Tax & Accounting Blog

Thomson Reuters’ Software Helps Medical Device Makers Comply with New U.S. Excise Tax

Thomson Reuters’ Software Helps Medical Device Makers Comply with New U.S. Excise Tax

New York, August 23, 2012 — Thomson Reuters today announced that the latest release of its ONESOURCE Indirect Tax global determination software will enable companies to efficiently comply with the new 2.3 percent medical devices tax. The tax passed on June 28, 2012, and will go into effect on January 1, 2013.  It is estimated … Read More

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Tax Sharing Allocations – Software and Technical Considerations

Is it taking you weeks or even months to push down your tax entry from your year-end provision?  The sharing of tax expense and tax attributes among legal entities in a consolidated group can be a difficult and time consuming process – often involving complex spreadsheets. Many companies face tight turnaround times at provision and … Read More

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 10: Exemption Codes

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 10: Exemption Codes

Exemption Codes indicate the reason that taxes were not withheld on the gross income being reported. Exemption Codes typically used for payments to foreign vendors are 00, 01, 02, 03, and 04. Code 00 in the Exemption Code field indicates the gross income was subject to NRA withholding. Exemption Code 00 is also used to … Read More