Tax News & Views

 INSIGHTS FROM OUR NATIONAL TAX OFFICE

JANUARY 13, 2015 

Year-End Tax Reporting Information

 

Our updated letter regarding year-end tax reporting information is available on our website. You can download it here. You can also access it by going to our home page at www.eidebailly.com and clicking Tax Services from the Services list.

 

Exhibits in the Year-End Tax Reporting document include:

  • Guide to Information Returns
  • Payments to Outside Providers or Contractors for Business Purposes
  • Nontaxable Benefits Provided to Employees
  • Payments to Directors
  • Employee Business Expenses and Expense Accounts
  • Record-Keeping for Travel, Entertainment and Meals Expense
  • Record-Keeping and Deductions for Business Vehicles
  • Travel Per Diem Rates for Certain States
  • Reporting Cash Payments Over $10,000
  • Electronic Filing Requirements for Payroll and Information Returns When Over 250 Documents
  • Instructions for Filing Payroll and Information Returns (Paper Filings)
  • Dues Paid to Social Associations and Clubs or for Lobbying Activities
  • Energy Subsidy Payments
  • Taxation and Reporting of Capital Credits from Electric and Telephone Cooperatives
  • Form 1099-A Foreclosures and Abandonment of Security
  • Form 1099-C Cancellation of Debt
  • Form 1098-E Student Loan Interest Reporting & Form 1098-T Regarding Tuition Reporting
  • Public Inspection of Tax Exempt Organizations Filings, Forms 990, 990-T, 1023, etc., and IRS Sanctions Regarding Transactions with Certain Persons (Insiders)
  • Credit Card Sales
  • Proceeds from Broker and Barter Exchange Transactions
  • Health Care Value Reporting
  • Health Care Coverage Reporting

 

We recommend you review the specific areas related to your business each year as rules change from year to year.

 

Our website also has a number of other informative documents and articles to help with tax planning. If you have any questions, please contact your Eide Bailly advisor.       

Eide Bailly's National Tax Office serves as a resource for clients to help analyze complex tax issues related to business decisions. Our professionals are committed to helping clients stay informed about tax news, developments and trends through various specialty areas, including cost segregation studies, wealth transfer, state and local taxation, international tax, IRS controversy and procedures, tax-exempt organizations and tax legislation.
855.889.5508
eidebailly.com/taxNationalTaxOffice@eidebailly.com

This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Eide Bailly LLP and the author do not assume responsibility for any individual's reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique before recommending the technique to a client or implementing it on the client's behalf. To request reprints of this publication, send a written request to RequestReprints@eidebailly.com. © 2015 Eide Bailly LLP.