Tax & Accounting Blog

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 7: Nonservice Income Codes

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 7: Nonservice Income Codes

IRS Publication 515, Table 1, Withholding Tax Rates on Income Other Than Personal Service Income Under Chapter 3, Internal Revenue Code, and Income Tax Treaties, assigns Income Codes to the categories of income described in the table for reduced rates of tax by treaty country.  Income Codes for some income not included in Table … Read More

Japan Ratifies First Sales-Tax Increase Since 1997

Japan Ratifies First Sales-Tax Increase Since 1997

On august 9th Japan’s opposition-controlled upper house ratified Prime Minister Noda’s  bill to raise the country’s sales tax for the first time in 15 years. Under this legislation the current 5% rate will be increased to 10% by 2015. The lower house passed the bill in June. A clause in the bill allows for implementation to be canceled … Read More

Maryland’s Sales Tax Holiday is Back

Maryland’s Sales Tax Holiday is Back

Beginning 12 August 2012, select items of clothing and pairs of shoes costing $100 or less will be exempt from Maryland’s 6 percent sales tax. The items will remain exempt through 18 August 2012.  The 3-year-old measure is intended to coincide with back to school shoppers preparing for next school year.   http://www.somdnews.com/article/20120810/NEWS/708109703/1075/sales-tax-holiday-returns-next-week&template=southernMarylandRead More

District of Columbia Enacts A Cogeneration Equipment Exemption

District of Columbia Enacts A Cogeneration Equipment Exemption

The District of Columbia has enacted the “Cogeneration Equipment Personal Property Tax Exemption Emergency Act of 2012.” Cogeneration equipment, which is defined as equipment that produces both electric energy and useful heat or steam energy, is exempt when it serves developments of more than 1 million square feet and when the fuel used to generate … Read More