Tax & Accounting Blog

Property Tax Exemption for Recycling Machinery or Equipment in Connecticut

Property Tax Exemption for Recycling Machinery or Equipment in Connecticut

New Connecticut legislation allows municipalities (if adopted by local ordinance) to provide an exemption from property tax for any machinery or equipment used in connection with recycling that is installed on or after October 1, 2013. The exemption only applies to the increased value to commercial or industrial property that is attributable to such machinery … Read More

Forms 1099-R for 2014 Has a New Distribution Code, and Form 5498 Expands with New Boxes 15a and 15b

Forms 1099-R for 2014 Has a New Distribution Code, and Form 5498 Expands with New Boxes 15a and 15b

The IRS has released a draft of Form 1099-R and the Instructions for Forms 1099-R and 5498 for distributions and contributions made in 2014 and reported in 2015. Both the 1099-R and 5498 have changes for 2014 to enable identification of non-cash distributions and Fair Market Values that must be determined where FMV is not … Read More

Thomson Reuters Announces Integration of the Latest Back-to-School Tax Holidays into its ONESOURCE Indirect Tax Software

Thomson Reuters Announces Integration of the Latest Back-to-School Tax Holidays into its ONESOURCE Indirect Tax Software

NEW YORK – Thomson Reuters today announced it has integrated upcoming back-to-school tax holidays into its ONESOURCE Indirect Tax Software.  The school tax holidays were created to offer consumers and retailers tax relief during the second biggest shopping time of the year. Read Press ReleaseRead More

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