ExpressIRSForms to prepare you for the 2015 tax filing year. We’ll keep this one short and sweet: with the shortest day of the year (tomorrow) falling on a short work week like this one, there isn’t time for much more than a quick update. Plus, there’s not that much information to divulge; it really is a quick update from the IRS this time (I know, who’d have thunk?).
If you’re the type to read the General Instructions for Certain Information Returns PDF each year before you file, you probably already noticed the “What’s New” section. If you haven’t caught up on your IRS reading yet, however, here’s what you’re missing:
FATCA -- that’s the Foreign Account Tax Compliance Act -- states new filing requirements be completed by certain foreign financial institutions (FFIs) beginning with 2015 tax year filings. So from now on, FFIs with a chapter 4 requirement to report a US account maintained by that FFI and held by a specified US person can fulfill this requirement by checking the box that says “FATCA filing requirement” on the 1099 form they’re filing.
The FATCA filing requirement box is now included on forms 1099-MISC, 1099-INT, and 1099-DIV that have been updated for the 2016 filing season. So if you’re an FFI and this chapter 4 requirement applies to you, be prepared to check an extra box on your 1099s.
Told ya that would be quick. And, as far as new IRS requirements go, it’s a pretty painless one. Now the new Affordable Care Act requirements, those are a different story (but we can help you with those, too).
If you need help with your 1099s, W-2s, ACA forms, or the e-filing process, feel free to reach out to us. We’re available Monday through Friday from 9 a.m. to 6 p.m. EST through phone (704-839-2270) and live chat, and we have 24/7 email support for any emergencies.