Tax & Accounting Blog

Trustee and Custodian Requirements to Issue Transfer Statements

Trustee and Custodian Requirements to Issue Transfer Statements

Transfer statements are required as a means of passing along adjusted basis information on tax lots of covered securities when these are transferred to a receiving custodian or broker. Transfer statements are also required to inform a receiving custodian or broker which items are uncovered securities; a transferred security is presumed to be a covered security unless … Read More

Maruca announces creation of International Practice Networks for Transfer Pricing

Maruca announces creation of International Practice Networks for Transfer Pricing

Two international practice networks have launched within the transfer pricing operation of the IRS. Transfer Pricing Director Samuel Maruca has announced the formation of two new International Practice Networks within the IRS focusing on in-bound and outbound income shifting in order to bring a higher level of professionalism within the service.  This is part … Read More

Kentucky Offers Tax Amnesty, Cutting Interest in Half and Waiving Penalties

Kentucky Offers Tax Amnesty, Cutting Interest in Half and Waiving Penalties

The new Kentucky Tax Amnesty Act authorizes a tax amnesty program, which will be run by the state Department of Revenue for a period of no less than 60 days and no more than 120 days beginning on a date yet to be set in the fiscal year July 1, 2012 to June 30, 2013. … Read More

New Indian White Paper Focuses on Potential Tax Avoidance Through Transfer Pricing

New Indian White Paper Focuses on Potential Tax Avoidance Through Transfer Pricing

The Indian government recently released a new report, White Paper on Black Money. The report claims that more than 60% of international trade is conducted between related parties, and that the companies can exert significant influence in locating costs and revenues. Several practitioners have criticized the report as utilizing skewed information in terms … Read More