While governments around the world are calling for more transparency and compliance when it comes to taxes, both domestic and abroad, citizens have their own batch of concerns. Most notably, there are an increasing number of American citizens who are nervous about the security of modern tax methods. Most tax filing is done digitally these days. […]
If you are trying to understand how indirect/transaction taxes apply in Hawaii the first thing you need to know is that Hawaii does not have a sales tax, at least not in the traditional sense. Rather, the state imposes a General Excise Tax (GET) levied on the person conducting the business on the island and […]
With concern over the fact that the U.S. Internal Revenue Service is unable to function at a level it should due to limited funding, there are some politicians and tax industry professionals who fear the voluntary tax compliance model will not be able to stand. As the IRS is having a difficult time keeping pace […]
Funding Wireless Enhanced 9-1-1 in the U.S. through Fees Today it is a fact of life in the U.S. that most adults (and many children) own and carry wireless phones. Based on industry surveys, 4 out of 10 adults and roughly 45% of American children live in wireless-only households. With this in mind, it is […]
FATCA Intergovernmental Agreements (IGAs) The Foreign Account Tax Compliance Act (FATCA) is a US law that requires foreign financial institutions and some other entities around the world to report to the Internal Revenue Service on accounts held by US Persons, so that such amounts may be properly taxed in accordance with the Internal Revenue Code. […]
Expanding Paint Stewardship in the U.S. and the imposition of the PaintCare and other Stewardship Fees Product stewardship is a concept where those involved in the production, sale, and purchase of a product take up responsibility to reduce the environmental, health, and safety impact that may be associated with its usage and disposal. Stewardship organizations […]
Even in the initial years of a new tax information reporting requirement, filers hope to meet their obligations with as few errors as possible. However, one Affordable Care Act (ACA) health care exchange made a large mistake in sending 100,000 incorrect 1095-A forms, The Los Angeles Times reported. The error lies in a discrepancy for […]
Understanding the Proposed Changes To the Puerto Rico Consumption Tax System On February 11, the Governor of Puerto Rico introduced PS 1304. The intent of this bill is to fundamentally change the Puerto Rico tax system. According to the Governor, dramatic change is necessary as the current tax system is considered to be rife with […]
The IRS has posted the latest edition of Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-sharing Plans, Individual Retirement Accounts (IRAs), Insurance Contracts, etc., as well as new instructions, which also cover Form 5498, IRA Contribution Information. The form has only one change, which is related to the Foreign Account Tax Compliance Act (FATCA). […]
The IRS doesn’t just say that it will fight cross-border tax evasion – it produces results from its enforcement actions. This was one key point from an IRS release recounting the success the agency has had thus far. “The recent string of successful enforcement actions against offshore tax cheats and the financial organizations that help […]
How Do I Tax Thee? Let Me Count the Ways… Valentine’s Day is just around the corner,and that means teddy bears, roses, and, of course, candy! Crazy facts about the amount of candy purchase can be found everywhere. According to National Confectioners Association (NCA), about 40 million heart-shaped chocolate boxes are expected to be sold for […]
On Feb. 2, President Barack Obama presented his budget proposal for fiscal year 2016, which included a number of provisions that would impact tax reporting. One key point is the proposed budget would expand the IRS’ enforcement budget, giving the agency the funding it needs to close the tax gap and bolster the Treasury Department’s […]
The Organization for Economic Cooperation and Development (OECD) has continued to net more jurisdictions under its common reporting standard (CRS) for the automatic exchange of tax information (AEOI). Since the OECD published the CRS in early 2014, many countries have signed on to use this model for their cross-border tax treaties. According to Delaney Partners […]
Keeping up with the tax rules in every jurisdiction can be a daunting and time consuming task. With hundreds of State, City, County and District rates to worry about, it is easy for changes to slip through the cracks resulting in filing errors, fines and penalties. “As we started selling into new states, the burden […]
Many analysts have offered their opinions on what will come of the IRS’ enforcement and assistance abilities as a result of a large budget reduction Congress passed in 2014. Mark Everson, former IRS commissioner, is the latest person to chime in on the issue, noting the effects will extend beyond the 2015 tax season woes […]
If your organization hasn’t sent out certain tax forms, you’re running short on time. Many tax information reporting deadlines are approaching, and you must have these necessary documents postmarked by the appropriate dates. While the due dates for sending copies to the IRS are further out, the recipient deadlines are more pressing. Some forms were […]
With tax season well underway, some organizations may be scrambling to determine whether certain individuals they hired throughout the year were employees or independent contractors. If they are caught misclassifying workers, organizations can face serious legal actions. According to AccountingWeb, this practice is not a problem that goes unnoticed. Nick Fortuna, partner at law firm […]
When a company is determining which enterprise resource planning (ERP) solution it will choose, one would think its tax department would be involved in this decision. However, many organizations leave their tax professionals out of the discussion, according to AccountingWeb. Companies of all types and sizes are regularly faced with new tax information reporting legislation. […]