Tax & Accounting Blog

APB 23:  ETR Ally, Audit Risk or Both?

APB 23: ETR Ally, Audit Risk or Both?

What is APB 23? APB 23 (codification effort notwithstanding, old habits die hard) provides an exception to the general rule that a U.S. multinational company must provide U.S. taxes on the foreign earnings of its controlled non-U.S. affiliates. More specifically, APB 23 is the accounting rule that allows a U.S. multinational to assert that its … Read More

KPMG and Thomson Reuters Share Forum: June 26, 2012 (Chicago, IL)

KPMG and Thomson Reuters Share Forum: June 26, 2012 (Chicago, IL)

Please join professionals from KPMG LLP and Thomson Reuters for a share forum addressing how to control your company’s transaction tax process through the effective use of technology. Date: Tuesday, June 26, 2012 Location: KPMG LLP – Chicago Office 303 E. Wacker Drive Training Room A/B/C – 16th Floor Chicago, IL 60601 312-665-1276 Time: 12:00 … Read More

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Rhode Island Creates a Tax Amnesty Program and Expands their Tax Base

Rhode Island Governor, Lincoln Chafee, has signed the state’s 2013 budget bill, which will establish a tax amnesty program applicable for all Rhode Island taxes.  The legislation expands sales and use taxes to apply to pet care services and certain road transportation services.  Sales and use tax will no longer apply to package tour and … Read More

Trustee and Custodian Requirements to Issue Transfer Statements

Trustee and Custodian Requirements to Issue Transfer Statements

Transfer statements are required as a means of passing along adjusted basis information on tax lots of covered securities when these are transferred to a receiving custodian or broker. Transfer statements are also required to inform a receiving custodian or broker which items are uncovered securities; a transferred security is presumed to be a covered security unless … Read More

Maruca announces creation of International Practice Networks for Transfer Pricing

Maruca announces creation of International Practice Networks for Transfer Pricing

Two international practice networks have launched within the transfer pricing operation of the IRS. Transfer Pricing Director Samuel Maruca has announced the formation of two new International Practice Networks within the IRS focusing on in-bound and outbound income shifting in order to bring a higher level of professionalism within the service.  This is part … Read More

Kentucky Offers Tax Amnesty, Cutting Interest in Half and Waiving Penalties

Kentucky Offers Tax Amnesty, Cutting Interest in Half and Waiving Penalties

The new Kentucky Tax Amnesty Act authorizes a tax amnesty program, which will be run by the state Department of Revenue for a period of no less than 60 days and no more than 120 days beginning on a date yet to be set in the fiscal year July 1, 2012 to June 30, 2013. … Read More