Tax & Accounting Blog

The East Feliciana Parish School Board Votes on Tax Exemption

The East Feliciana Parish School Board Votes on Tax Exemption

The East Feliciana Parish School Board is scheduled to vote on a tax exemption for six parish businesses from charging their out-of-state customers on sales taxes on equipment repair work Thursday, July 26th.  The School Superintendent announced the special meeting after more than two hours of discussion about the tax exemption before the board’s finance … Read More

South Carolina – Attorney General and Real Property Valuation

South Carolina – Attorney General and Real Property Valuation

The Attorney General issued an opinion regarding fair market value and calculating ad valorem tax on real property, stating that valuation is dictated by S.C. Code Ann. § 12-37-930, which allows several  methods for valuing real property, and choosing the correct one will depend on property circumstances. S.C. Code Ann. § 12-37-3140 does not affect … Read More

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 2: Payments to Beneficial Owners Recipient Code

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 2: Payments to Beneficial Owners Recipient Code

In order to report income and taxes properly, payers must generally maintain a record in the name of the income recipient even if payment is made to a different payee. Generally, the recipient named on the Form 1042-S is the individual (Code 01) or entity such as a corporation (Code 02) that is the … Read More