Foreign financial institutions and governments might initially have groaned when the U.S. Congress passed the Foreign Account Tax Compliance Act in March 2010, but it looks like at least some of them are starting to come around. In February, the U.S. Treasury announced it had partnered with five European nations ...
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Partners and Details Firming around FATCA
1042-S, 1099, Document and WorkFlow Management, FATCA, Global Tax Compliance, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on April 11, 2012
New Cost Basis Rules May Be Lost on Many
1042-S, 1099, 6050W, Cost-Basis Reporting, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management 1 CommentPosted on April 9, 2012
With taxpayers in the throes of planning their 2011 income tax returns, now’s a good time to remind filers not to overlook new cost basis reporting rules governing securities sales. In the past, they had the option of specifying which shares they sold when computing their cost basis. But as of ...
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Learn the Latest in Nonresident Alien and Foreign Vendor Tax Compliance
1099, FATCA, Information Reporting for Wealth Management, ONESOURCE, Tax Information Reporting, W-8 & W-9 Foreign Reporting, Withholding Management 0 CommentPosted on April 2, 2012
Paula N. Singer, Esq., Thomson Reuters practice leader, will present a number of sessions on nonresident alien and foreign vendor tax compliance this spring during webcasts, training seminars and trade shows. Murthy Law Firm’s Corporate Telecast On April 4, 2012, Paula will participate in Murthy Law Firm’s corporate telecast, U.S. Tax Issues for ...
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IRS Requests Comments on the Tax Consequences of a Decanting Trust
ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on March 15, 2012
In a Notice, the IRS has requested comments on when and under what circumstances transfers by a trustee of all or a part of the principal of an irrevocable trust (Distributing Trust) to another irrevocable trust (Receiving Trust), sometimes called decanting, that result in a change in the beneficial interests ...
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Deadline Approaching for Executors to Make Portability Election for Post-2010 Estates
ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on March 8, 2012
In a notice and accompanying news release, the IRS reminded executors of the estates of married decedents dying after 2010 that they must file an estate tax return in order to pass along the unused estate and gift tax exclusion amount, available for the first time this year, to their ...
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We’re Listening: Ongoing Commitment
Best Practices, Compliance, Corporate Income Tax, Document and WorkFlow Management, ONESOURCE, Software, Tax Provision, Transfer Pricing, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager 0 CommentPosted on March 6, 2012
After reading through hundreds of suggestions on ways to improve our global provision product, data collection tools and user communities...we've been able to make some big improvements in our product offerings. As we wrap up this quarter's “We’re Listening @ ONESOURCE” series, we'd like to emphasize this campaign is not a one-time ...
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Congress Allows Numerous Temporary Provisions to Expire at the End of 2011
ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on March 1, 2012
Congress allowed numerous temporary provisions to expire at the end of 2011. But, note that Congress may retroactively reinstate some or all of these rules. Below are some of the provisions that expired. Reduced alternative minimum tax (AMT) exemption amounts. Absent another AMT patch, the AMT exemption amounts for tax years beginning after ...
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IRS Issues Temporary Regulations on Foreign Asset Reporting
ONESOURCE, Tax Information Reporting, Trust Tax 0 CommentPosted on February 24, 2012
The IRS issued temporary and proposed regulations fleshing out the Code Section 6038D requirement for individuals to attach a statement to their income tax return to provide information on foreign financial assets in which they have an interest. The temporary regulations are effective for tax years ending after December 19, ...
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Welcome back Excel – we missed you!
Audit Assistance, Best Practices, Compliance, Corporate Income Tax, Cost-Basis Reporting, Forecasting, Global Tax Compliance, ONESOURCE, Risk Assessment, Tax Automation, Tax Provision, US Income Tax Compliance, WorkFlow Manager 1 CommentPosted on February 23, 2012
A Closer Look at What Controls Your Excel Add-in Provides and What it Doesn’t The day has finally come when tax technology professionals have great reasons to recommend the use of spreadsheets for tax processes. The growing array of new Excel Add-in tools, responding to many of the historical risks related ...
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The New Realities of Tax Risk Management
Corporate Income Tax, Cost-Basis Reporting, FATCA, Forecasting, Global Tax Compliance, ONESOURCE, Risk Assessment, Tax Provision, Transfer Pricing, Uncertain Tax Positions, US Income Tax Compliance, WorkFlow Manager 1 CommentPosted on February 22, 2012
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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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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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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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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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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