Tax & Accounting Blog

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IRS IRPAC Recommends Additional Postponement of FATCA Implementation

In a report delivered at the annual Public Meeting of the IRS Information Reporting Program Advisory Committee (IRPAC), the IRPAC recommended that the IRS postpone the requirement to impose FATCA withholding until January 1, 2015. IRPAC also recommended an extension of the validity period of Forms W-8 that otherwise would expire on December 31, 2013, … Read More

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Further Extension of FATCA Timeline Requested by Four Financial Industry Associations

In a joint letter to the Department of Treasury and Internal Revenue Service, four financial industry associations have requested a further postponement of FATCA milestone dates in order to help ensure a smooth transition to the FATCA regime. IRS Notice 2013-43 postponed certain implementation dates for FATCA (the Foreign Account Tax Compliance Act) from January … Read More

Belgium – Lawyer Services subject to 21% VAT in 2014

Belgium – Lawyer Services subject to 21% VAT in 2014

Until 31 December 2013 Belgium was the only EU country applying VAT exemption under art.44 §1 (1) of the VAT Act to lawyer services provided by Belgian, EU-listed lawyers or firms located in Belgium with the majority of Belgian or EU-listed partners. This allowed not charging clients VAT, however, the firms had to absorb any … Read More

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Thomson Reuters Releases 2013 Real and Personal Property Tax Report for Businesses

New York, Dec. 12, 2013 – Thomson Reuters announced the availability of the ONESOURCE Property Tax 2013 property tax report, which provides a high-level list of key dates for filing, appealing and paying real and personal property taxes. As a leading source of revenue for states (source: U.S. Census Bureau, “Quarterly Summary of … Read More

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New IRS Regulations Authorize a Broader Scope of Voluntary Federal Income Tax Withholding

New temporary and proposed federal tax regulations authorize an expansion of voluntary withholding of federal income tax, including withholding on payments for non-wage services. The temporary regulations (TD 9646) went into effect immediately, and the proposed regulations (REG-146620-13) are open for public comment through February 24, 2014. They authorize voluntary withholding to be expanded to … Read More