Tax & Accounting Blog

The New Realities of Tax Risk Management

The New Realities of Tax Risk Management

The Tax Council Policy Institute (TCPI) tax risk conference that I attended on February 15 and 16 in Washington, DC brought together experts and stakeholders from across the industry. Over 280 professionals from corporate tax, trade, risk,and treasury groups met with tax lawyers, accounting firms, and revenue agencies to discuss policy and practice aroundcorporate tax … Read More

IRS Releases Form 8937 to Report Organizational Actions Affecting Security Holders’ Basis

IRS Releases Form 8937 to Report Organizational Actions Affecting Security Holders’ Basis

The IRS has released on its website Form 8937, Report of Organizational Actions Affecting Basis of Securities, and its Instructions. The Instructions include details on who must file the form and how certain entities can otherwise satisfy their organizational action reporting obligations. New form and instructions. The Form 8937 contains two parts. Part I consists … Read More

President’s Budget Proposes Making R&D Credit Permanent

President’s Budget Proposes Making R&D Credit Permanent

This is welcome news for American innovation and manufacturing organizations.  While this credit has been in place since 1981, except from one brief period in the mid-1990’s, making it permanent will boost the confidence of corporations expanding their U.S. investment in research and development activities.     Over the past three decades, the corporate R&D tax credit … Read More

Kenya Proposes VAT Reforms

Kenya Proposes VAT Reforms

Kenya has proposed significant reforms to its current VAT law in order to simplify compliance and increase revenues. According to the Treasury, the current compliance rate stands at about 55 per cent due to distortion and tax leakages caused by exemptions and zero rating. “When the proposed Bill becomes law, we hope to achieve 80 … Read More

We’re Listening: Getting Better Organized with Workpapers

We’re Listening: Getting Better Organized with Workpapers

Say good-bye to the days of files being stored in different areas, under different names and on c-drives. One of the top process management questions raised at the 2011 ONESOURCE User Conference was:  Are you doing anything to improve document management across the ONESOURCE products? We’ve been … Read More

Vietnam Extends VAT Exemptions to Financial Services

Vietnam Extends VAT Exemptions to Financial Services

Vietnam has issued a new directive effective March 1, 2012 which expands the definition of VAT exempt supplies to include a number of financial services transactions including foreign exchange trading, the management of securities investment companies, and debt factoring (including the sale of debts). The Directive is available at: http://thuvienphapluat.vn/archive/Nghi-dinh/Nghi-dinh-121-2011-ND-CP-sua-doi-Nghi-dinh-123-2008-ND-CP-huong-dan-Luat-Thue-vb133470t11.aspxRead More