Tax & Accounting Blog

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Revised FATCA Foreign Financial Institution Agreement

IRS Revenue Procedure 2014-13, which will be published in the January 13, 2014, Internal Revenue Bulletin, contains the revised text of the FFI Agreement between a participating FFI (foreign financial institution) and the Internal Revenue Service under section 1471(b) of the Internal Revenue Code and § 1.1471-4 of the Income Tax Regulations. It details the … Read More

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18 Countries Have Signed Intergovernmental Agreements with the U.S. for FATCA Implementation

The United States Department of the Treasury recently released the text of six new intergovernmental agreements (IGAs) for the implementation of FATCA (the Foreign Account Tax Compliance Act).  Four of these are reciprocal Model 1 IGAs between the United States and Malta, the Netherlands, Guernsey, and the Isle of Man.  The fifth is a reciprocal … Read More

Goose Creek South Carolina Hospitality Tax

Goose Creek South Carolina Hospitality Tax

The city of Goose Creek, South Carolina, has enacted a new hospitality tax of 2% effective January 1, 2014.   The new tax is controversial, with many residents questioning why the city council decided to adopt a new tax without mentioning a clear objective for the new tax revenue. Others are hoping that the revenue … Read More

January 2014 Sales & Use Tax Rate

January 2014 Sales & Use Tax Rate

Rate Changes Alabama: Excel 2.0%; Excel Police Jurisdiction 1.0%; Flomation 4.0%; Flomation Police Jurisdiction 2.0%; Munford 5.0%; Munford 1.0%    (For Agricultural and Manufacturing); Coaling 3.0%; Coaling Police Jurisdiction 1.5%; Eufaula 4.0%. Alaska: Wasilla Tiered Rate 3.0% Invoiced Amount up to $500.00. Arizona:  Buckeye Graduated Rate: 3.0%; Item Amount up to $1999.99 per Item; Phoenix 1.0%. Arkansas: Barling 0.0%; … Read More