Tax & Accounting Blog

IRS Document Requests Include Copies of Accounting Software Backup Files

IRS Document Requests Include Copies of Accounting Software Backup Files

Did you know that IRS requests for documents for examination are now routinely specifying backup copies of electronic accounting software records instead of paper books and records? The IRS Small Business/Self Employed (SB/SE) division (which is heavily involved in Form 1099 tax reporting and withholding, among other issues) published a set of FAQs last week … Read More

ONESOURCE Income Tax – State Tax Tip #4

ONESOURCE Income Tax – State Tax Tip #4

Workpaper of the Week: State Factor Reconciliation  Reconcile factor information from ONESOURCE Income Tax – State Allocation and Apportionment to the appropriate lines of the federal return, for both separate and combined/consolidated returns. This gives you an easy check that your factor data is complete, and provides the roadmap between factors and the federal return … Read More

Understanding FATCA (Foreign Account Tax Compliance Act)

Understanding FATCA (Foreign Account Tax Compliance Act)

The Foreign Account Tax Compliance Act (FATCA) imposes an additional 30% withholding tax on certain U.S. source payments made to “foreign financial institutions” (“FFIs”) and “non-financial foreign entities” (“NFFEs”) that refuse to disclose information to the IRS about U.S. investors, even if those investors hold only non-U.S. assets. Due diligence requirements for identifying new and … Read More

California Passes a 1 Year Reprieve of Affiliate Nexus Tax

California Passes a 1 Year Reprieve of Affiliate Nexus Tax

The California legislature has passed a bill (A155) that would repeal the Amazon nexus law for one year while Amazon lobbies for a Federal solution. The law, which is a deal brokered by California retailers and Amazon, will go into immediate effect upon the signature of Governor Brown. If Congress enacts a federal law allowing states to require … Read More