Tax & Accounting Blog

Procurement Transaction Under Fire In Poland

Procurement Transaction Under Fire In Poland

In a recent case, the rational for the use of a same country procurement company was rejected by the auditors and then by the courts in Poland.  The findings that independent forges paid less for steel directly purchased from unrelated mills, than the audited company paid to its related party procurement company, served as the … Read More

onesource

Thomson Reuters ONESOURCE named Americas Tax Innovator of the Year

Last week, International Tax Review recognized Thomson Reuters ONESOURCE platform as Americas Tax Innovator of the Year at its seventh annual Americas Awards ceremony in New York. When asked why Thomson Reuters ONESOURCE was singled out for the award, Ralph Cunningham, managing editor of International Tax Review, said: “It is down to the impact … Read More

UK House of Commons Committee Pushes For Country by Country Reporting

UK House of Commons Committee Pushes For Country by Country Reporting

The Commons’ International Development Committee recommends country by country reporting by multinationals in a report released August 23, 2012. The report recommends unilateral adoption of country by country reporting and the continued support and encouragement of adoption within the EU of the concept. One focus of the report is the need to promote … Read More

onesource

Tax Sharing Allocations – Software and Technical Considerations

Is it taking you weeks or even months to push down your tax entry from your year-end provision?  The sharing of tax expense and tax attributes among legal entities in a consolidated group can be a difficult and time consuming process – often involving complex spreadsheets. Many companies face tight turnaround times at provision and … Read More

onesource

FinCEN to Require Mandatory E-Filing of Forms, Temporarily Exempts FBARs

The Financial Crimes Enforcement Network (FinCEN) announced February 24, 2012 that it would begin requiring that the agency’s reports be filed electronically, although a temporary exemption would be provided for electronic filing of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), until July 1, 2013. This does not relieve individuals of … Read More

onesource

Survey Says Internal Auditors Need More Support from Management

Internal auditors feel they need more visible and vocal support from senior management within their organizations as the changing demands of today’s regulatory and risk environment put  them under increasing pressure to do more with less, according to a new Thomson Reuters survey. In the survey, over 57% of respondents indicated that increased focus on … Read More