Tax & Accounting Blog

March Tax Information Reporting Educational Webcasts

March Tax Information Reporting Educational Webcasts

This month’s webcast from Thomson Reuters ONESOURCE Tax Information Reporting features education on withholding and reporting on payments for business and professional services and performances. Educational Webcast Details: Date: Wednesday, March 5th Time: 2:00 PM ET | 1:00 PM CT | Noon MT | 11:00 AM PT Thomson Reuters Tax & Accounting Corporate Software … Read More

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Revised FATCA Foreign Financial Institution Agreement

IRS Revenue Procedure 2014-13, which will be published in the January 13, 2014, Internal Revenue Bulletin, contains the revised text of the FFI Agreement between a participating FFI (foreign financial institution) and the Internal Revenue Service under section 1471(b) of the Internal Revenue Code and § 1.1471-4 of the Income Tax Regulations. It details the … Read More

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18 Countries Have Signed Intergovernmental Agreements with the U.S. for FATCA Implementation

The United States Department of the Treasury recently released the text of six new intergovernmental agreements (IGAs) for the implementation of FATCA (the Foreign Account Tax Compliance Act).  Four of these are reciprocal Model 1 IGAs between the United States and Malta, the Netherlands, Guernsey, and the Isle of Man.  The fifth is a reciprocal … Read More

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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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