Tax & Accounting Blog

aumentum

Moving at a Fast Pace

Aumentum, Blog August 30, 2013

I just returned from the 79th Annual IAAO Conference, held in Grand Rapids, Michigan. It is always good to be among clients, colleagues, industry-partners and competitors—some of which I’ve known for nearly 30 years. And although we may have different objectives, we all have one thing in common—Assessment Administration. From all the things I saw, … Read More

onesource

IRS to Analyze Tax Credit Bond Credit Stripping and Credit Claims

Nearly $5 billion in qualified tax credit bonds were issued in 2009 and 2010, resulting in millions of dollars of bond tax credits claimed each year. In a heavily redacted report, the Treasury Inspector General for Tax Administration (TIGTA) has reported on its analysis of corporate and individual returns with claims for bond tax credits. … Read More

Why Nature of Income Paid to Foreign Vendors Matters Part 5 – Unknown Source of Income

Why Nature of Income Paid to Foreign Vendors Matters Part 5 – Unknown Source of Income

AP must also know whether or not the income being paid is U.S.-source in order to withhold and report correctly. During an audit, the IRS will request evidence supporting foreign-source payments such as contracts, invoices, expense reports and so forth. If a payment to a foreign vendor includes both U.S.- and foreign-source income and no … Read More