Tax & Accounting Blog

Net Investment Income Tax:  IRS Website FAQs Can Help Answer Some Questions

Net Investment Income Tax: IRS Website FAQs Can Help Answer Some Questions

The Net Investment Income Tax (NIIT), the new 3.8% tax on certain net investment income of individuals, estates and trusts that have income above threshold amounts, is now in effect. The IRS has posted a list of FAQs, which can help answer some client questions about the NIIT, at http://www.irs.gov/uac/Newsroom/Net-Investment-Income-Tax-FAQs. Tax counsel advice … Read More

April Webcasts For Trust Tax, AP, and Nonprofits

April Webcasts For Trust Tax, AP, and Nonprofits

The end of tax season is a perfect opportunity to enhance your knowledge on FATCA updates, as well as the often confusing area of nonresident alien taxation. Webcast Details: FATCA Compliance Implementation Part 2 for U.S. Payers in Trust, Bank and Brokerage Date: Wednesday, April 17 Time: 2:00 PM ET | 1:00 PM CT | … Read More

IRS Study Points to Errors in Form 1099-R Reporting of Retirement Distributions to Individuals Living Outside the United States

IRS Study Points to Errors in Form 1099-R Reporting of Retirement Distributions to Individuals Living Outside the United States

The IRS Employee Plans Compliance Unit, in a review labeled the International Foreign Distribution Project, found many errors on Forms 1099-R for individuals living outside the United States. The project focused on individuals living outside the U.S. or U.S territories who received retirement plan or IRA distributions before reaching age 59 … Read More

Kentucky Imposes State Property Tax on Motor Vehicle Inventory

Kentucky Imposes State Property Tax on Motor Vehicle Inventory

Kentucky has announced that for any motor vehicle held for sale in the inventory of a licensed motor vehicle dealer, whether or not that vehicle is titled and registered in Kentucky and whether or not ownership has been transferred to the dealer, the state shall impose a property tax of 5¢ for every $100 of … Read More

Form 1042-S Information Reporting to Non-U.S. Persons Part 4: Form 1042-S Data
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Germany and U.S. Reach Intergovernmental Agreement for FATCA Implementation

The tax authorities of Germany and the United States have initialed an intergovernmental agreement (IGA), as announced by the German Finance Ministry, that makes possible the implementation of U.S. information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The German government announcement states that its agreement is … Read More