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 ?
Officials note that PPACA has added other, closely related IRC reporting sections, such as IRC Section 6051, a new Form W-2 health benefits cost reporting requirements, and IRC Section 6055, a set of reporting requirements aimed at minimum essential coverage providers.
While House Democrats and Republicans agreed that the new form 1099 reporting requirements would be burdensome for small businesses, and eliminating the requirement would remove this potential burden permanently, lawmakers could not agree how best to pay for the repeal, with Democrats opting for foreign tax credit changes which was opposed by Republicans.
The AICPA Tax Division's International Tax Resource Panel's Reporting Requirements Task Force has developed two guides on foreign income reporting and the TD F 90-22.1, available to AICPA Tax Section members at http://tax.aicpa.org/NR/rdonlyres/A05771F9-E863-4D62-97DD-83DC75DF142D/ 0/8_01a.doc and http://tax.aicpa.org/Resources/International/ International+Tax+Forms+Practice+Aid+IRS+and+Treasury+Reporting+ Requirements+for+US+Persons+with+Int.htm.
Changes in the public company arena have raised questions about regulatory and reporting requirements for private companies.
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.
Anticipated benefits aside, headaches created by the reporting requirements of No Child Left Behind can't be understimated, especially when it comes to wrangling the necessary data from an old or underutelized student information system.
All insured depository institutions that have assets of $500 million or more, regardless of whether they are SEC registrants, are subject to the audit and reporting requirements of the FDICIA of 1991 and therefore are subject to the SEC's requirements and interpretations concerning auditor independence.
Since that time, Congress added reporting requirements to enhance its oversight of military readiness.
The new reporting requirements apply to 2001 emissions.
Within the Federal Reserve System, new reporting requirements are reviewed and costs and burdens evaluated at several levels, including senior staff, System staff committees, bank technical advisors, Reserve Bank presidents, and members of the Board.
The bill, signed by the Governor on July 7, imposes notice and reporting requirements on out-of-state sellers not already collecting Washingtons sales tax.