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The end of tax season is a perfect opportunity to enhance your knowledge on FATCA updates, as well as the often confusing area of nonresident alien taxation. Webcast Details: FATCA Compliance Implementation Part 2 for U.S. Payers in Trust, Bank and Brokerage Date: Wednesday, April 17 Time: 2:00 PM ET | 1:00 PM CT | … Read More
Alenka Bratusek, Slovenia’s new Prime Minister, has stated that she is considering raising the VAT rate. Slovenia is currently struggling with the economic effects of bad debts in the banking sector. Bratusek, who was formerly head of the Budget Directorate at Slovenia’s Finance Ministry, told parliament that an increase in the VAT rate would have the least … Read More
State provisions are complex and raise plenty of challenges. States have numerous issues and adjustments from the federal tax return. For example, some decouple and revalue fixed assets for things such as bonus depreciation or Section 179 expense. Some states have used a hybrid income base, such as Texas and Michigan. More and more states … Read More
The IRS Employee Plans Compliance Unit, in a review labeled the International Foreign Distribution Project, found many errors on Forms 1099-R for individuals living outside the United States. The project focused on individuals living outside the U.S. or U.S territories who received retirement plan or IRA distributions before reaching age 59 ½. Responses … Read More
Kentucky has announced that for any motor vehicle held for sale in the inventory of a licensed motor vehicle dealer, whether or not that vehicle is titled and registered in Kentucky and whether or not ownership has been transferred to the dealer, the state shall impose a property tax of 5¢ for every $100 of … Read More
The Form 1042-S instructions and IRS Publication 1187, “Specifications for Filing Form 1042S, Foreign Person’s U.S. Source Income Subject to Withholding, Electronically” explain valid data for the fields. In order to process forms correctly, the following fields on Form 1042-S must be completed: • Box 1, Income Code • Box 2, Gross … Read More