Tax & Accounting Blog

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

onesource

Washington, DC Trend in 2013: Temporary Property Tax Exemptions for Churches and Nonprofits

Act 19-664 enacts the “United House of Prayer for All People Real Property Tax Exemption Technical Temporary Act of 2013,” which amends the real property tax exemption so that the statutory exemption applies as of March 1, 2011. The exemption expires December 8, 2013. Act 19-665 enacts the “Beulah Baptist Church Real Property … Read More