until Tuesday, April 17, 2012, to file their 2011 income tax returns and pay any taxes due. Taxpayers have extra time...
1099-K Reporting Requirements for Payment Settlement Entities
Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions: All payments made in settlement of payment card...
IRS Power of Attorney – Form 2848
FORM 2848 If your organization will be represented by a third party, whether in person or by correspondence, you must file a power of attorney specifically authorizing the individual to represent your organization. Form...
Exemption From Withholding – Form W-4 by February 15
If you claim exemption from withholding, your employer will not withhold federal income tax from your wages. The exemption applies only to income tax, not to social security or Medicare tax. An exemption is...
2012 EITC Income Limits and Maximum Credit Amounts
Earned Income and adjusted gross income (AGI) must each be less than: $45,060 ($50,270 married filing jointly) with three or more qualifying children $41,952 ($47,162 married filing jointly) with two qualifying children $36,920 ($42,130...
2011 EITC Income Limits and Maximum Credit Amounts
Earned Income and adjusted gross income (AGI) must each be less than: $43,998 ($49,078 married filing jointly) with three or more qualifying children $40,964 ($46,044 married filing jointly) with two qualifying children $36,052 ($41,132...