Tax & Accounting Blog

Ask the Expert: Can Paper W-9s be Destroyed after Scanning into your Electronic System?

Ask the Expert: Can Paper W-9s be Destroyed after Scanning into your Electronic System?

Question: Can Paper W-9s be Destroyed after Scanning into your Electronic System? Answer from Marianne Couch, principal COKALA Tax Information Reporting Services: You can destroy the original paper Forms W-9 if your electronic system and your procedures meet IRS requirements. Field Service Advice 200229011, posted on April 8, 2002 states: “If Taxpayer complies with the … Read More

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Geary County, Kansas in the Spotlight!

Blog April 4, 2013

Facing both an increase in population and housing construction, Geary County Kansas Register of Deeds, Diane Briestensky-Leonard knew she needed to make a decision regarding her office’s aging recorder software system. The County invited several companies to make demonstrations of their systems, with Thomson Reuters presenting Aumentum Recorder. The demos proved that Aumentum was exactly … Read More

New Draft of Form 1042-S for 2014 Released and IRS Accepting Comments

New Draft of Form 1042-S for 2014 Released and IRS Accepting Comments

The IRS has published the highly anticipated draft of an all-new Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, for use in reporting 2014 income payments. The many changes in this Form 1042-S are designed to accommodate reporting of information relating to both Internal Revenue Code Chapter 3 withholding at source on payments … Read More

Net Investment Income Tax:  IRS Website FAQs Can Help Answer Some Questions

Net Investment Income Tax: IRS Website FAQs Can Help Answer Some Questions

The Net Investment Income Tax (NIIT), the new 3.8% tax on certain net investment income of individuals, estates and trusts that have income above threshold amounts, is now in effect. The IRS has posted a list of FAQs, which can help answer some client questions about the NIIT, at http://www.irs.gov/uac/Newsroom/Net-Investment-Income-Tax-FAQs. Tax counsel advice … Read More

Utah Assessments Impacted By The Presence Of An Endangered Species

Utah Assessments Impacted By The Presence Of An Endangered Species

Utah legislation has enacted House Bill H112 (effective 1/1/2014), which provides a provision related to the assessment of property if a threatened or endangered species is present. When assessing the fair market value of property, a county assessor must consider whether a threatened or endangered species is present on any portion of the property, including … Read More