Tax & Accounting Blog

2014 North Carolina Property Tax Changes

2014 North Carolina Property Tax Changes

Custom Software – L. 2013, S490 (c. 259), effective for taxes imposed for taxable years beginning on or after 07/01/2014, clarifies that the exclusion for custom software and any documentation related to the computer software includes development of software or any modifications to software, whether done internally by the taxpayer or externally by a third … Read More

Montana Property Tax Reporting Changes

Montana Property Tax Reporting Changes

Montana Department of Revenue has incorporated thirty-two industry-specific trend and percent good tables from the Modified Accelerated Cost-Recovery System for manufacturing assets. This change affects taxpayers and industrial companies filing the CAB-10 Industrial Personal Property Reporting Form (due thirty days upon receipt). These trend and depreciation factors apply to assets used directly in the manufacturing … Read More

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Revised FATCA Foreign Financial Institution Agreement

IRS Revenue Procedure 2014-13, which will be published in the January 13, 2014, Internal Revenue Bulletin, contains the revised text of the FFI Agreement between a participating FFI (foreign financial institution) and the Internal Revenue Service under section 1471(b) of the Internal Revenue Code and § 1.1471-4 of the Income Tax Regulations. It details the … Read More

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18 Countries Have Signed Intergovernmental Agreements with the U.S. for FATCA Implementation

The United States Department of the Treasury recently released the text of six new intergovernmental agreements (IGAs) for the implementation of FATCA (the Foreign Account Tax Compliance Act).  Four of these are reciprocal Model 1 IGAs between the United States and Malta, the Netherlands, Guernsey, and the Isle of Man.  The fifth is a reciprocal … Read More