Tax & Accounting Blog

European Parliament Publishes Opinion on Legal Basis for Public Country-by-Country Reporting

European Parliament Publishes Opinion on Legal Basis for Public Country-by-Country Reporting

On January 17, 2017, the European Parliament’s Committee on Legal Affairs (the “Committee”) published its opinion on the appropriate legal basis for the disclosure of income tax information (i.e., public country-by-country (CbC) reporting). See BEPS Action 13. On January 12, 2017, the Committee decided that Article 50(1) of the Read More

Intermediate Materials – Can They Help Me Qualify for FTAs?

Intermediate Materials – Can They Help Me Qualify for FTAs?

Blog, Global Trade, ONESOURCE February 10, 2017

In complicated manufacturing environments many producers create sub-assemblies or intermediate products before combining them in final products for export.  This is often reflected in complicated multi-level bill of materials (BOM) during manufacturing.  If these intermediate materials are qualified and considered originating in the production country, the possibility of meeting originating content requirements to meet rules … Read More

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

With 2016 UltraTax/1120, you can track a corporation’s basis in a partnership interest. Losses reported on a pass-through 1065 Schedule K-1 are limited by the amount of the corporation’s basis in the pass-through entity. UltraTax/1120 includes partner’s basis worksheets for regular tax and AMT that report these calculations. In addition, K-1 reconciliation worksheets were added … Read More

State Driver’s License Requirements

State Driver’s License Requirements

On June 11, 2015, the IRS issued an announcement regarding the collaborative effort to combat identity theft and tax refund fraud. Thomson Reuters supports and is participating in this initiative. In an effort to reduce identity theft and fraudulent return filing, complete the Form of identification field on federal Screen IDAuth for state electronic filing … Read More