Tax & Accounting Blog

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Germany and U.S. Reach Intergovernmental Agreement for FATCA Implementation

The tax authorities of Germany and the United States have initialed an intergovernmental agreement (IGA), as announced by the German Finance Ministry, that makes possible the implementation of U.S. information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The German government announcement states that its agreement is … Read More

Louisiana Governor to Propose Income Tax Elimination and Sales Tax Increase

Louisiana Governor to Propose Income Tax Elimination and Sales Tax Increase

Louisiana Governor Bobby Jindal is preparing a proposal for the state Legislature which would overhaul the state’s tax system. The Governor and his constituents have stated that the plan includes eliminating the state income tax, increasing the state sales tax at least 1.78%, possibly increasing the tobacco tax, widening the list of services taxed, and … Read More

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Connect with Thomson Reuters at SAP Financials (March 19 to 22) and enter to win an iPad

Simplify Financial Tax Reporting by Connecting Your Indirect Tax and SAP Financial Systems Connect with Thomson Reuters at SAP Financials (March 19 to 22) and enter to win an iPad. Join us in Las Vegas as we showcase solutions that solve financial challenges around the world, especially in North America, Brazil, and Europe. Our latest … Read More

Form 1042-S Information Reporting to Non-U.S. Persons Part 3: Form 1042-S Codes

Form 1042-S Information Reporting to Non-U.S. Persons Part 3: Form 1042-S Codes

Unlike Form 1099 reporting, there is only one Form 1042-S information return, which is used for many types of income recipients and many income types. The recipients and income types must be identified on Form 1042-S by the appropriate Recipient Code and Income Code respectively. If an exemption from withholding has been allowed, the … Read More