Tax & Accounting Blog

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 10: Exemption Codes

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 10: Exemption Codes

Exemption Codes indicate the reason that taxes were not withheld on the gross income being reported. Exemption Codes typically used for payments to foreign vendors are 00, 01, 02, 03, and 04. Code 00 in the Exemption Code field indicates the gross income was subject to NRA withholding. Exemption Code 00 is also used to … Read More

DOT Changes it’s Plans After Tax Vote

DOT Changes it’s Plans After Tax Vote

Georgia’s department of transportation is officially moving on from metro Atlanta voters rejecting a $7 billion transportation sales tax referendum. Instead, they are turning to three other regions that voted yes to pay for improved local roads and highways. For the first time Wednesday, state officials held an industry briefing on the hundreds of projects that will … Read More

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 9: Pay for Services Performed by an Entity Income Code

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 9: Pay for Services Performed by an Entity Income Code

ONESOURCE August 21, 2012

Pay for services made to an entity, for the services of its employees and contractors that were provided in the United States, is also considered to be ECI. The Treasury explanations generally explain that such pay for services is covered by the Business Profits Article. For example, the Treasury explanation of Article 7 of the … Read More

Data Management Podcast Series: Advice on Speeding Up Data Collection by 2-3 weeks

Data Management Podcast Series: Advice on Speeding Up Data Collection by 2-3 weeks

When it comes to data collection, many tax leaders say the process is one of their biggest challenges. Without the right data in the right format, everything else — including technology, processes, and people — cannot perform as expected. Yet, some tax leaders are paving the ways for their companies to speed up the data … Read More