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.