Tax & Accounting Blog

Wausau, Wisconsin Alderman Pushes For Cities’ Right to Own Public Transit Sales Tax Across State

Wausau, Wisconsin Alderman Pushes For Cities’ Right to Own Public Transit Sales Tax Across State

Wausau Alderman Keene Winters is proposing to the Wisconsin State Legislature that the state’s cities, towns, and villages be able to levy their own sales taxes to fund public transit systems. Alderman Winters has been campaigning door-to-door for support of his proposal, but the state legislature will have to pass the law allowing the local … Read More

Property Tax Exemption for Recycling Machinery or Equipment in Connecticut

Property Tax Exemption for Recycling Machinery or Equipment in Connecticut

New Connecticut legislation allows municipalities (if adopted by local ordinance) to provide an exemption from property tax for any machinery or equipment used in connection with recycling that is installed on or after October 1, 2013. The exemption only applies to the increased value to commercial or industrial property that is attributable to such machinery … Read More

Forms 1099-R for 2014 Has a New Distribution Code, and Form 5498 Expands with New Boxes 15a and 15b

Forms 1099-R for 2014 Has a New Distribution Code, and Form 5498 Expands with New Boxes 15a and 15b

The IRS has released a draft of Form 1099-R and the Instructions for Forms 1099-R and 5498 for distributions and contributions made in 2014 and reported in 2015. Both the 1099-R and 5498 have changes for 2014 to enable identification of non-cash distributions and Fair Market Values that must be determined where FMV is not … Read More