Tax & Accounting Blog

New Draft of Form 1042-S for 2014 Released and IRS Accepting Comments

New Draft of Form 1042-S for 2014 Released and IRS Accepting Comments

The IRS has published the highly anticipated draft of an all-new Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, for use in reporting 2014 income payments. The many changes in this Form 1042-S are designed to accommodate reporting of information relating to both Internal Revenue Code Chapter 3 withholding at source on payments … Read More

Net Investment Income Tax:  IRS Website FAQs Can Help Answer Some Questions

Net Investment Income Tax: IRS Website FAQs Can Help Answer Some Questions

The Net Investment Income Tax (NIIT), the new 3.8% tax on certain net investment income of individuals, estates and trusts that have income above threshold amounts, is now in effect. The IRS has posted a list of FAQs, which can help answer some client questions about the NIIT, at http://www.irs.gov/uac/Newsroom/Net-Investment-Income-Tax-FAQs. Tax counsel advice … Read More

Utah Assessments Impacted By The Presence Of An Endangered Species

Utah Assessments Impacted By The Presence Of An Endangered Species

Utah legislation has enacted House Bill H112 (effective 1/1/2014), which provides a provision related to the assessment of property if a threatened or endangered species is present. When assessing the fair market value of property, a county assessor must consider whether a threatened or endangered species is present on any portion of the property, including … Read More

April Webcasts For Trust Tax, AP, and Nonprofits

April Webcasts For Trust Tax, AP, and Nonprofits

The end of tax season is a perfect opportunity to enhance your knowledge on FATCA updates, as well as the often confusing area of nonresident alien taxation. Webcast Details: FATCA Compliance Implementation Part 2 for U.S. Payers in Trust, Bank and Brokerage Date: Wednesday, April 17 Time: 2:00 PM ET | 1:00 PM CT | … Read More

onesource

Slovenia – PM Considers Raising VAT Rate

Alenka Bratusek, Slovenia’s new Prime Minister, has stated that she is considering raising the VAT rate. Slovenia is currently struggling with the economic effects of bad debts in the banking sector. Bratusek, who was formerly head of the Budget Directorate at Slovenia’s Finance Ministry, told parliament that an increase in the VAT rate would have the least … Read More