Tax & Accounting Blog

Why Nature of Income Paid to Foreign Vendors Matters Part 5 – Unknown Source of Income

Why Nature of Income Paid to Foreign Vendors Matters Part 5 – Unknown Source of Income

AP must also know whether or not the income being paid is U.S.-source in order to withhold and report correctly. During an audit, the IRS will request evidence supporting foreign-source payments such as contracts, invoices, expense reports and so forth. If a payment to a foreign vendor includes both U.S.- and foreign-source income and no … Read More

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U.S. District Court Rules that under ERISA and U.S. v. Windsor, Same-Sex Surviving Spouse Receives Death Benefit from Qualified Plan

On July 29, the United States District Court for the Eastern District of Pennsylvania issued an order that that a same-sex surviving spouse was entitled to receive the “surviving spouse” death benefit under an employer’s qualified employee benefit plan. The court found that the United States Supreme Court’s decision in United States v. Windsor, declaring … Read More

Why Nature of Income Paid to Foreign Vendors Matters Part 4 – Bundled Income

Why Nature of Income Paid to Foreign Vendors Matters Part 4 – Bundled Income

When an income payment is one amount that covers more than one type of income, the payment must be reasonably allocated among all types of income covered by the payment. For example, a single payment to a foreign vendor for the purchase of equipment, which is not subject to 30 percent withholding, might include shipping … Read More

New Property Tax Bills in Kentucky and Oregon are Notable Issues for Taxpayers

New Property Tax Bills in Kentucky and Oregon are Notable Issues for Taxpayers

Kentucky — Court Case Regarding Refund Procedure Recently a Supreme Court case was heard involving property taxpayers’ refund procedures for the Kentucky Department of Revenue. The taxpayer underwent a tangible personal property tax audit and afterwards paid the balance of the bill. The taxpayer then filed refund claims on taxes the DOR incorrectly placed as … Read More