Tax & Accounting Blog

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FinCEN Announcement: Electronic Filing of Form 8300

On September 19, FinCEN announced that businesses may now electronically file Form 8300 using the BSA e-filing system. Businesses must file Form 8300 when they receive over $10,000 cash in one transaction, or in two or more related transactions. The filing is due in 15 days after the cash is received. Paper filings of Form 8300 … Read More

Who Is a U.S. Citizen and Why It Matters: Part 3 – Who Has U.S. Citizenship?

Who Is a U.S. Citizen and Why It Matters: Part 3 – Who Has U.S. Citizenship?

The 14th amendment to the Constitution of the United States confers U.S. citizenship status on individuals born or naturalized in the U.S. The Supreme Court has upheld the right of Congress to determine how citizenship is conferred to individuals not born or naturalized in the U.S. As a result, citizenship may be conferred by: 1) … Read More

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Thomson Reuters ONESOURCE named Americas Tax Innovator of the Year

Last week, International Tax Review recognized Thomson Reuters ONESOURCE platform as Americas Tax Innovator of the Year at its seventh annual Americas Awards ceremony in New York. When asked why Thomson Reuters ONESOURCE was singled out for the award, Ralph Cunningham, managing editor of International Tax Review, said: “It is down to the impact … Read More

IRS Makes Changes in Processing Central Withholding Agreements for Foreign Entertainers and Athletes

IRS Makes Changes in Processing Central Withholding Agreements for Foreign Entertainers and Athletes

Central Withholding Agreements (CWAs) are used by foreign athletes and entertainers who are planning a tour of the United States to arrange in advance an amount of U.S. income tax to be withheld on payments of income for events that are listed in the CWA, generally at a lower rate than would apply without a CWA. Read More

Paula Singer Releases Four Whitepapers on Nonresident Alien Taxation

Paula Singer Releases Four Whitepapers on Nonresident Alien Taxation

Nonresident alien taxation, which encompasses the special payroll withholding and reporting rules for nonresident alien employees and the withholding of tax on U.S.-source income paid to nonresident aliens and foreign entities (traditionally referred to as NRA withholding) has become a critical issue for organizations that pay foreign individuals and entities. Upcoming implementation of FATCA rules and … Read More