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Jun 14, 20214 min read
FY 2022 Revenue Proposals Impacts
Last month, the Department of the Treasury published its Fiscal Year 2022 Revenue Proposals (The Proposals) which impact U.S. federal tax...
Jun 10, 20213 min read
June 2021 Cayman Department of International Tax Cooperation (DITC) Update
On June 3, 2021, the Cayman DITC published an Updates Bulletin that includes details related to the Foreign Account Tax Compliance Act...
May 24, 20212 min read
Backup Withholding Noncompliance Continues to be an IRS Issue According to TIGTA
On May 17, 2021, The Treasury Inspector General For Tax Administration (TIGTA) published a report titled...
May 20, 20214 min read
Reasonable Cause - Missing/Incorrect TINs
When filers submit U.S. tax or information returns with a missing or incorrect TIN...
May 13, 20213 min read
Requesting a Waiver Due to Reasonable Cause
With the possibility of penalty notices for 2020 information returns just around the corner...
May 7, 20213 min read
When to use reasonable cause to waive a penalty
Don’t forget that filers with an information reporting failure penalty that is due to reasonable cause and not wilful neglect may be able to
Apr 22, 20212 min read
Know Your Potential Information Reporting Penalties!
Penalties for not filing correct information returns may apply if a filer:
Apr 19, 20212 min read
1099 Errors & Corrections
Now that Forms 1099 have been filed for the year, it is time to consider any errors noted and the corrections required.
Mar 5, 20212 min read
Forms 1042 & 1042-S Reminders
Comply would like to share a few reminders as we head into the filing season for 2020 Forms 1042 and 1042-S.
Feb 25, 20211 min read
2021 Instructions for Form 1042-S
On February 23, 2021, the IRS published the 2021 Instructions for Form 1042-S. Follow the link to review these new instructions. Updates...
Feb 5, 20211 min read
2021 Increase in Information Reporting Penalties
Reminder! The information return penalties have increased for tax year 2021. Here are the changes from 2020 to 2021.