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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. Launched June 2, 2014, the one-year temporary pilot program is designed to helpRead the Rest…


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. Businesses, including individuals who are sole proprietors that receive more thanRead the Rest…


Sound Policies and Procedures for Regulatory Compliance in Business Practices

publications

One of the highest priority items the IRS requires US companies for properly complying with Information Returns compliance is to have corporate and departmental policies and procedures regarding the issuance of reportable payments to US and foreign payees. The corporate policies and procedures are required to establish the company’s position on compliance with the regulations and internal enforcement, while theRead the Rest…


NEWS ALERT: Lower Reporting Thresholds for Casino Games Not a Safe Bet

gambling

The IRS is considering lowering the amount of winnings that trigger reporting paperwork. The Internal Revenue Service asked for comments about the feasibility of lowering the threshold for casinos to report winnings to $600 from $1,200 (or $1,500 in the case of keno) to align with other temporary-income information reporting thresholds under tax code Section 6041. Gamblers would have toRead the Rest…


NEWS ALERT: IRS Announces that Some IRS Assistance & Taxpayer Services Shifted to Automated Resources

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Given the stance below by the Internal Revenue Service, the issue for your organization is that you now have to find your own experts to assist you in your information reporting. From www.IRS.gov: Given available resources and shifting taxpayer demands, the IRS will be making a number of taxpayer service changes for the 2014 filing season. The changes, which wereRead the Rest…