Tax & Accounting Blog

Why Nature of Income Matters on Payments to Foreign Vendors

Why Nature of Income Matters on Payments to Foreign Vendors

U.S. organizations making payments to vendors must determine whether the vendor is a U.S. person or a non-U.S. person because only payments to U.S. persons (actual or presumed) are covered by Form 1099 rules and procedures. The term U.S. persons includes U.S. citizens, resident aliens [based on IRC §7701(b) tax residency rules], and domestic entities. … Read More

Property Tax Exemptions and Corrections in Washington

Property Tax Exemptions and Corrections in Washington

Washington  –  Technical corrections, effective July 1, 2013 The Washington DOR has amended WAC 458-12-342 (related to the assessment of new construction)to correct citations Washington – Property Tax Exemption Amended  , effective July 1, 2013 The Washington DOR has amended WAC 458-16A-120 related to the property tax exemption for senior citizens, disabled persons, and 100% … Read More

Transfer Pricing and Customs Valuations:  Will Your Adjustment Be Recognized?

Transfer Pricing and Customs Valuations: Will Your Adjustment Be Recognized?

What do you do when you need to make a transfer pricing adjustment, but the goods were delivered to the buyer in a prior tax year?  From a financial reporting and tax return perspective, the company within the local jurisdiction may or may not respect the adjustment.  But is that the end of the issue? … Read More

Marketplace Fairness Act: Getting Ahead of the Game

Marketplace Fairness Act: Getting Ahead of the Game

During a recent interview with Accounting Today  I discuss several key things that businesses can do to get ahead of the game on the Marketplace Fairness Act.  Should it pass the House and become law this act will require all online vendors to collect sales taxes from their customers. The first thing to do is to determine the tax … Read More