Tax & Accounting Blog

Revised Form 8809 (Application for Extension of Time to File Information Returns)

With the release of a new version of Form 8809 in May 2011,  the field to enter a TCC was removed since it is apparently not needed with extension filings for information returns. Noted with a caution in the on-form 8809 instructions is the statement, “if you are requesting an extension for more than one filer, you must … Read More

Understanding the Difference between Documented and Undocumented

It is important to keep in mind that, as a general rule, all US source payments made to non-US residents are subject to 30% withholding. To apply a reduced (or zero) rate of withholding, the non-US person must provide valid documentation. If your securities account is with a Withholding Agent (a Qualified Intermediary, Non-Qualified Intermediary … Read More

Amazon is taking its fight to the people of California, not the courts, to overturn new click-through nexus

Amazon is taking its fight to the people of California, not the courts, to overturn new click-through nexus

Amazon wants California voters to strike down the new click-through nexus law. Amazon filed a petition to get a measure on the California ballot to ask voters to repeal the new rule that requires all companies with in-state affiliates to collect sales tax.  The company has until September to gather 504,760 signatures to qualify the … Read More

Cost Basis Reporting Developments

Cost Basis Reporting Developments

Over the last few weeks, the IRS issued guidance regarding cost basis reporting requirements that go into effect during 2011 and 2012.  Below is a brief summary of the recent guidance and links to access the details. FAQs – In late April, the IRS issued a series of Frequently Asked Questions (FAQs) explaining rules for cost basis reporting … Read More

Wichita Conference 2011

Wichita Conference 2011

There will be “energy” in the air July 31st through August 4th 2011 in Wichita Kansas. Jeff Binkley, Senior Director with Thomson Reuters Property Tax Services, will be moderating the panel  “Which Way From Here: Direction of Electric Power Generation” at the 2011 Appraisal for Ad Valorem Taxation Conference at Wichita State University, in Wichita, Kansas on … Read More

‘Tis The Sales Tax Holiday Season

With summer officially here, consumers in various US states can start looking forward to some tax-free shopping weekends. As in years past, many tax holidays are set to occur in July and August. Several states are having back-to-school sales tax holidays such as Mississippi and Puerto Rico in July; Alabama, Arkansas, Florida, Iowa,  Missouri, Oklahoma, South Carolina, … Read More