Tax & Accounting Blog

Goose Creek South Carolina Hospitality Tax

Goose Creek South Carolina Hospitality Tax

The city of Goose Creek, South Carolina, has enacted a new hospitality tax of 2% effective January 1, 2014.   The new tax is controversial, with many residents questioning why the city council decided to adopt a new tax without mentioning a clear objective for the new tax revenue. Others are hoping that the revenue … Read More

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IRPAC Issues Annual Report and Recommendations to IRS

The Information Reporting Program Advisory Committee (IRPAC) has released its annual report for 2013, providing numerous recommendations to the Commissioner of Internal Revenue on new and existing issues in tax administration. IRPAC is a federal advisory committee that serves as an organized public forum for discussion of information reporting issues. IRPAC members are drawn from … Read More

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January 2014 International Indirect Tax Updates

Along with released budget measures for year 2014 many countries have passed legislation or announced a number of changes that have an impact on the VAT rates. These changes are a response to economic and budgetary developments in the particular country. We have summarized the upcoming VAT rate changes with the following countries. The changes will … Read More

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IRS IRPAC Recommends Additional Postponement of FATCA Implementation

In a report delivered at the annual Public Meeting of the IRS Information Reporting Program Advisory Committee (IRPAC), the IRPAC recommended that the IRS postpone the requirement to impose FATCA withholding until January 1, 2015. IRPAC also recommended an extension of the validity period of Forms W-8 that otherwise would expire on December 31, 2013, … Read More

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Further Extension of FATCA Timeline Requested by Four Financial Industry Associations

In a joint letter to the Department of Treasury and Internal Revenue Service, four financial industry associations have requested a further postponement of FATCA milestone dates in order to help ensure a smooth transition to the FATCA regime. IRS Notice 2013-43 postponed certain implementation dates for FATCA (the Foreign Account Tax Compliance Act) from January … Read More

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New IRS Regulations Authorize a Broader Scope of Voluntary Federal Income Tax Withholding

New temporary and proposed federal tax regulations authorize an expansion of voluntary withholding of federal income tax, including withholding on payments for non-wage services. The temporary regulations (TD 9646) went into effect immediately, and the proposed regulations (REG-146620-13) are open for public comment through February 24, 2014. They authorize voluntary withholding to be expanded to … Read More