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Jane SwainTax Professional Level: Tax Enthusiast
The tax law rewrite project does two things. firstly it consolidates different tax provisions that have been written in different years (and so were in different tax acts) together so that provisions covering the... Read More
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Steven Potts JD EA IARTax Professional Level: Tax Enthusiast
The medical device excise tax, part of the Patient Protection Act and the Affordable Care Act (Obamacare), is a 2.3% tax imposed on the manufacturers or importers of medical devices. It is a tax on the GROSS sales... Read More
Wray Rives CPA CGMATax Professional Level: Tax Enthusiast
Small businesses that pay for their employees healthcare coverage may be able to claim the Small Business Health Care Tax Credit. To be eligible you must cover at least 50% of the cost of single (not family)... Read More
Kathrine KimballTax Professional Level: Tax Enthusiast
While it is true that India and Brazil can be considered outliers compared to other transfer pricing regimes, many of the OECD member countries have their own subtleties in the application and documentation of what... Read More
Steven Potts JD EA IARTax Professional Level: Tax Enthusiast
If you fail to file a correct information return (1099-MISC) by the due date and you cannot show reasonable cause, you may be subject to a penalty. The penalty applies if you fail to file timely, you fail to... Read More
Wray Rives CPA CGMATax Professional Level: Tax Enthusiast
You are subject to a penalty of between $30 to $100 for each 1099 that you don't file. You should know that the penalty is per copy of the form you don't send in also. So the copy you don't send to the IRS is $30... Read More
William KeatsTax Professional Level: Master Tax Advisor
Mail him the 1099 form, by certified mail. Mail the original to IRS. As far as you are concerned, you have fulfilled your responsibility. Whatever he does with it is his responsibility. You still deduct the... Read More
Pallav AcharyaTax Professional Level: Tax Enthusiast
To elaborate on both the issues: 1. The IRS now requires a reference ID for the foreign corporation. A "reference ID number" is a number established by or on behalf of the U.S. person identified at the top of... Read More
Harold GoeddeTax Professional Level: Tax Enthusiast
Employers must report the cost of coverage under an employer-sponsored group health plan. The charts in the IRS release (my article posted) illustrates the types of coverage that employers must report on the... Read More
Fred RolloTax Professional Level: Tax Enthusiast
It isn't quite as dire as that. There is a compulsory superannuation regime in Australia. Employers are obliged to contribute to a superannuation scheme for each employee ( minimum 9.25% of base salary as from July... Read More
