Tax & Accounting Blog

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

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