Tax & Accounting Blog

Centralize Data Collection and Increase Reliability, Speed and Efficiency

We really locked down and automated many of our processes. I could now have my journal entry out in an hour. Chip Gooding, Director, Tax Accounting and Reporting Commercial Metals Company wanted to drive efficiencies in data management. With ONESOURCE WorkFlow Manager, data is harmonized, existing workpapers are standardized, and data is readily available. … Read More

Streamline Tax Provision and Return Adjustments by 80%

I was able to load the trial balance right from ONESOURCE Tax Provision and then load all of our adjustments. It took me one day to tie out our year-end provision versus one week. I imagine next year will be even easier. Michelle Potpan, Tax Support Manager Time management was the primary concern for Boehringer … Read More

Cut a Full Day of Data Entry—and That’s Just the Beginning

Now I have a workpaper that I can save in ONESOURCE Tax Provision and give it to auditors when I’m done. Jodi Jones, Manager — Tax & Accounting Compliance Asurion Case Study Hear how Asurion eliminated manual work using Thomson Reuters ONESOURCE. Request a demo By leveraging the Active Workpapers module … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 7 – Substantial Presence Test

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 7 – Substantial Presence Test

Foreign nationals who are not green card holders (also called nonimmigrants) who are substantially present in the U.S. over a period of years are also resident aliens. Nonimmigrants are substantially present if their countable U.S. days (including partial days) over three calendar years equal or exceed 183 days based on a formula. The 183-day formula … Read More

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 6 – Green Card Test

Foreign Nationals: Resident Alien or Nonresident Alien and Why It Matters: Part 6 – Green Card Test

Foreign nationals who are green card holders are residents for income tax purposes unless they have never actually been physically present in the U.S. in that status. Green card holders are resident aliens from their first day of physical presence in the U.S. in that status or earlier if they became resident aliens under the … Read More

Connecticut Legislative Proposals

Connecticut Legislative Proposals

The Connecticut Department of Revenue Services (DRS) has released its annual list of legislative proposals, which include: – Tying all interest rates, either for under- or overpayment, to the IRC; – Require the collection of sales taxes by cigarette distributors and alcoholic beverage distributors on retail sales; – Allow the commissioner to impose civil penalties … Read More