This article has been updated to reflect that President Obama signed the bill December 19, 2014.
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Topics: H.R. 5771, Tax, Tax Alert, Tax Extenders, Uncategorized
Alert for Restaurants: New Georgia Regulation Affects Sales Tax
Posted by jbarnes on Oct 1, 2014 2:31:50 PM
On September 24th, 2014, the Georgia Department of Revenue (“GADOR”) issued a new regulation (Ga. Comp. R. & Regs. 560-12-2-.115) clarifying sales tax guidance for restaurants and similar establishments. The regulation addresses prepared food sales, single-use item purchases, mandatory gratuities and a few other topics of interest.
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Topics: Ga. Comp. R. & Regs. 560-12-2-.115, mandatory gratuities, point of sale, restaurant sales tax, Tax, Uncategorized
Here’s a quick list of the three things you should know about sales tax on services, provided by our Sales & Use Tax expert, Tim Howe:
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Topics: Sales and Use Tax, Compliance, Purchasing Activities, Services, Tax, Uncategorized
U.S. Treasury and IRS Identify 2014-2015 International Tax Priorities
Posted by celliott on Sep 26, 2014 10:35:02 AM
The U.S. Treasury and the Internal Revenue Service (IRS) have announced their Priority Guidance Plan for 2014–2015. This plan includes 41 separate projects concerning international issues. The international issues covered are transfer pricing, Subpart F income, inbound transactions, outbound transactions, foreign tax credits, sourcing and expense allocation, treaties, and other general topics.
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Topics: Tax Policy, Transfer Pricing, Foreign Tax Credits, International Tax, Priority Guidance Plan, Tax, U.S. Tax Treaties, Uncategorized
Whether you are clergy member or are responsible for payroll for clergy, the following information will be of particular interest. A complete understanding of these tax rules may keep you in compliance.
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Topics: clergy, Nonprofit, Tax, Uncategorized
U.S. Tax Court Denies Amazon Summary Judgment in Transfer Pricing Case
Posted by celliott on Sep 22, 2014 11:30:54 AM
The U.S. Tax Court denied Amazon’s motion for a partial summary judgment related to a cost-sharing arrangement (CSA) under the transfer pricing provisions of the U.S. Internal Revenue Code. In Amazon.com, Inc. & Subsidiaries v. Commissioner of Internal Revenue, the court, finding a genuine dispute of material fact, held that Amazon must establish that costs are mixed before applying an allocation method to them.
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Topics: Amazon, Amazon.com Inc. & Subsidiaries v. Commissioner, International Tax, Tax, U.S. Tax Court, Uncategorized
U.S. Expats Launch Constitutional Challenge Against Canada Over FATCA
Posted by celliott on Sep 22, 2014 11:24:21 AM
A group representing American expatriates is taking legal action against the Canadian government for implementing the Foreign Account Tax Compliance Act (FATCA), a U.S. law designed to clamp down on tax evasion.
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Topics: Expats, FATCA, International Tax, Tax, Uncategorized
OECD Releases New Information Exchange Standard Intended to Thwart Tax Evasion
Posted by celliott on Sep 22, 2014 10:51:20 AM
The Organisation for Economic Cooperation and Development (OECD) released the full version of a new consolidated global Standard for Automatic Exchange of Financial Account Information in Tax Matters. It’s aimed at stopping tax evasion by helping governments around the world share information.
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Topics: OECD, International Tax, OECD Model Tax Convention, Tax, Tax Evasion, Uncategorized
IRS Releases Final Rules for Tax Treatment of Dispositions of MACRS Property
Posted by celliott on Aug 20, 2014 1:27:19 PM
The IRS has issued final regulations regarding the proper tax treatment of dispositions of tangible depreciable property under the Modified Accelerated Cost Recovery System (MACRS). The regs largely complete the IRS’s overhaul of the federal tax regulations addressing the proper treatment of expenditures incurred in acquiring, producing or improving tangible assets. The final regs affect all taxpayers who dispose of MACRS property.
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Topics: IRS Regulations, MACRS, Tax, Uncategorized
Timely tidbits of information regarding nonprofits, including online giving, "Pay for Performance" contracts, a new nonprofit model and the difficulties attached to government funding.
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Topics: Pay for Performance, Contribution, Government Funding, Nonprofit, Nonprofit Model, Tax, Uncategorized