Tax & Accounting Blog

Mississippi Introduces a Revised Annual Information Return Form

Mississippi Introduces a Revised Annual Information Return Form

The Mississippi Department of Revenue has announced that for 2012 tax reporting, a single Annual Information Return Form 89-140 will be used for both Form W-2 wage reports and Form 1099 or W-2G non-wage income reports.  The Form 89-142 used for 2011 and prior years to report 1099 information has been discontinued.  For tax … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 2 – Tax Rules and Procedures for Nonresident Aliens

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 2 – Tax Rules and Procedures for Nonresident Aliens

Foreign nationals who are nonresident aliens for U.S. income tax purposes are subject to the following tax rules and procedures: 1. Taxation of U.S.-Source Income. Nonresident aliens are subject U.S. federal income tax on their U.S.-source fixed or determinable annual or periodic (FDAP) gross income and on income that is effectively connected to the conduct … Read More

International Tax Authorities Strike Again

International Tax Authorities Strike Again

On October 11, 2012, the Federal Administration of Tax Revenues, the AFIP, of Argentina accused a large  agriculture biotechnology company  of using sham loans from related parties to avoid up to $77 million in taxes.  According to the AFIP, the company “pretended” to borrow money from related overseas parties to show lower revenues.  The lenders … Read More

Mississippi Requires Forms 1099-R to be Filed Electronically for 25 or More Forms

Mississippi Requires Forms 1099-R to be Filed Electronically for 25 or More Forms

The threshold for mandatory electronic filing of Forms 1099-R to the Mississippi Department of Revenue has been lowered from 50 forms to 25 forms. The Mississippi due date for electronically filed Forms 1099-R is March 31. Electronic filing, via upload, is through the state’s new TAP online electronic filing system.  The Form 1099-R electronic file must be … Read More