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

DOT Changes it’s Plans After Tax Vote

DOT Changes it’s Plans After Tax Vote

Georgia’s department of transportation is officially moving on from metro Atlanta voters rejecting a $7 billion transportation sales tax referendum. Instead, they are turning to three other regions that voted yes to pay for improved local roads and highways. For the first time Wednesday, state officials held an industry briefing on the hundreds of projects that will … Read More

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 9: Pay for Services Performed by an Entity Income Code

Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 9: Pay for Services Performed by an Entity Income Code

ONESOURCE August 21, 2012

Pay for services made to an entity, for the services of its employees and contractors that were provided in the United States, is also considered to be ECI. The Treasury explanations generally explain that such pay for services is covered by the Business Profits Article. For example, the Treasury explanation of Article 7 of the … Read More