Tax & Accounting Blog

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

Governor Perry Vetoes Business Personal Property Tax Bill in Texas

Governor Perry Vetoes Business Personal Property Tax Bill in Texas

Texas Governor Rick Perry vetoed Senate Bill 1606, which would have granted taxing authorities the power to automatically attach an annual lien to all business personal property that any given business owns in Texas, including property outside that taxing authority’s jurisdiction. The current law allows appraisers to penalize taxpayers who move property around … Read More