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Reporting income and taxes withheld on payments made to corporate vendors recently became more challenging for accounts payable (A/P) departments of both for-profit and not-for-profit organizations with the new IRS compliance focus on payments to nonresident alien individuals, foreign entities and foreign governments (collectively, foreign persons). A/P departments familiar with the ins and outs of Form … Read More
Part of Rhode Island Governor Chafee’s budget includes a possible increase to the meals tax, increasing the rate patrons pay by 2%. Local restaurant owners are voicing strong opinions against this tax, saying that they already have one of the highest rates in the country at 8%, and a 10% tax would be unacceptable. They … Read More
A Nebraska Senator has introduced a bill (LB745) that would require cities to take a vote on approving occupancy taxes. If approved, cities would impose a tax on certain businesses, services and products such as hotel rooms, rental cars, and meals in restaurants. The bill would also require a city to state the specific purpose … Read More
If a withholding agent fails to provide correct Forms 1042-S to recipients when due and cannot show reasonable cause, the withholding agent may be subject to a penalty for each failure. The IRS may also impose the penalty for failure to include all required information or for furnishing incorrect information on Form 1042-S. The penalty is … Read More
Madison County’s food & beverage tax of 1% is currently structured with 70% of the funds going towards Anderson city, with the remaining 30% going to the county. Recently, State Rep. Jack Lutz pulled his bill, which proposed changing the distribution to an even 50-50 split reflecting population changes, due to heated debates in a … Read More
The way tax administrations select transfer pricing cases for audit varies dramatically across the world. Learning their tactics is vital for taxpayers looking to avoid the scrutiny of revenue-hungry officials. In a recent OECD report, “Dealing Effectively with the Challenges of Transfer Pricing”, various authorities … Read More