Tax & Accounting Blog

New Schedule D for Cost Basis Reporting

There has been much discussion about Form 1099-B reporting of cost basis information for covered securities since the initial IRS draft was released in October 2010. However, not until recently has the impact of the changes to Schedule D been discussed. In April, the IRS released draft versions for both Schedule D and a new … Read More

District of Columbia Wants Remote Sellers to Collect Sales Tax

District of Columbia Wants Remote Sellers to Collect Sales Tax

The District of Columbia recently passed tax legislation – D.C. Bill 19-203 –  subject to Congressional oversight, that creates a nexus presumption for remote sellers who sell goods or taxable services over the Internet to D.C. residents.  Authorizes the District to enforce sales tax on non-physically present sellers under certain circumstances. The bill does not … Read More

Louisiana Resumes Issuing PLRs

Louisiana Resumes Issuing PLRs

The Louisiana Department of Revenue has released an Information Bulletin heralding its lifting of the temporary suspension of its private letter ruling (PLR) service. The DOR’s Policy Services Division will reinstitute the service, effective September 1, 2011. The service had been temporarily suspended due to budget constraints since the close of business on December 31, 2010.  … Read More

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Understanding W-8BENs – A Foreign Perspective

W-8BENs have been around for just over 10 years and it has taken the select few that currently use them years of cumbersome administration – and some painful audit procedures – to truly understand how they need to be completed correctly. Now that we’ve finally grasped them, we are soon to be faced with not just one … Read More

Revised IRS Guidance: FATCA

Revised IRS Guidance: FATCA

FATCA Tax Withholding Phase-In Applies to Payments to Foreign Entities, in addition to Foreign Financial Institutions IRS Notice 2011-53, originally issued on July 14, was revised and reissued on July 25 to clarify that FATCA withholding will be phased in for payments to foreign entities, following the same extended schedule announced in the original Notice … Read More