Tax & Accounting Blog

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

Three California Counties Get Sales Tax Relief After Wildfires

Three California Counties Get Sales Tax Relief After Wildfires

 The California State Board of Equalization will give relief to people impacted by wildfires in Plumas, Shasta and Tehama counties. Governor Edmund G. Brown Jr. issued an emergency proclamation on 22 August 2012 for these three counties.  Recent wildfires in these areas have destroyed homes, threatened thousands of other structures and caused evacuations and road closures. This … Read More

IRS terminates letter forwarding service for plan administrators and plan sponsors

IRS terminates letter forwarding service for plan administrators and plan sponsors

IRS Revenue Procedure 2012-35, effective August 31, 2012, has modified Revenue Procedure 94-22 by removing the service of forwarding letters on behalf of an individual, company or organization that controls assets which may be due a taxpayer.  Previously the IRS would follow the 94-22 procedure to forward letters – typically from plan administrators, sponsors of … Read More

Draft of new Form W-8ECI released by the IRS

Draft of new Form W-8ECI released by the IRS

The fourth in the new series of Forms W-8 has been released for public comment.  The W-8IMY has been revised so that the form will serve as documentation for compliance with both Chapter 4 (FATCA) of the Internal Revenue Code and Chapter 3 of the Code (the Section 1441 nonresident alien withholding-at-source requirements, some amendments … Read More

Retailer Discount Tire Selects Thomson Reuters to Consolidate Its Sales and Use Tax Operations

Retailer Discount Tire Selects Thomson Reuters to Consolidate Its Sales and Use Tax Operations

New York, September 12, 2012 – Thomson Reuters announced today that Discount Tire (http://www.discounttire.com), America’s largest tire and wheel retailer, has selected ONESOURCE Indirect Tax Determination to consolidate its sales and use tax determination, calculation, and recording operations. Extensive SAP expertise, access to latest tax data and trusted technology platform among key reasons company chooses … Read More