Tax & Accounting Blog

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Did FIN48 Achieve its Purpose? More Likely Than Not

On January 12, 2012, the Financial Accounting Foundation (FAF) released a Post-Implementation Review Report on FASB Interpretation No. 48 (FIN48/ASC 740-10-50) Accounting for Uncertainty in Income Taxes, commonly referred to as Fin 48. The general conclusion of the report is that the benefit of the reporting … Read More

Current Users Answer the Question “Why ONESOURCE?”

Current Users Answer the Question “Why ONESOURCE?”

Rigid year-end deadlines, lack of internal resources, and understaffing are ongoing challenges for tax departments around the world. These issues may seem daunting, but they can be mitigated using ONESOURCE global tax solutions. In our latest YouTube video titled “Why ONESOURCE?” a number of tax professionals have shared their thoughts on how our … Read More

Breaking State and Local Tax Developments from the Past Year

Breaking State and Local Tax Developments from the Past Year

A prolonged economic slump, political challenges at the state and federal level and long-term structural budget issues continued to impact states in 2011. While the big picture seemed to stay about the same, significant changes in many of the states really did come about this year, inspired by governors and legislatures empowered to make some … Read More

When I Grow Up, I Want to be a Tax Accountant

When I Grow Up, I Want to be a Tax Accountant

As we wrap up the year and start preparing for 2012, our team wanted to share this video with you. Once upon a time, when we were young, we imagined what life would be like when we grew up. Some of us may have thought, “When I grow up, I want to be … Read More

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New Year’s Resolution: Preparing for the income tax provision audit

When the Holiday celebrations are over, you wake up New Year’s Day with resolve to be organized; hit the gym; and of course, be prepared for the audit of the income tax provision! The work you have done to make your process efficient; improve data collection; communicate with management and the board; and address tax risk … Read More

Thomson Reuters Poll: 50% Tax Professionals Have Staffing Worries

Thomson Reuters Poll: 50% Tax Professionals Have Staffing Worries

During his interactive opening session at this year’s ONESOURCE User Conference, Joe Harpaz, senior vice president and general manager of Corporate Income Tax, incorporated real time vote-by-text polling that revealed that from the 1500 tax and accounting professionals in attendance, half felt limited staffing was their biggest challenge. “When budgets and personnel are hard to come by, turning to … Read More