Tax & Accounting Blog

Thomson Reuters ONESOURCE Indirect Tax Successfully Completes SSAE16 and ISAE 3402 Examinations

Thomson Reuters ONESOURCE Indirect Tax Successfully Completes SSAE16 and ISAE 3402 Examinations

NEW YORK, January 8, 2014 – The Tax & Accounting business of Thomson Reuters announced today that it has successfully completed SSAE16 Type 2 and ISAE 3402 examinations for its ONESOURCE Indirect Tax research and content subscriptions services, and its VAT compliance process.  Conducted by an independent CPA firm, the exams are used to establish … Read More

Do You Know Your Assets?

Do You Know Your Assets?

Did you know that some states treat your assets differently if you are in specific industries?  For example, in California, if you are in the banking industry, only your banking assets are Reportable/Taxable, while all other assets are Not Reportable/Not Taxable. There are many states or specific jurisdictions where industry-specific forms, trend factor tables, or … Read More

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January 2014 International Indirect Tax Updates

Along with released budget measures for year 2014 many countries have passed legislation or announced a number of changes that have an impact on the VAT rates. These changes are a response to economic and budgetary developments in the particular country. We have summarized the upcoming VAT rate changes with the following countries. The changes will … Read More

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IRS IRPAC Recommends Additional Postponement of FATCA Implementation

In a report delivered at the annual Public Meeting of the IRS Information Reporting Program Advisory Committee (IRPAC), the IRPAC recommended that the IRS postpone the requirement to impose FATCA withholding until January 1, 2015. IRPAC also recommended an extension of the validity period of Forms W-8 that otherwise would expire on December 31, 2013, … Read More

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Further Extension of FATCA Timeline Requested by Four Financial Industry Associations

In a joint letter to the Department of Treasury and Internal Revenue Service, four financial industry associations have requested a further postponement of FATCA milestone dates in order to help ensure a smooth transition to the FATCA regime. IRS Notice 2013-43 postponed certain implementation dates for FATCA (the Foreign Account Tax Compliance Act) from January … Read More

Belgium – Lawyer Services subject to 21% VAT in 2014

Belgium – Lawyer Services subject to 21% VAT in 2014

Until 31 December 2013 Belgium was the only EU country applying VAT exemption under art.44 §1 (1) of the VAT Act to lawyer services provided by Belgian, EU-listed lawyers or firms located in Belgium with the majority of Belgian or EU-listed partners. This allowed not charging clients VAT, however, the firms had to absorb any … Read More