FinanceRegs.com » IRS targeting more companies for Form 1042 mistakes

IRS targeting more companies for Form 1042 mistakes

September 9, 2008 by Carol Katarsky
Posted in: Best practices, Hiring & training staff, In this week's e-newsletter, Internal controls, IRS regs, Latest news & views, Tax compliance

If you do any non-resident withholding, check out the latest reporting guidance. More companies than ever are affected.

The guidance comes to us via the Internal Revenue Manual, 4.10.21. The manual shows you how IRS is training its auditors — and therefore what you should be looking for when examining your own controls and procedures.

One of the areas of focus of the just-updated manual is that it encourages examiners to look more closely at non-financial companies. (Historically, most enforcement efforts were focused on the financial sector.) IRS is particularly interested in companies that provide “professional services”: medical, legal, accounting, entertainment, software & technology, real estate, etc.

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