IRS Curtails W-2 Filing Extensions in Bid to Fight Tax Fraud
The Internal Revenue Service moved today against identity theft & tax refund fraud by allowing only 1 30 day nonautomatic extension of time for filing extensions of W-2 forms instead of the system as it is now.
Are You Checking OFAC and SDN Lists Before Transacting Business with Your Vendors?
Courtesy of our Partner, InvoiceInfo The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals, threats to national security, foreign policy or the economy of the United States.
Increased penalties for all forms for payments issued in 2015
Penalties assessed to your organization for the annual 2015 information reporting returns will now be subject to critical increases in the amount of penalties the IRS will assess for missing incorrect tax ID’s, late fillings, incorrect media, failure to provide payee statements, and failure to file original returns & corrections.
Special Penalty Relief Available for Late Returns Filed by June 2 for Certain Small Retirement Plans
With Small Business Week (May 4 to 8) just around the corner, the Internal Revenue Service today reminded small businesses that have failed to timely file certain required retirement plan returns that they have until Tuesday, June 2 to take advantage of a special penalty relief program.
Businesses in U.S. Territories Must File Form 8300 with the IRS on Cash Transactions of $10,000 or More
The Internal Revenue Service today reminded businesses in U.S. territories that they must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, when they engage in cash transactions in excess of $10,000. The form must be filed within 15 days of the transaction.