Tax & Accounting Blog

Why Nature of Income Paid to Foreign Vendors Matters Part 4 – Bundled Income

Why Nature of Income Paid to Foreign Vendors Matters Part 4 – Bundled Income

When an income payment is one amount that covers more than one type of income, the payment must be reasonably allocated among all types of income covered by the payment. For example, a single payment to a foreign vendor for the purchase of equipment, which is not subject to 30 percent withholding, might include shipping … Read More

New Property Tax Bills in Kentucky and Oregon are Notable Issues for Taxpayers

New Property Tax Bills in Kentucky and Oregon are Notable Issues for Taxpayers

Kentucky — Court Case Regarding Refund Procedure Recently a Supreme Court case was heard involving property taxpayers’ refund procedures for the Kentucky Department of Revenue. The taxpayer underwent a tangible personal property tax audit and afterwards paid the balance of the bill. The taxpayer then filed refund claims on taxes the DOR incorrectly placed as … Read More

Ask the Expert: Land Lease Payment Reporting on Form 1099-MISC

Ask the Expert: Land Lease Payment Reporting on Form 1099-MISC

Question: Our company is acquiring some vacant land on a long-term land lease. Does that require tax reporting on a Form 1099? Answer from Marianne Couch of COKALA Tax Information Reporting Services: It depends on what the payment is really for. If it is a straightforward lease with fewer than 30 years remaining on the … Read More