Discussion:Anyone have information on the new laws passed by Congress...
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New Note Finder (talk|edits) said: | 29 August 2007 |
| regarding the following:
1) Form 941s will now be considered tax returns--and the preparer can be held liable for errors? 2) Increased requirements to verify social security numbers. 3) A step toward mandatory withholding on 1099s? Someone told me they heard about the following at a conference but I haven't been able to find much about it--I do remember some of this being proposed back in February. | |
TheTinCook (talk|edits) said: | 29 August 2007 |
| 1) The Sec. 6694 preparer penelties extend to all returns for all taxes. The amounts are also increased. The preparer would only be liable for the preparer penelty, not for the tax deficiency, interest, or under payment penelty. IRS Notice 2007-54 provides transitional relief for 2007. More worrisome is the fact that they have adopted a "more likely then not" standard for undisclosed positions.
2) I haven't heard this. How would it be accomplished? Right now, only employers can verify an ssn with the SSA. The closest we would know is when the e-file gets kicked back. 3)I haven't heard this either.
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New Note Finder (talk|edits) said: | 29 August 2007 |
| I found some information in the 2008 Blue Book--the proposal would require a certified TIN from contractors, e-filing by large corporations, amended collection due process procedures for employment tax liabilities, and expanded information return and returen preparer penalties. | |
TheTinCook (talk|edits) said: | 29 August 2007 |
| A certified TIN? I'm not sure how to get one...unless they are referring to the jurat in Part II of the W-9. Usually there is no problem getting a W-9 when you tell them about the 28% backup withholding. Never had to worry about B or C notices.
I've heard about the rest of the things in your list except for the new information return penelties. | |
| 29 August 2007 | |
| For information relating to number 3, try doing a search for Form 8919. There have been a couple of recent discussions about this. | |
| August 29, 2007 | |
| I'm not sure if this page covers any of these topics, but it looks to be a good resource: Highlights of 2007 Tax Changes.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 08:29, 29 August 2007 (CDT) | |
TheTinCook (talk|edits) said: | 29 August 2007 |
| So 3 is about IC vs Employee? I hadn't made the connection. | |
