Tax & Accounting Blog

A New Excise Tax May Replace Taxes Lost To a New Energy Tax Exemption in Augusta

A New Excise Tax May Replace Taxes Lost To a New Energy Tax Exemption in Augusta

The city of Augusta recently enacted an exemption on taxes applicable to energy used in the process of manufacturing goods.  This exemption was a big bonus for Augusta manufacturers. It represents a promise to make the state of Georgia more competitive in manufacturing, which will hopefully increase corporate investments and decrease unemployment. Its impact on local … Read More

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OECD Draft Guidelines Expose Deficiency in Intangibles Analyses

The most recent OECD draft guidelines have highlighted a deficiency in the manner in which most Transfer Pricing experts prepare their intangibles analyses; specifically, in the application of the Comparable Uncontrolled Price Method (CUP). By omitting information in their analysis, Transfer Pricing experts are significantly reducing the accuracy of their transfer pricing position. Historically, … Read More

Soda Tax Wars

Soda Tax Wars

Richmond and Monterey, California, are the latest battlegrounds in the $111 billion soda industry’s fight to defend their near-perfect record of defeating proposed taxes on sugary drinks. In November, voters in these cash-strapped cities will decide whether to pass penny-per-ounce taxes on sugar-sweetened drinks to bolster municipal coffers and “fight obesity.” Approval of this type of … Read More

Rhode Island Increases Taxes on Transportation Services

Rhode Island Increases Taxes on Transportation Services

Beginning 1 October 2012, Rhode Island’s 7 percent sales and use tax will apply to taxicab, limousine, charter bus, and all other ground passenger transportation services. The tax shall apply to point-to-point ground transportation, but does not apply scenic or sightseeing tours. This tax expansion was actively fought against by the Taxi Owners Association of … Read More

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Thomson Reuters Automated Estimated Payments for Corporate Tax Professionals

Did you know that in a recent poll  of 230+ corporate tax professionals, 31% said thier biggest challenge around estimated payments was that they are way too dependent on error-prone Excel spreadsheets?  Coming in as the second biggest challenge – with 29% response rate, was that process was too time-consuming. As we announced last month in our post Read More