Tax & Accounting Blog

Upcoming ONESOURCE Trust Tax and Tax Information Reporting Webcasts

Upcoming ONESOURCE Trust Tax and Tax Information Reporting Webcasts

This May, join our Trust Tax and Tax Information Reporting experts as we wrap up our three part series on FATCA for trusts and begin a two-part series on payments to foreign vendors. Webcast Details: FATCA Compliance Implementation Part 3 for U.S. Payers in Trust, Bank and Brokerage Date: Wednesday, May 22 Time: 2:00 PM … Read More

IRS Issues Draft of Form 1042 for 2014, to Report Withholding on U.S. Source Income of Foreign Persons

IRS Issues Draft of Form 1042 for 2014, to Report Withholding on U.S. Source Income of Foreign Persons

The IRS has issued a draft of Form 1042 for calendar year 2014 reporting. The first use of the new version of this information reporting form will be the reconciliation of 2014 withholding, due date Match 15, 2015. A draft of the form can viewed on the IRS website. The IRS has not yet … Read More

Kentucky’s New System Will Assign a Single ID Number for all State Agency Filings

Kentucky’s New System Will Assign a Single ID Number for all State Agency Filings

Under new legislation passed by the Kentucky Legislature and signed by Governor Steve Beshear on March 21, state government will implement a new business identification system in which a business will be assigned a single identifying number. HB 343 created a new section of Chapter 14, Kentucky Revised Statutes, to require the Kentucky One-Stop … Read More

Thomson Reuters Nonresident Alien Taxation Educational Webcasts Begin April 23

Thomson Reuters Nonresident Alien Taxation Educational Webcasts Begin April 23

Withholding and reporting on payments to foreign employees, students, and scholars are not simple. In addition to the rules and procedures for special withholding and reporting, there are also immigration- and tax treaty-related rules and procedures to follow to ensure compliance. ONESOURCE Nonresident Alien Taxation from Thomson Reuters offers a series of educational webcasts to … Read More

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Highlights of the Form 1042-S Changes

As we alerted readers in an earlier blog post, the IRS has published the highly anticipated draft of an all-new Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, for use in reporting 2014 income payments (reporting you will do in 2015). A copy of the draft form is available to view on the … Read More

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Cayman Islands will Adopt an Intergovernmental Agreement for FATCA Implementation

The Cayman Islands Government has announced that it will adopt an intergovernmental agreement (IGA) with the United States for implementation of the U.S. Foreign Account Tax Compliance Act, commonly known as FATCA. The Caymans-U.S. IGA will follow the “Model 1” for FATCA cooperation which was drafted by the U.S. Department of the Treasury, giving the … Read More