Tax & Accounting Blog

With recent news of limits on intercompany debt in Australia, China, New Zealand, and the UK, many U.S. affiliates in these countries incurred substantial debt. While U.S. tax law does not place formal limits on the extent of debt versus equity financing, section 482 requires that the interest rate on intercompany debt … Read More

The securities proposed regulation defines “Securities and Related Property” as property that consists of: Intangible ownership interests in corporations, whether or not represented by a stock certificate, bonds, and other securities; Dividends, cash, stock and other distributions made (or attempted to be made) by issuers of securities in respect of … Read More

The IRS prescribes when deposits of NRA withholding are required in IRS Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. A payer who fails to make a required deposit of withheld taxes within the time prescribed is liable for a penalty on the underpayment (i.e., the excess of the … Read More

Massachusetts House Democrats blocked a Republican proposal to hold a state-wide meals tax holiday for six days in March, running from the 20th through the 26th.  Traditionally, this particular week is the slowest week of the year for local restaurants, and was intended to promote dining out.  If approved, patrons would not have to pay … Read More

You asked… we’re delivering. At the 2011 ONESOURCE User Conference, we heard feedback from our 1500+ clients in attendance via a new program launched so that we could hear everything our customers care about most. In this series, I’ll share with you how we’re implementing customer … Read More

Commissioners in Ramsey County, MN have proposed a 3% countywide food and beverage tax to help fund part of a new football stadium in Arden Hills to the tune of $350 million.  However, an opposition group has begun to collect the necessary 15,000 signatures to put this question to the voters on Novembers ballot.  The … Read More