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Internal Revenue Service Sponsors Reporting Requirements

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
BakerHostetler

Congratulations, Promotion Sponsors – You’ve Won Less Prize Paperwork!

BakerHostetler on

Great news for brands operating consumer promotions, sweepstakes, and contests! Effective for the 2026 tax year, the One Big Beautiful Bill Act (P.L. No. 119-21) raises the threshold for issuance of a Form 1099-MISC from $600...more

Foodman CPAs & Advisors

Sponsoring Entities Under IRS FATCA Scrutiny

On 10/11/22, the IRS issued Notice Number 2022-05: FATCA Registrations: Sponsoring Entities with no Registered Sponsored Entities. The IRS has identified Sponsoring Entities that do not appear to have Sponsored Entities...more

Foodman CPAs & Advisors

Entidades Patrocinadoras Bajo El Escrutinio FATCA Del IRS

El 11/10/22, el IRS emitió el Noticiero Número 2022-05: Registros FATCA: Entidades Patrocinadoras sin Entidades Patrocinadas Registradas. El IRS ha identificado Entidades Patrocinadoras que no parecen tener Entidades...more

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