The Internal Revenue Service has issued its 2004 changes to the instructions for filing Form 1042-S on electronic/magnetic media. This article examines the significant changes since 2003. Regulation D - Changes To Reserve Requirements The Federal Reserve Board has adjusted several key dollar amounts that are used by financial institutions in maintaining their required reserves. The dollar amounts that have been adjusted are the "low reserve tranche" and the "reservable liabilities exemption." 2004 IRS Substitute Forms The Internal Revenue Service has issued its 2004 requirements for substitute tax forms. This article examines the significant changes since 2003 and provides a few reminders for those organizations that use substitute "Statements to Form Recipients." HSAs - Additional Guidance The Internal Revenue Service has issued additional guidance regarding Health Savings Accounts (HSAs). This article examines some of the significant points that have been clarified. Short Compliance Topics
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