Tax & Accounting Blog

Thomson Reuters Releases Latest Version of ONESOURCE Indirect Tax Global Software Suite

Thomson Reuters Releases Latest Version of ONESOURCE Indirect Tax Global Software Suite

New York, July 12, 2012 – Thomson Reuters today announced the latest release of the ONESOURCE Indirect Tax global software suite.  Designed to help global companies deal with thousands of indirect tax and value added tax changes a year, the latest release leverages a company’s existing systems, while increasing the speed and accuracy of the … Read More

Estates of Some 2011 Decedents Get More Time to Make Portability Election

Estates of Some 2011 Decedents Get More Time to Make Portability Election

The IRS has issued guidance giving certain estates of married individuals who died during the first six months of 2011 an extension of the deadline to make the portability election to pass the decedent’s unused estate and gift tax exclusion amount to the surviving spouse. Estates qualifying for and taking advantage of the extension will have … Read More

New Excise Tax on Medical Devices a Sales Tax?

New Excise Tax on Medical Devices a Sales Tax?

Blog, Indirect Tax July 11, 2012

The Supreme Court’s recent ruling upholding President Obama’s health care plan as Constitutional under Congress’s Constitutional authority to levy taxes has given rise to a need for additional taxes to support that “tax”. Of those additional taxes the one that has received the most press so far, largely in part to the outcry from Jersey … Read More

NRA Withholding and Reporting on Payments to Foreign Nationals – Part 7: What if the Service Provider Wasn’t Authorized under the Immigration Rules to Provide the Services?

NRA Withholding and Reporting on Payments to Foreign Nationals – Part 7: What if the Service Provider Wasn’t Authorized under the Immigration Rules to Provide the Services?

You must apply the proper withholding and reporting rules based on tax residency status to payments to foreign national recipients regardless of whether the recipient was authorized to provide the services or not. It is the provision of services by an unauthorized individual that is a violation of the immigration laws. However, your organization’s payment to the … Read More

IRS Delays Effective Date for Reporting Basis on Sales of Debt Instruments and Options

IRS Delays Effective Date for Reporting Basis on Sales of Debt Instruments and Options

The IRS announced on May 2, 2012 that it intends to delay the effective date for reporting basis on sales of debt instruments and options. The Energy Improvement and Extension Act of 2008 requires brokers to report the basis on sales of certain securities. The Act applies to stock acquired on or after January 1, … Read More