Tax & Accounting Blog

In August of 2010, the IRS announced “executing our international strategy is a top priority, and our work continues to intensify in this area.” Included in this strategy is a requirement for examiners to review withholding and reporting on payments to foreign individuals and entities during corporate audits. Other organizations should anticipate that the IRS will apply … Read More

Maryland will be having a Sales Tax Holiday for qualified Energy Star products for the second consecutive year this February.  Between Saturday  the 18th and Monday the 20th, items such as energy star dishwashers, laundry machines, and solar powered water heaters will be exempt from sales and use tax according to state statute §11–226.  This … Read More

The U.S. Supreme Court has denied the request for certiorari in KFC Corp. v. Iowa. The issue in the case is the asserting of jurisdiction to asses income taxes based on the concept of economic nexus. In KFC, the franchisor licensed its marks and other intangibles to independent franchisees for use in their business, in … Read More

The IRS has released a new set of tax gap estimates for tax year 2006 (the most recent year for which these figures are available). The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time. Much of the tax gap amount is never paid, largely due … Read More

How many assets do I need to report in TX this year?  What is the total value of my inventory in GA?  What are my total property tax payments coming due next month?  Answering these questions is easier and faster than ever with the release of ONESOURCE Property Tax 9.50. December marked a milestone for … Read More

On January 12, 2012, the Financial Accounting Foundation (FAF) released a Post-Implementation Review Report on FASB Interpretation No. 48 (FIN48/ASC 740-10-50) Accounting for Uncertainty in Income Taxes, commonly referred to as Fin 48. The general conclusion of the report is that the benefit of the reporting … Read More