Tax & Accounting Blog

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 5 – Resident or Nonresident Alien

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 5 – Resident or Nonresident Alien

Foreign nationals are nonresident aliens for U.S. income tax purposes unless they meet one of two tests: 1) the U.S. lawful permanent resident test (also called the green card test) or 2) the substantial presence test. Foreign nationals who change immigration status during the calendar year, or who first enter the U.S. after January 1, … Read More

Mississippi Introduces a Revised Annual Information Return Form

Mississippi Introduces a Revised Annual Information Return Form

The Mississippi Department of Revenue has announced that for 2012 tax reporting, a single Annual Information Return Form 89-140 will be used for both Form W-2 wage reports and Form 1099 or W-2G non-wage income reports.  The Form 89-142 used for 2011 and prior years to report 1099 information has been discontinued.  For tax … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 2 – Tax Rules and Procedures for Nonresident Aliens

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 2 – Tax Rules and Procedures for Nonresident Aliens

Foreign nationals who are nonresident aliens for U.S. income tax purposes are subject to the following tax rules and procedures: 1. Taxation of U.S.-Source Income. Nonresident aliens are subject U.S. federal income tax on their U.S.-source fixed or determinable annual or periodic (FDAP) gross income and on income that is effectively connected to the conduct … Read More

Mississippi Requires Forms 1099-R to be Filed Electronically for 25 or More Forms

Mississippi Requires Forms 1099-R to be Filed Electronically for 25 or More Forms

The threshold for mandatory electronic filing of Forms 1099-R to the Mississippi Department of Revenue has been lowered from 50 forms to 25 forms. The Mississippi due date for electronically filed Forms 1099-R is March 31. Electronic filing, via upload, is through the state’s new TAP online electronic filing system.  The Form 1099-R electronic file must be … Read More

Who Is a U.S. Citizen and Why It Matters: Part 5 – Documentation of U.S. or Non-U.S. Status

Who Is a U.S. Citizen and Why It Matters: Part 5 – Documentation of U.S. or Non-U.S. Status

To assist payments with the task of identifying U.S. persons (i.e., U.S. citizens, resident aliens, and U.S. entities), the IRS provides Form W-9 which, in addition to providing important information about a payee, may act as a certificate of U.S. status (unless the payer has reason to doubt the validity of the document). … Read More

Who Is a U.S. Citizen and Why It Matters: Part 4 – Loss of  U.S. Citizenship?

Who Is a U.S. Citizen and Why It Matters: Part 4 – Loss of U.S. Citizenship?

The 14th amendment also prevents U.S. citizenship from being involuntarily cancelled. Although Congress enumerated certain acts that shall lead to a loss of citizenship, the Supreme Court has held that the only way a U.S. citizen may expatriate is through his or her own voluntary and intentional actions of renunciation or abandonment. Section 349(a) of the … Read More