Tax & Accounting Blog

California State Board of Equalization Explains Fuel Tax Changes

California State Board of Equalization Explains Fuel Tax Changes

                                California has posted a special notice to explain changes in taxes applicable to retail sales and purchases of diesel fuel. Effective 1 July 2012, the state sales and use tax rate and excise tax rate on retail sales and purchases of diesel fuel will change. The excise tax will decrease to 10 cents  per gallon and the … Read More

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NRA Withholding and Reporting on Payments to Foreign Nationals – Part 5: What if I Have No Information When I Have to Make a Payment?

The Section 1441 regulations provide presumptions that you must follow in order to avoid liability for underwithholding when you make payments to recipients for whom you have no documentation. (See the table in IRS Publication 515  for references to specific withholding regulations for different types of payments.) An individual recipient on whom you have no … Read More

NRA Withholding and Reporting on Payments to Foreign Nationals – Part 4: Do the Same Tax Residency Rules Apply for State Withholding Tax Purposes?

NRA Withholding and Reporting on Payments to Foreign Nationals – Part 4: Do the Same Tax Residency Rules Apply for State Withholding Tax Purposes?

No, unless the state has specific rules defining residency that are tied to a recipient’s federal tax residency status. Lacking such special rules, residency for state tax purposes is determined for foreign nationals under the same rules that apply to U.S. citizens. … Read More

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Per Diem Expense Rates for Travel Reimbursement Now Published Only Online, IRS Publication 1542 Eliminated

The official source for the federal government per diem rates allowable for expense reimbursement in business travel away from home within the continental United States (CONUS) is the online information on the U.S. General Services Administration webpage  http://www.gsa.gov/portal/category/21287. On this webpage, you can also find links to the Department of Defense per diem rates … Read More

Form 8938 Guidance Issued

Form 8938 Guidance Issued

In December 2011, the IRS released the new Form 8938 used to report specified foreign financial assets. The form was released in response to the temporary regulations issued for IRC 6038D, as part of the larger crackdown on taxpayers with under reported foreign assets. The new form is filed with the taxpayer’s individual return if their specified … Read More