Tax & Accounting Blog

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

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 3: Payments to Third Parties Recipient Code

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 3: Payments to Third Parties Recipient Code

Occasionally, the beneficial owner of the income will request that the income that they are owed be paid to a third party. Although the payer may make the payment to the third party as requested, under the assignment of income doctrine, the income must still be reported in the name of the beneficial owner. Under … Read More