Tax & Accounting Blog

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OECD Draft Guidelines Expose Deficiency in Intangibles Analyses

The most recent OECD draft guidelines have highlighted a deficiency in the manner in which most Transfer Pricing experts prepare their intangibles analyses; specifically, in the application of the Comparable Uncontrolled Price Method (CUP). By omitting information in their analysis, Transfer Pricing experts are significantly reducing the accuracy of their transfer pricing position. Historically, … Read More

Soda Tax Wars

Soda Tax Wars

Richmond and Monterey, California, are the latest battlegrounds in the $111 billion soda industry’s fight to defend their near-perfect record of defeating proposed taxes on sugary drinks. In November, voters in these cash-strapped cities will decide whether to pass penny-per-ounce taxes on sugar-sweetened drinks to bolster municipal coffers and “fight obesity.” Approval of this type of … Read More

Rhode Island Increases Taxes on Transportation Services

Rhode Island Increases Taxes on Transportation Services

Beginning 1 October 2012, Rhode Island’s 7 percent sales and use tax will apply to taxicab, limousine, charter bus, and all other ground passenger transportation services. The tax shall apply to point-to-point ground transportation, but does not apply scenic or sightseeing tours. This tax expansion was actively fought against by the Taxi Owners Association of … Read More

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Thomson Reuters Automated Estimated Payments for Corporate Tax Professionals

Did you know that in a recent poll  of 230+ corporate tax professionals, 31% said thier biggest challenge around estimated payments was that they are way too dependent on error-prone Excel spreadsheets?  Coming in as the second biggest challenge – with 29% response rate, was that process was too time-consuming. As we announced last month in our post Read More

IRS Revenue Ruling highlights expense payments which cannot be tax-free

IRS Revenue Ruling highlights expense payments which cannot be tax-free

Revenue Ruling 2012-25 from the Internal Revenue Service describes three plans which companies set up to provide expense reimbursements to employees, with the payments treated as outside of the wage stream and therefore paid without any tax deductions and not reported on the employees’ W-2 forms.  But under IRS scrutiny, all three plans failed the … Read More