Tax & Accounting Blog

Thomson Reuters Report: Number of Global Indirect Tax Changes Nearly Quadrupled in Q2, Increasing Taxes on Consumers and Administrative Burden on Business

Thomson Reuters Report: Number of Global Indirect Tax Changes Nearly Quadrupled in Q2, Increasing Taxes on Consumers and Administrative Burden on Business

Worldwide, there were 379 percent more indirect tax changes in the second quarter of 2012 than there were during the same period in 2011, according to the latest ONESOURCE Indirect Tax rate report from Thomson Reuters. There were 1,025 tax code changes in Q2 2012, compared with 270 in Q2 2011. This includes 109 indirect … Read More

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Avoiding Tax Busy Season Burn-Out

 Working extra hours, even double time, has become the normal part of a tax accountant’s job. Along with grueling hours, tax accountants have become accustomed to the other “norms” of busy season, such as the stress and pressure of the looming September 15th deadline, demanding clients and bosses and unhealthy late-night dinners. Sound familiar? Here … Read More

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FinCEN to Require Mandatory E-Filing of Forms, Temporarily Exempts FBARs

The Financial Crimes Enforcement Network (FinCEN) announced February 24, 2012 that it would begin requiring that the agency’s reports be filed electronically, although a temporary exemption would be provided for electronic filing of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), until July 1, 2013. This does not relieve individuals of … Read More

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 4: Payments to Agents and Intermediaries Recipient Code

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 4: Payments to Agents and Intermediaries Recipient Code

If income is paid to an agent who acts on behalf of the beneficial owner, the beneficial owner is the recipient, not the agent, unless the agent has an agreement with the IRS to take responsibility for NRA withholding and reporting. When income is received by a partnership (Recipient Code 03) or other intermediary that … Read More

Utah eliminates reference to the Fair Market Value Cap on Exemptions for Personal Property.

Utah eliminates reference to the Fair Market Value Cap on Exemptions for Personal Property.

Effective June 14, 2012 – The Utah State Tax Commission has amended Utah Admin. R. R884-24P-68, “Property Tax Exemption for Taxable Tangible Personal Property With a Total Aggregate Fair Market Value That is At or Below the Statutorily Prescribed Amount Pursuant to Utah Code Ann. Section 59-2-1115,” to eliminate references to the $3,500 cap because … Read More