Tax & Accounting Blog

Virginia Clarification on Short-term Rental Property

Virginia Clarification on Short-term Rental Property

Short-term rental property is now considered merchant’s capital and no longer considered personal tangible property.  Jurisdictions may choose to  tax said property as either “short-term rental property” as defined by VA Code §58.1-3509 , or “Merchant’s Capital” as defined by VA Code §58.1-3510.  As a reminder, no jurisdiction is obligated to enforce a merchant’s capital … Read More

Avangate Uses Thomson Reuters ONESOURCE Indirect Tax Solution

Avangate Uses Thomson Reuters ONESOURCE Indirect Tax Solution

New York – Thomson Reuters announced Tuesday, July 16, 2013 that Avangate, a provider of commerce solutions for software and information services companies, is leveraging ONESOURCE Indirect Tax to help its customers comply with changing indirect tax laws such as the Marketplace Fairness Act (MFA). Already passed by the Senate and currently in … Read More

IRS Large Business & International Division Issues New Rules Governing Information Document Requests in Examinations

IRS Large Business & International Division Issues New Rules Governing Information Document Requests in Examinations

The IRS Large Business and International Division has announced that all Information Document Requests (lDRs) issued after June 30, 2013, must comply with certain new principles. If the new rules are not followed, IDRs will not have effect. Moreover, any existing Memorandum of Understanding relating to IDR management that does not comply with the … Read More

Property Tax Changes From East to West

Property Tax Changes From East to West

Connecticut — Property Tax Exemptions Connecticut Legislation has changed the minimum cost of improvements eligible for a 50% property tax exemption from $25,000 to $10,000. This decreased amount is for up to three years for economic development projects that towns are authorized to approve. Missouri – Solar System Exemption L. 2013, H142, effective 08/28/2013, exempts … Read More