Episode 30: The Kwong Case -- A Big Tax Deal, But What About Information Returns?

 The recent Kwong case has generated significant discussion in the tax community, particularly regarding whether taxpayers may be entitled to refunds of certain IRS penalties assessed during the COVID-19 pandemic.In this episode of Information Return Intelligence, Jason Dinesen examines the case from a different perspective: What does Kwong mean for information reporting professionals?Topics include:An overview of the Kwong decision and why it mattersHow COVID-era deadline suspensions factor into the court's rulingWhether Forms 1099 and 1042-S are affectedThe impact (or lack thereof) on information return filing penaltiesBackup withholding deposit penalties and disaster relief rulesWhy Forms 945 and 1042 may present a different analysisThe importance of protective refund claims and the July 10, 2026 deadlineThe appeals process and why the final outcome remains uncertainWhile most commentary on Kwong has focused on individual income tax filings, this episode explores the implications for the information reporting world and helps practitioners understand where potential opportunities—and limitations—may exist.Information Return Intelligence is sponsored by IOFM, the Institute of Finance & Management. Learn more at IOFM.com.#1099 #InformationReporting #TaxCompliance #IRS #Form1099 #Form945 #1042 #BackupWithholding #TaxProfessionals #AccountsPayable #IOFM #TaxNews #TaxUpdates #InformationReturnIntelligence