Tax & Accounting Blog

Campbell County Looks at a Meals Tax to Pay for School Budget

Campbell County Looks at a Meals Tax to Pay for School Budget

Campbell County is preparing for the meals tax referendum on the November ballot. Supervisors are scheduled to talk about a campaign to inform residents that this tax will be instrumental in raising funds for the school budget.  The proposed 4.0% meals tax is projected to raise $1.5 million in new revenue annually. As things stand Campbell County … Read More

Who Is a U.S. Citizen and Why It Matters – Part 1

Who Is a U.S. Citizen and Why It Matters – Part 1

When it comes to U.S. income tax, not all individual income recipients are treated alike. The Internal Revenue Code and IRS regulations have special rules for determining when foreign national individuals are resident aliens and taxed like U.S. citizens and rules for taxing the income of foreign nationals when they are nonresident aliens. As a … Read More

UK House of Commons Committee Pushes For Country by Country Reporting

UK House of Commons Committee Pushes For Country by Country Reporting

The Commons’ International Development Committee recommends country by country reporting by multinationals in a report released August 23, 2012. The report recommends unilateral adoption of country by country reporting and the continued support and encouragement of adoption within the EU of the concept. One focus of the report is the need to promote … Read More

Three California Counties Get Sales Tax Relief After Wildfires

Three California Counties Get Sales Tax Relief After Wildfires

 The California State Board of Equalization will give relief to people impacted by wildfires in Plumas, Shasta and Tehama counties. Governor Edmund G. Brown Jr. issued an emergency proclamation on 22 August 2012 for these three counties.  Recent wildfires in these areas have destroyed homes, threatened thousands of other structures and caused evacuations and road closures. This … Read More

IRS terminates letter forwarding service for plan administrators and plan sponsors

IRS terminates letter forwarding service for plan administrators and plan sponsors

IRS Revenue Procedure 2012-35, effective August 31, 2012, has modified Revenue Procedure 94-22 by removing the service of forwarding letters on behalf of an individual, company or organization that controls assets which may be due a taxpayer.  Previously the IRS would follow the 94-22 procedure to forward letters – typically from plan administrators, sponsors of … Read More