Tax & Accounting Blog

United States Senate Passes Marketplace Fairness Act

United States Senate Passes Marketplace Fairness Act

On May 6, 2013, the United States Senate Passed the Reid amendments to S.743, the Marketplace Fairness Act,  on a bipartisan vote of 70-24.   The Marketplace Fairness Act imposes an obligation on out-of-state sellers to collect sales tax for companies with remote sales in excess of $1,000,000.  S.743, Section 2 (c).  Sellers who … Read More

IRS Issues Draft of Form 1042 for 2014, to Report Withholding on U.S. Source Income of Foreign Persons

IRS Issues Draft of Form 1042 for 2014, to Report Withholding on U.S. Source Income of Foreign Persons

The IRS has issued a draft of Form 1042 for calendar year 2014 reporting. The first use of the new version of this information reporting form will be the reconciliation of 2014 withholding, due date Match 15, 2015. A draft of the form can viewed on the IRS website. The IRS has not yet … Read More

Internet Sales Tax Bill Passes in U.S. Senate

Internet Sales Tax Bill Passes in U.S. Senate

On Monday, May 6th, 2013 the Senate voted 69-27 approving the collection of sales tax from retailers with no physical presence in a state. This bill will move to the House of Representatives for voting where if approved the President has indicated “he would sign it into law” . Source: http://www.pcworld.com/article/2038026/us-senate-approves-internet-sales-tax.htmlRead More

European Union establishes new commission to monitor tax base erosion efforts

European Union establishes new commission to monitor tax base erosion efforts

On April 23, 2013, the European Union announced the formation of The Platform of Good Tax Governance.  The Platform is composed of both government and non- government tax experts to keep member states on their toes and up-to-date on the current political momentum to prevent tax base erosion. The Platform is designed to foster discussion … Read More