How Foreign Athletes and Entertainers Are Taxed Using IRS Form 1042-S
Foreign athletes and entertainers who earn income in the United States follow special tax withholding and reporting rules. Payers use […]
March 20, 2025
What Employers Need to Know About the IRS Form 8955-SSA Electronic Filing Mandate
The IRS now requires most employers to electronically file Form 8955-SSA starting with the 2024 plan year. This form reports
FATCA and Form 8966: How High Net-Worth Individuals Are Impacted
The Foreign Account Tax Compliance Act (FATCA) is a U.S. law created to prevent tax evasion. It requires foreign financial
W-2 Box 12 Codes: What They Mean for Your Tax Deductions and Credits
Form W-2, which reports your wages and tax information, includes Box 12, where various codes are used to indicate different
Do Fantasy Sports Winnings Get Reported on IRS Form W-2G?
Fantasy sports winnings are usually not reported on IRS Form W-2G. That form is designed for reporting gambling winnings from
Understanding IRS Form 1099-SA: How Health Savings Account (HSA) Distributions Are Reported
What Is Form 1099-SA? IRS Form 1099-SA is used to report distributions from a Health Savings Account (HSA), Medical Savings
Why You Might Receive Form 5498 in May Instead of January
IRS Form 5498, IRA Contribution Information, is used by financial institutions to report contributions, rollovers, and other transactions related to
IRS Form 1042-S: Withholding Tax Credit for Foreign Persons
Nonresident aliens (NRAs) can claim a withholding tax credit on Form 1040-NR, U.S. Nonresident Alien Income Tax Return using the