Tax & Accounting Blog

Thomson Reuters Granted Patent for Universal Tax Determination Engine

Thomson Reuters Granted Patent for Universal Tax Determination Engine

The Tax & Accounting business of Thomson Reuters today announced it has been granted a U.S. Patent for its Universal Tax Determination Engine (UTDE).  The patent for invention number 7,933,803, part of the ONESOURCE Indirect Tax solution, provides centralized control of tax policy and data driven tax determination for sales, use, and value added … Read More

2013 Is the New Starting Date for 3% Tax Withholding by Government Payers

2013 Is the New Starting Date for 3% Tax Withholding by Government Payers

A one-year postponement will make January 1, 2013 the applicability date for governments and government-owned entities to start withholding 3% from payments for services and property under tax regulations published in May.  These final tax regulations (TD 9524) provide guidance for administering the new withholding requirement, and a proposed regulation published simultaneously pushes back the … Read More

Join Us at the 2011 Tax Information Reporting Forum

Join Us at the 2011 Tax Information Reporting Forum

Information Reporting (1099) is becoming more complicated and the risks relating to non-compliance or inaccurate reporting are high. These recent changes to FATCA, 1099 reporting, 1042 and 1042-S, foreign reporting and cost-basis reporting will affect your business, whether it’s a corporation, a bank, trust department, or wealth management firm. Join us for a two-day, in-depth … Read More

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Thomson Reuters Expands Its Unclaimed Property Services with New Asset Recovery Solution

Referral relationship with Locator Services Group Ltd. (“TLSG”) enhances Thomson Reuters clients’ revenue, cash flow and sustainability Thomson Reuters announces it is working with The Locator Services Group Ltd. (“TLSG”) to further expand its unclaimed property offerings and to assist its clients in recovering millions of dollars in unclaimed assets. “In recent years, unclaimed property … Read More

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Some 1099s Still Go to Corporations, Despite Repeal of the Big 1099-MISC Changes

Does the repeal of the 1099-MISC expansion mean all payments to corporations are now exempt from being reported? No, because some specific requirements to report payments to corporations are in effect under subsections of the tax code other than the one that was expanded in March 2010 and then repealed in April 2011. Payments to corporations that … Read More

South Carolina enacts sales and use tax nexus exemption for certain in-state distribution facilities

South Carolina enacts sales and use tax nexus exemption for certain in-state distribution facilities

On June 8, 2011, South Carolina passed new legislation that provides a temporary exemption from sales and use tax collection for certain in-state distribution facilities.  Under the new law, SB 36, a qualifying distribution center is not considered to have physical presence in South Carolina sufficient to establish a nexus with the state for sales … Read More