Tax & Accounting Blog

The “With and Without” Method for Allocating Income Tax

The “With and Without” Method for Allocating Income Tax

‘Twas the night before press release and all through the proof Nothing was open and there weren’t any goofs When all of sudden you awake with a fit You forgot intraperiod allocations and a deficiency you may get As the above cringe-inducing verse demonstrates, it is easy to think the tax provision is complete when … Read More

FinCEN Electronic Filing of Suspicious Activity Reports and Currency Transaction Reports

FinCEN Electronic Filing of Suspicious Activity Reports and Currency Transaction Reports

The Financial Crimes Enforcement Network (FinCEN) has been alerting institutions that they are now required to use the new FinCEN electronic reports on-line at the BSA E-Filing System. Financial institutions that continue to file Suspicious Activity Reports (SARs) or Currency Transaction Reports (CTRs) on paper will fail to meet current Bank Secrecy Act reporting requirements … Read More

Property Tax Changes and Exemptions in Texas

Property Tax Changes and Exemptions in Texas

Texas — Exemption for Offshore Spill Response Containment Systems Offshore spill response containment systems can qualify for a personal property tax exemption if they meet at least one of the following criteria: Used, constructed, acquired, stored, or installed as part of an offshore spill response containment system. Solely used for the development, improvement, storage, deployment, … Read More

Why Nature of Income Paid to Foreign Vendors Matters Part 2 – Source of Income Rules

Why Nature of Income Paid to Foreign Vendors Matters Part 2 – Source of Income Rules

U.S. sourcing rules vary with the type of income being paid, as do U.S. rules for a lower rate of or exemption from withholding. In addition, a payer must correctly record the income code on Form 1042-S so that the foreign vendor may submit a correct U.S. tax return, assuming one is required. Therefore, … Read More

Arizona Ruling – Cable Company Ruled a Telecommunication Company Based on VOIP Service

Arizona Ruling – Cable Company Ruled a Telecommunication Company Based on VOIP Service

Arizona Court of Appeals rules that a cable company is a telecommunications company subject to central assessment because the company provides telephone service to its subscribers through its Voice over Internet Protocol (VoIP) service. The judges reviewed Ariz. Rev. Stat. Ann. § 42-14401, which defines centrally assessed telecommunication property. Since the statute is not explicit … Read More

Changes to Qualifying Property Exemption and Reassessment Threshold on Improvements and Additions in Rhode Island

Changes to Qualifying Property Exemption and Reassessment Threshold on Improvements and Additions in Rhode Island

For tax exemptions or the establishment of taxes for some improvements to qualifying real and personal property, the City of Central Falls has changed the timeframe on this exemption from five years to ten years.  The City has also updated the definition of qualifying property to include buildings or structures that either are or will … Read More