Tax & Accounting Blog

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Washington, DC Trend in 2013: Temporary Property Tax Exemptions for Churches and Nonprofits

Act 19-664 enacts the “United House of Prayer for All People Real Property Tax Exemption Technical Temporary Act of 2013,” which amends the real property tax exemption so that the statutory exemption applies as of March 1, 2011. The exemption expires December 8, 2013. Act 19-665 enacts the “Beulah Baptist Church Real Property … Read More

Why Nature of Income Paid to Foreign Vendors Matters Part 3 – Uncategorized Income

Why Nature of Income Paid to Foreign Vendors Matters Part 3 – Uncategorized Income

In order for payments to foreign vendors to be timely made and correctly withheld and reported, accounts payable (AP) personnel need to know the nature of the income before payment is made, ideally before the invoice is received. Since many payments are based on the terms of the agreement, this can best be determined at … Read More

Texas Appeals, Arbitration and Appraisal Records

Texas Appeals, Arbitration and Appraisal Records

Texas recently passed two laws regarding changes to their appeals and arbitration processes along with a bill regarding military addresses in appraisal records. Alternative Property Tax Appeal H316 was recently passed, which provides an alternative appeal process for property owners with property valued at over $1 million. This bill offers such taxpayers in … Read More

Minnesota, North Dakota, Wisconsin: Income Tax Changes Affect Retirement and IRA Distributions

Minnesota, North Dakota, Wisconsin: Income Tax Changes Affect Retirement and IRA Distributions

Minnesota, North Dakota and Wisconsin have enacted personal income tax rate and bracket changes that are retroactive to January 1, 2013. Withholding on qualified retirement plan and IRA distributions is voluntary for all three states, but where the payer withholds, the withholding tables or formula method are used to determine the amount for Minnesota and … Read More