2 changes to key forms for Payroll, A/P
September 15, 2008 by Carol KatarskyPosted in: Best practices, Hiring & training staff, In this week's e-newsletter, Internal controls, IRS regs, Latest news & views, Tax compliance, Uncategorized
Every year, IRS makes changes to how you have to file certain returns. Here are two of the latest revisions:
- Form 8027 (Employer’s Annual Information Return of Tip Income and Allocated Tips) — New fields will be added, and additional validation checks will be performed.
- Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) — The record layout is being expanded to 820 positions, and there are a number of changes to the payee “Q” record.
For both forms, as of Dec. 1, the only way to file is via IRS’ FIRE system. Test files can be sent from Nov. 1 through Feb. 15. (Check here for info on e-filing related forms.)
For more information on filing Form 8027, check out IRS’ Publication 1239; for details on filing Form 1042-S, see Publication 1187.
Tags: A/P, E-filing, Foreign workers, Payroll, Tax compliance, Tip reporting, Withholding
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