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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. In final & temporary regulations (TD 9730), the IRS said identity thieves & “unscrupulous preparers” often file electronically early in the filing season,Read the Rest…


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. Many of the sanctions are based on United Nations and other internationalRead the Rest…


Increased penalties for all forms for payments issued in 2015

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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. Under the recently enacted legislation of Public Law 114-27: TheRead the Rest…