Tax & Accounting Blog

Who says states are complicated?

Who says states are complicated?

State provisions are complex and raise plenty of challenges.  States have numerous issues and adjustments from the federal tax return.  For example, some decouple and revalue fixed assets for things such as bonus depreciation or Section 179 expense.  Some states have used a hybrid income base, such as Texas and Michigan.  More and more states … Read More

IRS Study Points to Errors in Form 1099-R Reporting of Retirement Distributions to Individuals Living Outside the United States

IRS Study Points to Errors in Form 1099-R Reporting of Retirement Distributions to Individuals Living Outside the United States

The IRS Employee Plans Compliance Unit, in a review labeled the International Foreign Distribution Project, found many errors on Forms 1099-R for individuals living outside the United States. The project focused on individuals living outside the U.S. or U.S territories who received retirement plan or IRA distributions before reaching age 59 … Read More

Kentucky Imposes State Property Tax on Motor Vehicle Inventory

Kentucky Imposes State Property Tax on Motor Vehicle Inventory

Kentucky has announced that for any motor vehicle held for sale in the inventory of a licensed motor vehicle dealer, whether or not that vehicle is titled and registered in Kentucky and whether or not ownership has been transferred to the dealer, the state shall impose a property tax of 5¢ for every $100 of … Read More

Form 1042-S Information Reporting to Non-U.S. Persons Part 4: Form 1042-S Data
Virginia Legislators Approve Sales Tax Increase and More

Virginia Legislators Approve Sales Tax Increase and More

In an effort to raise an estimated $880 million in additional funds per year, the Virginia State Legislature has passed a bill making the following tax changes (among a few others not listed) effective July 1, 2013, pending the Governor’s approval: The state sales and use tax will increase from 5.0% to 5.3%. An additional … Read More