Tax & Accounting Blog

FATCA Intergovernmental Agreements: Netherlands and New Zealand Pursuing Agreements with the U.S.

FATCA Intergovernmental Agreements: Netherlands and New Zealand Pursuing Agreements with the U.S.

New Zealand Revenue Minister Peter Dunne has announced that his government intends to negotiate a FATCA tax information agreement with the United States, under which New Zealand financial institutions will be able to report information on their United States clients, as sought under the U.S. Foreign Account Tax Compliance Act, to New Zealand Inland Revenue … Read More

Mississippi Introduces a Revised Annual Information Return Form

Mississippi Introduces a Revised Annual Information Return Form

The Mississippi Department of Revenue has announced that for 2012 tax reporting, a single Annual Information Return Form 89-140 will be used for both Form W-2 wage reports and Form 1099 or W-2G non-wage income reports.  The Form 89-142 used for 2011 and prior years to report 1099 information has been discontinued.  For tax … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 2 – Tax Rules and Procedures for Nonresident Aliens

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 2 – Tax Rules and Procedures for Nonresident Aliens

Foreign nationals who are nonresident aliens for U.S. income tax purposes are subject to the following tax rules and procedures: 1. Taxation of U.S.-Source Income. Nonresident aliens are subject U.S. federal income tax on their U.S.-source fixed or determinable annual or periodic (FDAP) gross income and on income that is effectively connected to the conduct … Read More

International Tax Authorities Strike Again

International Tax Authorities Strike Again

On October 11, 2012, the Federal Administration of Tax Revenues, the AFIP, of Argentina accused a large  agriculture biotechnology company  of using sham loans from related parties to avoid up to $77 million in taxes.  According to the AFIP, the company “pretended” to borrow money from related overseas parties to show lower revenues.  The lenders … Read More