Tax & Accounting Blog

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U.S. District Court Rules that under ERISA and U.S. v. Windsor, Same-Sex Surviving Spouse Receives Death Benefit from Qualified Plan

On July 29, the United States District Court for the Eastern District of Pennsylvania issued an order that that a same-sex surviving spouse was entitled to receive the “surviving spouse” death benefit under an employer’s qualified employee benefit plan. The court found that the United States Supreme Court’s decision in United States v. Windsor, declaring … Read More

Why Nature of Income Paid to Foreign Vendors Matters Part 4 – Bundled Income

Why Nature of Income Paid to Foreign Vendors Matters Part 4 – Bundled Income

When an income payment is one amount that covers more than one type of income, the payment must be reasonably allocated among all types of income covered by the payment. For example, a single payment to a foreign vendor for the purchase of equipment, which is not subject to 30 percent withholding, might include shipping … Read More

New Property Tax Bills in Kentucky and Oregon are Notable Issues for Taxpayers

New Property Tax Bills in Kentucky and Oregon are Notable Issues for Taxpayers

Kentucky — Court Case Regarding Refund Procedure Recently a Supreme Court case was heard involving property taxpayers’ refund procedures for the Kentucky Department of Revenue. The taxpayer underwent a tangible personal property tax audit and afterwards paid the balance of the bill. The taxpayer then filed refund claims on taxes the DOR incorrectly placed as … Read More

Ask the Expert: Land Lease Payment Reporting on Form 1099-MISC

Ask the Expert: Land Lease Payment Reporting on Form 1099-MISC

Question: Our company is acquiring some vacant land on a long-term land lease. Does that require tax reporting on a Form 1099? Answer from Marianne Couch of COKALA Tax Information Reporting Services: It depends on what the payment is really for. If it is a straightforward lease with fewer than 30 years remaining on the … Read More

IRS Adds the Croatian Dionicko Drustvo to the Per Se List of Foreign Corporations

IRS Adds the Croatian Dionicko Drustvo to the Per Se List of Foreign Corporations

IRS Notice 2013-44 alerts payers that the Internal Revenue Service and the Treasury Department will amend sec. 301.7701-2(b)(8) of the Procedure and Administration Regulations to add the Croatian dionicko drustvo to the list of entities that are always treated as corporations under section 7701 of the Internal Revenue Code. Reg. section 301.7701-2(b)(8) provides a … Read More