Tax & Accounting Blog

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

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 6: Income Code

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 6: Income Code

As is evident from the assignment of income codes in the two overview tables and the discussions about specific types of income in IRS Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, Income Codes are used primarily to differentiate reduced rates of tax under income tax treaty provisions. This makes sense … Read More

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Do You Follow These 4 Steps to Managing Your Transfer Pricing Policy?

If your company does not have a formal transfer pricing policy in place, now might be the time to look into it – especially as more countries have found that they can generate billions of dollars in incremental revenues each year by tightening up transfer pricing policies. In this month’s Financial Executive article Read More

Georgia Transportation Tax Majorly Defeated

Georgia Transportation Tax Majorly Defeated

 Despite having the support of the Governor, Atlanta Mayor, and both chambers of commerce, the long proposed Transportation Special Purpose Local Option Sales Tax (T-SPLOST) was heavily rejected by all but three of the twelve specialty regions in a primary election.  In those three regions, residents will see an increase in their tax rates to … Read More