Tax & Accounting Blog

Fun with International Tax Provision Issues

 When I was young and naïve, I overheard a seasoned practitioner remark: “If tax provisions are fun…then dealing with the international pieces of the provision is the most fun you can have.”  I’m now neither young nor naïve and I recognize the sarcasm in the remark.  However, I do believe the issues are interesting and, … Read More

Is Minnesota Ready for Tax Reform?

Is Minnesota Ready for Tax Reform?

This was the main topic of discussion amongst 400+ tax professionals at TEI’s 29th Annual President’s Seminar in Minneapolis last week.  In his opening address, Myron Frans, Minnesota Commissioner of Revenue addressed the group on the state’s complex tax policy and unique challenges, including demographic and economic changes impacting tax revenue. He emphasized that over time, the mix of … Read More

U.S or Foreign Person Part 1

U.S or Foreign Person Part 1

In order for payers (called withholding agents because of their obligation to withhold taxes) to withhold and report income payments appropriately, they must determine whether the beneficial owner of the income is a U.S. person or a foreign person. The broad definition for the term, withholding agent, includes anyone who “has control, receipt, custody, or … Read More

Year-End Success Story #5: How One Company Shaved Off Their Close Time by 30%

Year-End Success Story #5: How One Company Shaved Off Their Close Time by 30%

When it comes to finishing your financial close, do you ever think, there must be a better way? Jason Hamil, Sr. Tax Accounting Mgr, A Global Logistics & Transportation Company reveals four tips for getting ahead during year-end. Hear his year-end success story! “Our biggest year-end challenges were being able to complete … Read More

Global Indirect Tax Burden Eases in Q1, According to Thomson Reuters ONESOURCE Report

Global Indirect Tax Burden Eases in Q1, According to Thomson Reuters ONESOURCE Report

There were 30 percent fewer indirect tax increases reported globally in the first quarter of 2012 than there were during the same period in 2011, according to the latest ONESOURCE Indirect Tax rate report from Thomson Reuters. The number of indirect tax increases declined from 154 in Q1 2011 to 107 in Q1 2012. This … Read More

Residency for Tax Treaty Purposes for Individuals Part 4: The Tax Expatriation Rule

Residency for Tax Treaty Purposes for Individuals Part 4: The Tax Expatriation Rule

Tax code Sections 877 and 877A (the exit tax) impose special provisions on certain U.S. citizens who terminate their citizenship and long-term green-card holders who lose their status through abandonment (whether or not intentional) or revocation provided they meet certain criteria. As a result, most tax treaties include provisions limiting the eligibility of these individuals to use … Read More