Join Thomson Reuters and Aberdeen Group for a special webcast to uncover processes and supporting technologies that allow successful global indirect tax management. Doing business in a global market has its share of challenges. Ensuring proper value-added tax (VAT) registration and management is one that should not be overlooked. Effective VAT management ...
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3 simple ways to think about data management for your provision
Audit Assistance, Best Practices, Compliance, Global Tax Compliance, ONESOURCE, Risk Assessment, Software, Tax Provision 1 CommentPosted on May 10, 2012
Collect, Utilize, Report… When 500+ tax professionals were asked about their top tax provision priorities for 2012, 48.5% said shortening the provision completion time. So how are companies looking to achieve this goal? Data Management. From conversations at our ONESOURCE User Conference and feedback from our “We’re Listening @ Thomson Reuters” campaign, ...
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Colorado Sales Tax Holiday Bill Moving Quietly Along
Indirect Tax, ONESOURCE, Sales and Use Tax 0 CommentPosted on May 9, 2012
A Tax Holiday bill that recently passed in the Colorado House has rolled through a Senate panel despite skepticism on both sides. Should the final bill eventually come to pass, Colorado would join 16 other states that exempt the purchases of school related items, as well as other purchases, from ...
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U.S. or Foreign Person Part 4: Individuals and Entities in U.S. Possessions
ONESOURCE, Tax Information Reporting, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on May 9, 2012
Determining the proper withholding and reporting on income paid to individuals or entities in U.S. possessions or territories can be confusing. In addition to the rules for determining U.S. or foreign person, there are special rules that might apply for withholding and reporting purposes. Individuals who were born in Puerto Rico, Guam ...
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Indian Finance Bill May Have Chilling Effect on Investment
Corporate Income Tax, Global Tax Compliance, Global Tax Planning, ONESOURCE, Tax Provision, Transfer Pricing, Uncertain Tax Positions, WorkFlow Manager 0 CommentPosted on May 8, 2012
With economic growth running at an annual pace of more than 8 percent, the attraction of investing in India is obvious. And, for many companies, investing is India is no longer optional. However, recently proposed legislation may force companies to reevaluate their investment posture. Governments around the world facing budgetary crises are tightening transfer ...
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Petersburg, Alaska Has Its’ First Tax Free Day
Indirect Tax, ONESOURCE, Sales and Use Tax 0 CommentPosted on May 8, 2012
In a bill passed by the city council last October, the city of Petersburg allows for up to two Tax Free Days a year, chosen by the Chamber of Commerce, which gives shoppers a 6 percent savings on their purchases for a one day period. The first ever Tax Free ...
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The middle month of Q2 2012 brings only a few changes. We are expecting quite a bit of new levies and changes effective Q3 with state legislative sessions picking up steam. Some of the changes effective in May include: New Levies Illinois: Burr Ridge 1.0% (food & beverage) Rate Changes Alabama: Cullman County 4.5% Tennessee: ...
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U.S. or Foreign Person Part 3: Foreign Person
1099, ONESOURCE, Tax Information Reporting, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on May 7, 2012
Individuals who are foreign persons include all non-U.S. citizens who are neither green-card holders nor meet the 183-day substantial presence test (called nonresident aliens). Nonresident aliens also include individuals who meet the 183-day substantial presence test for the calendar year but who are also residents of a tax treaty country (called ...
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U.S or Foreign Person Part 2: U.S. Person
1099, ONESOURCE, Tax Information Reporting, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on May 3, 2012
Individuals who are U.S. persons include U.S. citizens and non-U.S. citizens who are resident aliens for U.S. federal tax purposes. U.S. citizens and resident aliens are subject to withholding and reporting on their worldwide income even when they live and work outside the U.S. U.S. citizens include: Individuals born in the U.S. Individuals born ...
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Fun with International Tax Provision Issues
Audit Assistance, Best Practices, Compliance, Forecasting, Global Tax Compliance, Tax Provision, Transfer Pricing, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager, Year End 2 CommentsPosted on May 3, 2012
When I was young and naïve, I overheard a seasoned practitioner remark: “If tax provisions are fun…then dealing with the international pieces of the provision is the most fun you can have.” I’m now neither young nor naïve and I recognize the sarcasm in the remark. However, I do believe ...
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Is Minnesota Ready for Tax Reform?
Forecasting, Global Tax Compliance, ONESOURCE, Tax Provision, Transfer Pricing, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager, Year End 0 CommentPosted on May 1, 2012
This was the main topic of discussion amongst 400+ tax professionals at TEI's 29th Annual President's Seminar in Minneapolis last week. In his opening address, Myron Frans, Minnesota Commissioner of Revenue addressed the group on the state's complex tax policy and unique challenges, including demographic and economic changes impacting tax revenue. He emphasized that over ...
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U.S or Foreign Person Part 1
1099, ONESOURCE, Tax Information Reporting, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on May 1, 2012
In order for payers (called withholding agents because of their obligation to withhold taxes) to withhold and report income payments appropriately, they must determine whether the beneficial owner of the income is a U.S. person or a foreign person. The broad definition for the term, withholding agent, includes anyone who ...
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LAST DAY TO VOTE FOR THE BEST YEAR-END STORY!
Audit Assistance, Best Practices, Compliance, Forecasting, Global Tax Compliance, ONESOURCE, Tax Provision, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager, Year End 0 CommentPosted on April 30, 2012
Which client achieved the best results using ONESOURCE? For the past week, we've been asking your opinion on the best year-end success story. Don't miss your last chance to choose the winning story when you 'LIKE' your favorite video (log into your Google account) by 5:00 PM ET today. Watch these amazing stories ...
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Year-End Success Story #5: How One Company Shaved Off Their Close Time by 30%
Audit Assistance, Best Practices, Compliance, Forecasting, Global Tax Compliance, ONESOURCE, Tax Provision, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager, Year End 2 CommentsPosted on April 27, 2012
When it comes to finishing your financial close, do you ever think, there must be a better way? Jason Hamil, Sr. Tax Accounting Mgr, A Global Logistics & Transportation Company reveals four tips for getting ahead during year-end. Hear his year-end success story! "Our biggest year-end challenges were being able to complete the ...
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