reporting requirements

reporting requirements

IRS requirements that certain transactions or financial information be reported to it,even if there are no tax consequences.Settlement agents are required to report sales or exchanges of all real property, or a statement of exemption. If there is no settlement agent, the order of responsibility is attorney, title company, mortgage lenders, and real estate brokers.The IRS also requires reporting returns for partnerships,S-corporations,and limited liability companies,even though none of those entities has to pay taxes; instead, individual members report their share of income and losses.

References in periodicals archive ?
The updated reporting requirements have a life-saving purpose: they will enable employers and workers to prevent future injuries by identifying and eliminating the most serious workplace hazards.
The IRS issued two related proposed regulation projects on health care coverage reporting requirements under the Patient Protection and Affordable Care Act, P.
The NCUA has announced new call reporting requirements for credit unions, codifying the recent troubled debt restructuring regulations and helps the agency keep closer tabs on delinquent auto and business loans.
Businesses are already overburdened with tax paperwork and reporting requirements, so the additional requirements included in the PPACA will only increase the cost and complexity of complying with the tax code.
This legislation will place onerous reporting requirements on individuals and organizations that lobby our national leaders on issues of importance to them.
Finally, the SEC stated that "ultimately, all public companies will be required to comply with the internal control reporting requirements of Section 404," signaling that there is more guidance for smaller companies to come.
Clarifies requirements for contractor reporting of contract performance outside the United States; and establishes two separate clauses to eliminate confusion between two reporting requirements previously contained in one clause.
Environmental Protection Agency alleging that the company failed to comply with the technical reporting requirements of the Toxic Substances Control Act (TSCA) and the Resource Conservation Recovery Act (RCRA) regarding PFOA, an essential processing aid used to produce fluoropolymers.
The SEC proposed rules and reforms address the registration, disclosure and reporting requirements for ABS.
Burdensome reporting requirements stemming from the consolidation of plans as proposed would be a likely culprit.
For example, an entity that falls within the reporting requirements of either Form 5471 or 8865 for a substantial portion of the year may change its status to an FDE.
Mandatory reporting requirements have been around since 1986, beginning in Louisiana, but they are getting more expensive.