Tax & Accounting Blog

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

onesource

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

Who Is a U.S. Citizen and Why It Matters: Part 2 – Tax-Related Rules for Citizens

Who Is a U.S. Citizen and Why It Matters: Part 2 – Tax-Related Rules for Citizens

In order to apply the proper tax-related rules, payment professionals, tax advisors and return preparers need to know which employees, payees, or clients are U.S. citizens, and which are not and may, therefore, be subject to a different set of tax rules and procedures. Taxation of Worldwide Income. U.S. citizens are subject to U.S. income tax … Read More

IRS Revenue Ruling highlights expense payments which cannot be tax-free

IRS Revenue Ruling highlights expense payments which cannot be tax-free

Revenue Ruling 2012-25 from the Internal Revenue Service describes three plans which companies set up to provide expense reimbursements to employees, with the payments treated as outside of the wage stream and therefore paid without any tax deductions and not reported on the employees’ W-2 forms.  But under IRS scrutiny, all three plans failed the … Read More