Tax & Accounting Blog

Will 2012 be a year of increased cross-border tax cooperation?

Will 2012 be a year of increased cross-border tax cooperation?

If 2011 was any indication, 2012 looks to be a year of international cooperation on tax standards. Despite some predictions for more isolationist policies, proposals for tax, trade and fiscal oversight point toward more cooperation between governments, not less. Tax and Trade Agreements continue in Latin America In November of 2011, officials from Mexico and … Read More

Third Circuit Provides Guidance on New Jersey Gift Card and Travelers Checks Unclaimed Property Revisions

Third Circuit Provides Guidance on New Jersey Gift Card and Travelers Checks Unclaimed Property Revisions

Litigation was brought against New Jersey to challenge various aspects of the New Jersey legislation – 2010 N.J. Laws, Chapter 25 – that attempts to retroactively require reporting of gift cards/stored value cards (“SVCs”) to impose a “place of purchase presumption” for reporting of SVCs, and to significantly reduce the dormancy period for escheatment of … Read More

Who’s a Form 1099-K Filer and Who’s Not?

Who’s a Form 1099-K Filer and Who’s Not?

This IRS Letter Ruling Adds to Our Understanding IRS Letter Ruling 201201001 illustrates that the structure of a business that manages prescription drug benefit plans puts it outside the purview of I.R.C. Section 6050W information reporting (Form 1099-K). The conclusion was based on the fact that the business serves plan sponsors on the one hand and makes … Read More