IRS explains how to correct a failure to follow retirement plan termsRetirement News for Employers Mike Habib, EA In its Retirement News for Employers, IRS has explained how to correct the common retirement plan mistake of failing to follow the plan terms in its operation. IRS clarified when a plan…
Most common questions by corporations and other business entities on 1099 reporting requirements. Below is a direct IRS response to frequently asked question on 1099 issues. Mike Habib, EA IRS provides further guidance on Form 1099 reporting Questions on Corporations. Generally, payments to corporations are not reported on Form 1099-MISC,…
In an effort to stimulate the economy, the recently-enacted Economic Stimulus Act of 2008 requires the U.S. Treasury to send rebate checks to eligible individuals. Who qualifies for rebates, how they are calculated, and what, if anything extra, needs to be done to get one. You’ve probably heard that the…
Changes made to Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) Mike Habib, EA The IRS has made some changes to the electronic/magnetic media filing procedures for 2007 Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, and also released the 2008 version of the form. Form…