Tax & Accounting Blog

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Highlights of the Form 1042-S Changes

As we alerted readers in an earlier blog post, the IRS has published the highly anticipated draft of an all-new Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, for use in reporting 2014 income payments (reporting you will do in 2015). A copy of the draft form is available to view on the … Read More

Personal Property Exemption Changes in Idaho

Personal Property Exemption Changes in Idaho

Idaho legislation has enacted House Bill H315 (effective retroactive to  1/1/2013), which provides an exemption from property taxes for the first $100,000 of a taxpayer’s personal property that is not otherwise exempt from taxation, except for certain vehicles that a registration fee has not been paid. Taxpayers must file an application for the exemption. Previously, … Read More

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Cayman Islands will Adopt an Intergovernmental Agreement for FATCA Implementation

The Cayman Islands Government has announced that it will adopt an intergovernmental agreement (IGA) with the United States for implementation of the U.S. Foreign Account Tax Compliance Act, commonly known as FATCA. The Caymans-U.S. IGA will follow the “Model 1” for FATCA cooperation which was drafted by the U.S. Department of the Treasury, giving the … Read More