Tax & Accounting Blog

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 3 – U.S. Tax Return Obligations for Nonresident Aliens

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 3 – U.S. Tax Return Obligations for Nonresident Aliens

Tax return filing obligations for nonresident aliens depend on the type of income that they have during the tax year – ECI, FDAP income, or both.  Nonresidents with No ECI. Nonresident aliens whose only U.S.-source income is FDAP income on which the correct amount of tax has been withheld (including applicable tax treaty reductions or … Read More

FATCA Intergovernmental Agreements: Netherlands and New Zealand Pursuing Agreements with the U.S.

FATCA Intergovernmental Agreements: Netherlands and New Zealand Pursuing Agreements with the U.S.

New Zealand Revenue Minister Peter Dunne has announced that his government intends to negotiate a FATCA tax information agreement with the United States, under which New Zealand financial institutions will be able to report information on their United States clients, as sought under the U.S. Foreign Account Tax Compliance Act, to New Zealand Inland Revenue … Read More

Mississippi Introduces a Revised Annual Information Return Form

Mississippi Introduces a Revised Annual Information Return Form

The Mississippi Department of Revenue has announced that for 2012 tax reporting, a single Annual Information Return Form 89-140 will be used for both Form W-2 wage reports and Form 1099 or W-2G non-wage income reports.  The Form 89-142 used for 2011 and prior years to report 1099 information has been discontinued.  For tax … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 2 – Tax Rules and Procedures for Nonresident Aliens

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 2 – Tax Rules and Procedures for Nonresident Aliens

Foreign nationals who are nonresident aliens for U.S. income tax purposes are subject to the following tax rules and procedures: 1. Taxation of U.S.-Source Income. Nonresident aliens are subject U.S. federal income tax on their U.S.-source fixed or determinable annual or periodic (FDAP) gross income and on income that is effectively connected to the conduct … Read More

Mississippi Requires Forms 1099-R to be Filed Electronically for 25 or More Forms

Mississippi Requires Forms 1099-R to be Filed Electronically for 25 or More Forms

The threshold for mandatory electronic filing of Forms 1099-R to the Mississippi Department of Revenue has been lowered from 50 forms to 25 forms. The Mississippi due date for electronically filed Forms 1099-R is March 31. Electronic filing, via upload, is through the state’s new TAP online electronic filing system.  The Form 1099-R electronic file must be … Read More

Who Is a U.S. Citizen and Why It Matters: Part 5 – Documentation of U.S. or Non-U.S. Status

Who Is a U.S. Citizen and Why It Matters: Part 5 – Documentation of U.S. or Non-U.S. Status

To assist payments with the task of identifying U.S. persons (i.e., U.S. citizens, resident aliens, and U.S. entities), the IRS provides Form W-9 which, in addition to providing important information about a payee, may act as a certificate of U.S. status (unless the payer has reason to doubt the validity of the document). … Read More