Tax & Accounting Blog

Net Investment Income Tax:  IRS Website FAQs Can Help Answer Some Questions

Net Investment Income Tax: IRS Website FAQs Can Help Answer Some Questions

The Net Investment Income Tax (NIIT), the new 3.8% tax on certain net investment income of individuals, estates and trusts that have income above threshold amounts, is now in effect. The IRS has posted a list of FAQs, which can help answer some client questions about the NIIT, at http://www.irs.gov/uac/Newsroom/Net-Investment-Income-Tax-FAQs. Tax counsel advice … Read More

Utah Assessments Impacted By The Presence Of An Endangered Species

Utah Assessments Impacted By The Presence Of An Endangered Species

Utah legislation has enacted House Bill H112 (effective 1/1/2014), which provides a provision related to the assessment of property if a threatened or endangered species is present. When assessing the fair market value of property, a county assessor must consider whether a threatened or endangered species is present on any portion of the property, including … Read More

April Webcasts For Trust Tax, AP, and Nonprofits

April Webcasts For Trust Tax, AP, and Nonprofits

The end of tax season is a perfect opportunity to enhance your knowledge on FATCA updates, as well as the often confusing area of nonresident alien taxation. Webcast Details: FATCA Compliance Implementation Part 2 for U.S. Payers in Trust, Bank and Brokerage Date: Wednesday, April 17 Time: 2:00 PM ET | 1:00 PM CT | … Read More

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Slovenia – PM Considers Raising VAT Rate

Alenka Bratusek, Slovenia’s new Prime Minister, has stated that she is considering raising the VAT rate. Slovenia is currently struggling with the economic effects of bad debts in the banking sector. Bratusek, who was formerly head of the Budget Directorate at Slovenia’s Finance Ministry, told parliament that an increase in the VAT rate would have the least … Read More

Who says states are complicated?

Who says states are complicated?

State provisions are complex and raise plenty of challenges.  States have numerous issues and adjustments from the federal tax return.  For example, some decouple and revalue fixed assets for things such as bonus depreciation or Section 179 expense.  Some states have used a hybrid income base, such as Texas and Michigan.  More and more states … Read More