Tax & Accounting Blog

South Carolina – Attorney General and Real Property Valuation

South Carolina – Attorney General and Real Property Valuation

The Attorney General issued an opinion regarding fair market value and calculating ad valorem tax on real property, stating that valuation is dictated by S.C. Code Ann. § 12-37-930, which allows several  methods for valuing real property, and choosing the correct one will depend on property circumstances. S.C. Code Ann. § 12-37-3140 does not affect … Read More

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 2: Payments to Beneficial Owners Recipient Code

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 2: Payments to Beneficial Owners Recipient Code

In order to report income and taxes properly, payers must generally maintain a record in the name of the income recipient even if payment is made to a different payee. Generally, the recipient named on the Form 1042-S is the individual (Code 01) or entity such as a corporation (Code 02) that is the … Read More

Santa Cruz Approves Hotel Tax Increase

Santa Cruz Approves Hotel Tax Increase

                                                  The Santa Cruz City Council voted in favor of increasing local lodging taxes on Tuesday, July 24th. The council approved a measure that will ask voters to increase the city’s transient occupancy tax from 10 to 11 percent on the November 6th voter’s ballot.  Hotel owners endorsed the one percent increase, with a promise … Read More

Louisiana Proposes Exemption For Non-Manufacturing Businesses

Louisiana Proposes Exemption For Non-Manufacturing Businesses

In November, Louisiana businesses that are considered non-manufacturing face changes under a proposed constitutional amendment contained in L. 2012, H674. The proposed  amendment would authorize the State Board of Commerce and Industry to grant ad valorem tax exemption contracts to targeted non-manufacturing businesses located in parishes that choose to participate in a program established for the granting … Read More