Tax & Accounting Blog

IRS Issues New Guidance on Trust and Estate Administration Costs Subject to the 2% Floor

IRS Issues New Guidance on Trust and Estate Administration Costs Subject to the 2% Floor

In light of the Supreme Court’s decision in Knight v. Com., the IRS has withdrawn previously issued proposed regs and, consistent with that decision, provided new guidance on which costs incurred by estates and non-grantor trusts are subject to the Code Sec. 67(a)’s 2% floor for miscellaneous itemized deductions. In accord with the Knight decision, … Read More

Arizona Posts October Transaction Privilege Tax Changes

Arizona Posts October Transaction Privilege Tax Changes

 The Arizona Department of Revenue has posted Local Transaction Privilege Tax Rate Changes that will be effective in September and October of 2012.  These changes will be in Wickensburg, Buckeye and Williams.  For more information please proceed to the following website:   http://www.azdor.gov/Portals/0/TPTRates/TPT%20Tax%20Changes%20092012.pdfRead More

Overriding Veto Could Effect 122 Thousand Vehicle Sales

Overriding Veto Could Effect 122 Thousand Vehicle Sales

Jay Nixon, Governor of Missouri, says that more than 120,000 Missouri residents could face a retroactive tax if legislators override his veto of a bill related to local taxes on out of state vehicle purchases.  Nixon released this information in a letter sent out Monday to Missouri legislators, who convene 12 September 2012 to consider … Read More

Six IRS Social Media Tools To Help With Your Tax Deadline

Six IRS Social Media Tools To Help With Your Tax Deadline

Look up any subject and literally — chances are there’s an app for that! It is not uncommon now for businesses to grow their presence on the internet via social media. What you may not be aware of is that the Internal Revenue Service (IRS) is also active on numerous social media platforms … Read More

ONESOURCE Property Tax September 2012 Release

ONESOURCE Property Tax September 2012 Release

Thomson Reuters is pleased to announce the September 2012 release of ONESOURCE Property Tax. Changes include the second phase of the new Appeal Center, new features focusing on the overall expansion of the four centers comprising ONESOURCE Property Tax and new tabs within the Tax Center detail screen. Appeal Center The centerpiece of this release … Read More

California Tax Board Offers a Step-by-Step Chart for Nonresident and Backup Withholding

California Tax Board Offers a Step-by-Step Chart for Nonresident and Backup Withholding

If you’re making vendor payments for a California business location, you need to watch out for payments that are subject to the State of California’s 7% withholding requirements. The California Franchise Tax Board has just issued a new chart, which they hope will make the process easier to understand. The new two-page chart is posted on the … Read More