Tax & Accounting Blog

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FinCEN to Require Mandatory E-Filing of Forms, Temporarily Exempts FBARs

The Financial Crimes Enforcement Network (FinCEN) announced February 24, 2012 that it would begin requiring that the agency’s reports be filed electronically, although a temporary exemption would be provided for electronic filing of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), until July 1, 2013. This does not relieve individuals of … Read More

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 4: Payments to Agents and Intermediaries Recipient Code

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 4: Payments to Agents and Intermediaries Recipient Code

If income is paid to an agent who acts on behalf of the beneficial owner, the beneficial owner is the recipient, not the agent, unless the agent has an agreement with the IRS to take responsibility for NRA withholding and reporting. When income is received by a partnership (Recipient Code 03) or other intermediary that … Read More

Utah eliminates reference to the Fair Market Value Cap on Exemptions for Personal Property.

Utah eliminates reference to the Fair Market Value Cap on Exemptions for Personal Property.

Effective June 14, 2012 – The Utah State Tax Commission has amended Utah Admin. R. R884-24P-68, “Property Tax Exemption for Taxable Tangible Personal Property With a Total Aggregate Fair Market Value That is At or Below the Statutorily Prescribed Amount Pursuant to Utah Code Ann. Section 59-2-1115,” to eliminate references to the $3,500 cap because … Read More

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IRS Road Show to Introduce Transfer Pricing Roadmap

Samuel M. Maruca, the director of transfer pricing for the IRS, has announced that the newly formed group will be doing a road show for the field offices to introduce a new Transfer Pricing Roadmap consisting of audit guidelines to aid in the effective case selection and development of audit issues. The intent is to … Read More