Tax & Accounting Blog

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Taxes In The Boardroom

With increased regulation, a heavy state and local tax burden, and election uncertainty, today’s corporate boards are increasingly focused on tax risk management. Ultimately, it is the board with oversight of the company’s tax policies and actions. As a result,  boards are adding skilled tax resources to its seats. Because tax issues have material impacts on earnings and … Read More

Final Regs Detail Bank Deposit Interest Reporting for Nonresident Aliens

Final Regs Detail Bank Deposit Interest Reporting for Nonresident Aliens

On April 17, 2012, the IRS issued final regs that require information reporting for interest on deposits maintained at U.S. offices of certain financial institutions and paid to nonresident alien individuals resident in countries with which the U.S. has in effect an information exchange agreement (as listed in Rev. Proc. 2012-24, which has been issued … Read More

Hurry Up And Wait…The IFRS & US GAAP Dance Continues

Hurry Up And Wait…The IFRS & US GAAP Dance Continues

The primary goal of a single set of high-quality global accepted accounting standards is still the heart of the matter. However, the SEC’s final report from its IFRS work plan, issued July 13, 2012, does not set out any conclusions on the logistics of when or how current US GAAP reporters can achieve that goal. … Read More

Data Management Podcast Series: How a Tax Department Automated 70% of Their Tax Adjustments

Data Management Podcast Series: How a Tax Department Automated 70% of Their Tax Adjustments

Imagine eliminating the risk and time-consuming processes of using Microsoft® Office Excel during your income tax filings and year-end financial close. As part of the latest story in our Data Management Podcast Series, Chip Gooding, Director, Tax Accounting and Reporting at Commercial Metals Company (CMC), shares how transitioning to standardized workpapers helped his tax … Read More

Final Regs Clarify Economic Effect Requirement for Estate and Trust Donations

Final Regs Clarify Economic Effect Requirement for Estate and Trust Donations

On April 13, 2012, the IRS issued final regs providing guidance under Code Sec. 642(c) with regard to the federal tax consequences of an ordering provision in a trust, will or local law that attempts to determine the tax character of the amounts paid to a charitable beneficiary. Specifically, the regs confirm that a provision in a … Read More

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Survey Says Internal Auditors Need More Support from Management

Internal auditors feel they need more visible and vocal support from senior management within their organizations as the changing demands of today’s regulatory and risk environment put  them under increasing pressure to do more with less, according to a new Thomson Reuters survey. In the survey, over 57% of respondents indicated that increased focus on … Read More