The Tax Council Policy Institute (TCPI) tax risk conference that I attended on February 15 and 16 in Washington, DC brought together experts and stakeholders from across the industry. Over 280 professionals from corporate tax, trade, risk,and treasury groups met with tax lawyers, accounting firms, and revenue agencies to discuss policy and ...
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The New Realities of Tax Risk Management
Corporate Income Tax, Global Tax Compliance, ONESOURCE, Tax Provision, US Income Tax Compliance, WorkFlow Manager 0 CommentPosted on February 22, 2012
IRS Releases Form 8937 to Report Organizational Actions Affecting Security Holders’ Basis
ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on February 22, 2012
The IRS released on its website Form 8937, Report of Organizational Actions Affecting Basis of Securities, and its Instructions. The Instructions include details on who must file the form and how certain entities can otherwise satisfy their organizational action reporting obligations. New Form and Instructions The Form 8937 contains two parts. Part I ...
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President’s Budget Proposes Making R&D Credit Permanent
Global Tax Compliance, ONESOURCE, WorkFlow Manager 0 CommentPosted on February 22, 2012
This is welcome news for American innovation and manufacturing organizations. While this credit has been in place since 1981, except from one brief period in the mid-1990’s, making it permanent will boost the confidence of corporations expanding their U.S. investment in research and development activities. Over the past three decades, the ...
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Kenya Proposes VAT Reforms
Indirect Tax, ONESOURCE, Transaction Tax 0 CommentPosted on February 22, 2012
Kenya has proposed significant reforms to its current VAT law in order to simplify compliance and increase revenues. According to the Treasury, the current compliance rate stands at about 55 per cent due to distortion and tax leakages caused by exemptions and zero rating. "When the proposed Bill becomes law, ...
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We’re Listening: Getting Better Organized with Workpapers
Global Tax Compliance, Tax Provision, Transfer Pricing, US Income Tax Compliance, WorkFlow Manager 0 CommentPosted on February 21, 2012
Say good-bye to the days of files being stored in different areas, under different names and on c-drives. One of the top process management questions raised at the 2011 ONESOURCE User Conference was: Are you doing anything to improve document management across the ONESOURCE products? We’ve been listening to customers who’ve ...
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Vietnam Extends VAT Exemptions to Financial Services
Indirect Tax, ONESOURCE, Transaction Tax 0 CommentPosted on February 21, 2012
Vietnam has issued a new directive effective March 1, 2012 which expands the definition of VAT exempt supplies to include a number of financial services transactions including foreign exchange trading, the management of securities investment companies, and debt factoring (including the sale of debts). The Directive is available at: http://thuvienphapluat.vn/archive/Nghi-dinh/Nghi-dinh-121-2011-ND-CP-sua-doi-Nghi-dinh-123-2008-ND-CP-huong-dan-Luat-Thue-vb133470t11.aspx
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Withholding on U.S. Business Income of Foreign Vendors – Part 1
FATCA, ONESOURCE, Tax Information Reporting, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on February 20, 2012
Foreign vendors being paid by U.S. organizations may include foreign enterprises that are engaged in a U.S. trade or business. Income of a foreign vendor that is effectively connected with the enterprise’s U.S. trade or business is subject to U.S. income tax after allowable deductions at graduated rates. Such effectively connected income ...
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Oregon Shoppers May Pay Sales Tax In Bordering Washington Cities
Indirect Tax, ONESOURCE, Sales and Use Tax 0 CommentPosted on February 20, 2012
Washington Senator Cheryl Pflug has proposed SB 6061, which would make Oregonians, who currently pay no sales tax, and who shop in southwest Washington, pay a retail sales tax in an attempt to raise state revenues to the tune of an estimated $18 million. In bordering city Vancouver, WA, for ...
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Sales Tax Holidays Being Considered
Indirect Tax, ONESOURCE, Sales and Use Tax 0 CommentPosted on February 17, 2012
Lawkmakers are throwing around the idea of a few tax free days in Harrisburg, PA, proposing anywhere between 4 days and a full week in April, where shoppers would get a breaks on a variety of goods. Some of the ideas include tax free days on farm equipment, on computers, ...
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Accountants are constantly expanding their areas of practice, and the universe of tools available to them is also expanding. In their third annual selection of the best new and improved tools, Accounting Today recognized three Thomson Reuters products. The winner for top new tools for 2012 in the Research category was Interactive ...
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IRS Proposes Regulations on Broker Reporting of Options and Debt Instruments
ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on February 16, 2012
In 2010, the IRS published final regulations (regs) relating to broker reporting of stock. On November 25, 2011, the IRS issued proposed regs that would integrate rules for broker reporting of options and debt instruments into the current final regs that explain how brokers must report stock transactions. However, the proposed regs ...
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South Dakota Considering Tax Rate on Groceries
Indirect Tax, ONESOURCE, Sales and Use Tax 0 CommentPosted on February 15, 2012
South Dakota Representatives have proposed HB 1214, which should it become law, would reduce the 4% rate state residents pay on items at the grocery store down to 3.5%. Cities across South Dakota have local rates on groceries ranging between 1% and 2% on top of the 4% state rate. ...
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Information Reporting on Form 1042-S: A New Challenge for Accounts Payable
1099, FATCA, ONESOURCE, Tax Information Reporting, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on February 15, 2012
Reporting income and taxes withheld on payments made to corporate vendors recently became more challenging for accounts payable (A/P) departments of both for-profit and not-for-profit organizations with the new IRS compliance focus on payments to nonresident alien individuals, foreign entities and foreign governments (collectively, foreign persons). A/P departments familiar with the ...
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We’re Listening: Improving Data Collection
Global Tax Compliance, Tax Provision, US Income Tax Compliance, WorkFlow Manager 1 CommentPosted on February 14, 2012
Do you have nightmares about your data being held hostage? If so, no need to worry anymore. This year, our main focus is all around improving our client’s experience when managing data. In our third update for the “We’re Listening @ ONESOURCE” series, we’ll focus on one of our customer’s biggest headaches...data collection. One ...
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