Source: Jonathan Pullano, ONESOURCE marketing manager, Thomson Reuters
As the ONESOURCE family of products and services continues to grow and adapt to our customers' needs, so does the ONESOURCE website. If you haven't visited lately, you're missing out on lots of resources that could help improve the efficiency of your tax department.
Source: Mansoor Khaleeluddin, ONESOURCE Income Tax marketing manager, Thomson Reuters
Each season, tax departments identify needs, gaps, and improvement opportunities. But how do you prioritize each item? How do you know that you are pursuing the right initiatives, in the right order, to get you the results you are looking for? Wouldn't it be nice to have a GPS for your tax department? Something that told you, based on the destination you identified, what route to take to get you to where you wanted your tax department to be?
Source: Robyn Gomez, ONESOURCE Indirect Tax sales engineer, Thomson Reuters
For all companies, transaction taxes are the stealth taxes: they are complex, non-transparent, and their total impact is much harder for CFOs to visualize than that of their big brother, corporate income taxes. Determining the liability for transaction tax, filing returns on time and responding to auditors probably costs more than most CFOs realize.
Source: Chris Kovalcik, CPA, ONESOURCE Property Tax senior tax manager, Thomson Reuters, and Michael Finnegan, CPA, CMI, ONESOURCE Property Tax director, Thomson Reuters
The characteristics of the modern leasing industry are a far cry from its infancy. It has been molded by events of the past three decades, including rapid capital expansion, Regulation M identifying disclosure requirements, industry residual calculation losses, and the most recent economic downturn, which started in the 4th quarter of 2008. These events shaped the current industry into the viable business model it is today. In essence, it has stood the test of time.
Source: Claire Crossman, ONESOURCE Tax Provision senior manager, Thomson Reuters
As the financial reporting process continues to become increasingly condensed, the tax department's need to have rapid access to necessary data is ever more critical. Unfortunately, in addition to being faced with time sensitive results, the tax department, like many groups, is often resource challenged. Because of these challenges, implementing the right process efficiencies is more important than ever.
Source: Dale Pettit, ONESOURCE Tax Information Reporting director, Thomson Reuters
With IRC section 6050W now in effect, Form 1099 filing responsibilities for some payers have significantly changed. While many payers will have less 1099 filing responsibility, other payers will be responsible for complying with a complex set of new reporting requirements through 1099-K filings and monthly recordkeeping that goes along with it.
Source: Cym Lowell and Mark Martin, Gardere Wynne & Sewell, LLP
On March 22, Thomson Reuters hosted the webcast "The Use of the Competent Authority Process to Resolve Transfer Pricing Disputes." With the high attendance, the speakers ran out of time to answer all the questions that came in. For those who were unable to attend this ONESOURCE Transfer Pricing event or would like to know more about the competent authority process, we have outlined the questions and answers.
Source: Steve Goldman, ONESOURCE Trust Tax tax technical specialist, Thomson Reuters
On April 14, 2011, the President signed H.R. 4, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This new law retroactively repeals unpopular Form 1099 information reporting rules added by 2010 legislation.
Source: G. Samuel Schaunaman, II, J.D. ONESOURCE Unclaimed Property senior manager, Thomson Reuters
One of the key elements involved in a finding of "unclaimed property" is that the property right in question must be a "fixed and certain" (F&C) obligation. As this topic was front and center in a recent important unclaimed property court case, it is a timely topic that merits further analysis.
Source: Diane Tinney, ONESOURCE product manager, Thomson Reuters
In our global economy today, there is one common issue companies face that transcends language and cultural differences: tax audits. Recent economic challenges have resulted in the increased use of tax audits to balance budgets.
