Tax & Accounting Blog

Form 1042-S Information Reporting to Non-U.S. Persons Part 1

Form 1042-S Information Reporting to Non-U.S. Persons Part 1

Income payments made to non-U.S. persons must be reported on a Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, not on a Form 1099. Unlike Form 1099-reportable payments, there is no reporting exception for payments to corporations and no minimum dollar threshold for reporting on Form 1042-S. Reporting on Form 1042-S is … Read More

Florida Governor Wants to Eliminate Sales Tax on Purchases of Equipment

Florida Governor Wants to Eliminate Sales Tax on Purchases of Equipment

In an effort to encourage growth in manufacturing companies, Florida Governor Rick Scott has announced that he plans on working towards completely eliminating taxes on the purchase of equipment used in manufacturing. Prior to January 1, 2013, manufacturers were required to demonstrate that they were meeting a 10% “productive output” requirement in order to receive … Read More

Latvia – Proposed Derogation on The Right to Deduct Input Tax on Passenger Cars

Latvia – Proposed Derogation on The Right to Deduct Input Tax on Passenger Cars

Latvia has requested authorization to derogate from the provisions of Directive 2006/112/EC governing the right to deduct input tax paid on passenger cars. Under the proposal Latvia would be authorized to limit the right to deduct the value added tax (VAT) on expenditures on passenger cars not wholly used for business purposes to 80%. The limitation of … Read More