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The e-file deadline is just three days away. If you believe you will not meet the IRS reporting requirements before this deadline the time to file for an extension is now. Remember, it is better to file for an extension than to get slapped with expensive penalties for non-compliance. And why not? You are likely ... E-file deadline rapidly approaching

What do you need to know about health care reform and your 2013 tax return? According to the IRS most people will not see the impacts of the Affordable Care Act on their 2013 federal income tax return. Many thought the groundbreaking individual shared responsibility provision would carry a large burden. In this provision under ... Health Care Law and 2013 Tax Return

For individuals or businesses that are filing taxes, the deadline for both is nearing closer. Companies that filed on paper should have completed their forms last month, but for those using a 1099 processing service or other e-filing opportunities, taxes must be filed by April 1. For individuals, the deadline is two weeks later, April 15. Since both ... Tax Tips

There is no such thing as a complete Taxpayer Bill of Rights, yet… Taxpayer Advocate, Nina Olson, disseminated a yearly report to the US congress strongly advising them to force the IRS to create a Taxpayer Bill of Rights. One of her deep seated fears of the agency that led her to publish the report stem ... “Taxpayer Bill of Rights”

The IRS has published a correction to their Foreign Financial Institution (FFI) Agreement that was released in December.  Revenue Procedure 2014-13 (2014-3 I.R.B. 419), Published January 13, 2014, Containing Corrections to the FFI Agreement that was Released on December 26, 2013 is Now Available here.  

 Since the IRS FATCA registration website has become available (Aug 19 2013) financial institution registration has begun. If you have enter data into your FATCA account after Aug 19 2013, it has been saved into the registration system for your financial institution account. Notice 2013-43 from the IRS notifies us a several important features to the ... Update: FATCA Financial Institution Registration

According to IRS e-file data in 2013 more than 122 million returns were filed. This amount is the highest volume of tax payers who opted to e-file since the option was made available. E-filing is often used because it is the fastest, safest and easiest method to file tax returns. Tab Service Company is indeed ... 2013 E-file Record Reached

Processing Service Agreements January is right around the corner and if you haven’t returned your TSC1099 service agreement please do so as soon as possible.  This allows us to determine capacity and setup a schedule.  If you have not received a service agreement via e-mail, please contact your account representative right away at 312-527-4306.   ... For TSC1099 Users Only – Important News

1. Misconception: 1099 Reporting for the state is not necessary if there is no state tax withheld. Truth: The majority of states’ regulations say that 1099s have to be filed regardless of withholdings. Look up your particular states regulations.    2. Misconception: Copy A of the IRS 1099 Form can be printed in black or ... Common Misconceptions on 1099 Reporting

By eliminating paper and automating your accounts payable and accounts receivable processing you will lower you time and cost per invoice. This is one process that every company must deal with on a day to day basis so it is important to focus on ways to improve frequently reoccurring steps. In a paper based system ... Benefits of going paperless with financial documents

We have heard of the stories and read headlines about fraud, evasion and being grossly behind on paying federal or state taxes. The penalties for a tax payer who has used up all available excuses can be quite harsh when you take a look at them. When delinquency and fraud is more serious jail time ... What happens if you’re too far behind on your taxes?

Since the Affordable Care Act has been implemented many things remain uncertain surrounding its functionality. It has put many changes into action and also created many unforeseen externalities for Americans. However, one that was expected was its impact of tax reporting. In a fiscal year employees who make in excess of 200,000 earnings are mandated ... How the Affordable Care Act changes Tax Reporting