Tax & Accounting Blog

Data Management Podcast Series: Advice on Speeding Up Data Collection by 2-3 weeks

Data Management Podcast Series: Advice on Speeding Up Data Collection by 2-3 weeks

When it comes to data collection, many tax leaders say the process is one of their biggest challenges. Without the right data in the right format, everything else — including technology, processes, and people — cannot perform as expected. Yet, some tax leaders are paving the ways for their companies to speed up the data … Read More

Iceland Plans to Raise VAT on Accomodations in 2013

Iceland Plans to Raise VAT on Accomodations in 2013

The government of Iceland has announced plans to increase the VAT rate on tourist accommodations from 7%  to 25.5% beginning May 2013. The increase will make VAT on accommodations in Iceland the highest in Europe. The plan has received harsh criticism from the Icelandic tourism industry. Source: http://www.icelandreview.com/icelandreview/daily_news/Higher_Taxes_on_Aviation_and_Accommodation_0_392624.news.aspxRead More

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 8: Compensation for Service Fees Income Codes

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 8: Compensation for Service Fees Income Codes

IRS Publication 515, Table 2, Compensation for Personal Services Performed in United States Exempt from Withholding and U.S. Income Tax Under Income Tax Treaties, assigns Income Codes to the categories of income described in the table and describes the various limitations that apply to each type of income. All of the following Income Codes … Read More