Tax & Accounting Blog

Operational Transfer Pricing – Going from the Tax Provision to New Documentation Requirements

Operational Transfer Pricing – Going from the Tax Provision to New Documentation Requirements

As your CFO worked with your company’s financial auditors to prepare for the filing of your 10-K, you may have been tasked with the tax provision under ASC 740-10 (formerly FIN 48).  As a multinational corporation, your financial auditors are likely asking a lot of questions as to whether your intercompany pricing … Read More

OECD Base Erosion and Profit Shifting Ship Sailing Full Steam Ahead

OECD Base Erosion and Profit Shifting Ship Sailing Full Steam Ahead

Panelists from the OECD, United States Department of the Treasury, and Her Majesty’s Treasury speaking at the Tax Center Policy Institute’s (“TCPI”) annual symposium in Washington, D.C. clearly messaged that the OECD’s action plan on Base Erosion and Profit Shifting, or “BEPS” as it’s been abbreviated by the tax industry, is … Read More

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Further Extension of FATCA Timeline Requested by Four Financial Industry Associations

In a joint letter to the Department of Treasury and Internal Revenue Service, four financial industry associations have requested a further postponement of FATCA milestone dates in order to help ensure a smooth transition to the FATCA regime. IRS Notice 2013-43 postponed certain implementation dates for FATCA (the Foreign Account Tax Compliance Act) from January … Read More

Belgium – Lawyer Services subject to 21% VAT in 2014

Belgium – Lawyer Services subject to 21% VAT in 2014

Until 31 December 2013 Belgium was the only EU country applying VAT exemption under art.44 §1 (1) of the VAT Act to lawyer services provided by Belgian, EU-listed lawyers or firms located in Belgium with the majority of Belgian or EU-listed partners. This allowed not charging clients VAT, however, the firms had to absorb any … Read More

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New IRS Regulations Authorize a Broader Scope of Voluntary Federal Income Tax Withholding

New temporary and proposed federal tax regulations authorize an expansion of voluntary withholding of federal income tax, including withholding on payments for non-wage services. The temporary regulations (TD 9646) went into effect immediately, and the proposed regulations (REG-146620-13) are open for public comment through February 24, 2014. They authorize voluntary withholding to be expanded to … Read More