Tax & Accounting Blog

Alabama’s Second Annual ‘Severe Weather Preparedness’ Sales Tax Holiday

Alabama’s Second Annual ‘Severe Weather Preparedness’ Sales Tax Holiday

February 22-24, 2013, Alabama will be having their second annual ‘Severe Weather Preparedness’ Sales Tax Holiday.  In 2012 the sales tax holiday was held July 6-8, as legislation permitted, but from 2013 on, the sales tax holiday will be supported in February.  Counties, cities, and Alabama’s few local districts have the option to participate or not, but … Read More

New rules for Roth account conversions in retirement plans

New rules for Roth account conversions in retirement plans

The new American Taxpayer Relief Act, signed by the President on January 2, includes a change for Roth individual retirement accounts in employer plans.  The Act provides that, effective for transfers made after December 31, 2012, in taxable years ending after December 31, 2012, a broader range of amounts in employer-sponsored tax-deferred retirement plans may … Read More

onesource

North Carolina Requires New NC-4P Withholding Documentation for Pension and IRA Distributions

Due to changes in North Carolina income tax law, recipients of pension or annuity payments must complete and provide to their payer a new Withholding Certificate for Pension or Annuity Payments, Form NC-4P, in order to withhold the correct amount of North Carolina income tax for pension payment periods beginning on or after January 1, … Read More

Thomson Reuters and GTS announce winners of China Tax Awards 2012

Thomson Reuters and GTS announce winners of China Tax Awards 2012

ONESOURCE December 17, 2012

Thomson Reuters and GTS announce winners of China Tax Awards 2012 Awards highlight professional achievements and contributions to tax profession in China CHINA, December 14, 2012 – Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced the winners of China Tax Awards 2012. Over 80 entries had been submitted … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 8 – Exempt Individuals

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 8 – Exempt Individuals

Exempt Individuals are exempt from counting U.S. days for purposes of determining substantial presence in the U.S., nothing more. They are not exempt from tax because of their status as Exempt Individuals, although such Exempt Individuals are frequently exempt from income tax under a Code or tax treaty provision. To avoid this confusion, the IRS … Read More