Tax & Accounting Blog

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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

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IRPAC Issues Annual Report and Recommendations to IRS

The Information Reporting Program Advisory Committee (IRPAC) has released its annual report for 2013, providing numerous recommendations to the Commissioner of Internal Revenue on new and existing issues in tax administration. IRPAC is a federal advisory committee that serves as an organized public forum for discussion of information reporting issues. IRPAC members are drawn from … Read More

Do You Know Your Assets?

Do You Know Your Assets?

Did you know that some states treat your assets differently if you are in specific industries?  For example, in California, if you are in the banking industry, only your banking assets are Reportable/Taxable, while all other assets are Not Reportable/Not Taxable. There are many states or specific jurisdictions where industry-specific forms, trend factor tables, or … Read More

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January 2014 International Indirect Tax Updates

Along with released budget measures for year 2014 many countries have passed legislation or announced a number of changes that have an impact on the VAT rates. These changes are a response to economic and budgetary developments in the particular country. We have summarized the upcoming VAT rate changes with the following countries. The changes will … Read More