Tax & Accounting Blog

IRS Relief for Hurricane Sandy Victims

IRS Relief for Hurricane Sandy Victims

The Internal Revenue Service has released information on tax relief for Hurricane Sandy victims in New York, New Jersey and Connecticut for individuals and businesses. Relief includes return filing extensions, the exclusion of disaster relief payments from an individual’s taxable income and the waiving of diesel fuel penalties as summarized herein: Return Filing … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 4 – Tax Impact of Loss of Immigration Status

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 4 – Tax Impact of Loss of Immigration Status

U.S. lawful permanent residents, also called immigrants or green card holders, who are long-term residents and who have lost their U.S. green card status by revocation or abandonment (whether intentionally or inadvertently) might be subject to a departure tax and/or special tax and reporting rules depending on the date that they lost their U.S. status … Read More

Thomson Reuters Report: Number of Global Indirect Tax Changes Increases 62 Percent in Q3

Thomson Reuters Report: Number of Global Indirect Tax Changes Increases 62 Percent in Q3

New York, November 14, 2012 – Worldwide, there were 62 percent more indirect tax changes in the third quarter of 2012 than there were during the same period in 2011, according to the latest ONESOURCE Indirect Tax rate report from Thomson Reuters. There were 525 tax code changes in Q3 2012, compared with 324 in … Read More