Tax & Accounting Blog

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 8 – Exempt Individuals

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 8 – Exempt Individuals

Exempt Individuals are exempt from counting U.S. days for purposes of determining substantial presence in the U.S., nothing more. They are not exempt from tax because of their status as Exempt Individuals, although such Exempt Individuals are frequently exempt from income tax under a Code or tax treaty provision. To avoid this confusion, the IRS … Read More

Thomson Reuters and GTS Announce Tax Awards in China

Thomson Reuters and GTS Announce Tax Awards in China

ONESOURCE December 6, 2012

Awards highlight professional achievement and business success in China CHINA, December 6, 2012 – Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced the launch of the China Tax Awards 2012. With over 80 entries, the awards recognise the achievements of outstanding tax practitioners in China and aim to … Read More

Michigan Clarifies Reporting of Oil and Gas Personal Property

Michigan Clarifies Reporting of Oil and Gas Personal Property

Michigan’s State Tax Commission issued a bulletin to clarify reporting requirements for Oil and Gas Well properties. This bulletin includes how to properly report Oil and Gas personal property using Form 632 and how to determine the status of a well, using the Department of Environmental Quality Oil and Gas Database. Reportable costs and the … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 7 – Substantial Presence Test

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 7 – Substantial Presence Test

Foreign nationals who are not green card holders (also called nonimmigrants) who are substantially present in the U.S. over a period of years are also resident aliens. Nonimmigrants are substantially present if their countable U.S. days (including partial days) over three calendar years equal or exceed 183 days based on a formula. The 183-day formula … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 6 – Green Card Test

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 6 – Green Card Test

Foreign nationals who are green card holders are residents for income tax purposes unless they have never actually been physically present in the U.S. in that status. Green card holders are resident aliens from their first day of physical presence in the U.S. in that status or earlier if they became resident aliens under the … Read More

Connecticut Legislative Proposals

Connecticut Legislative Proposals

The Connecticut Department of Revenue Services (DRS) has released its annual list of legislative proposals, which include: – Tying all interest rates, either for under- or overpayment, to the IRC; – Require the collection of sales taxes by cigarette distributors and alcoholic beverage distributors on retail sales; – Allow the commissioner to impose civil penalties … Read More