Tax & Accounting Blog

Should multnationals be encouraged to voluntarily disclose and comply with transfer pricing?

Should multnationals be encouraged to voluntarily disclose and comply with transfer pricing?

Nishana Gosai thinks so. The Manager of the Transfer Pricing Unit of the South African Revenue Service (SARS) shared his views on recent transfer pricing issues to a group of regional journalists at a recent training for the Thomson Reuters foundation. Gosai expressed the need to address the disparities for African countries concerning transfer pricing . Current … Read More

New Year’s Resolution: Preparing for the income tax provision audit

When the Holiday celebrations are over, you wake up New Year’s Day with resolve to be organized; hit the gym; and of course, be prepared for the audit of the income tax provision! The work you have done to make your process efficient; improve data collection; communicate with management and the board; and address tax risk … Read More

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When a Foreign Vendor Needs a U.S. Taxpayer Identification Number

The IRS is in the process of enforcing compliance of long-standing rules requiring U.S. tax withholding on U.S.-source income payments to nonresident aliens and foreign entities (collectively, foreign persons). As a result, foreign vendors are being asked by their clients to provide them with a U.S. withholding certificate to document their foreign status for U.S. … Read More

Thomson Reuters Poll: 50% Tax Professionals Have Staffing Worries

Thomson Reuters Poll: 50% Tax Professionals Have Staffing Worries

During his interactive opening session at this year’s ONESOURCE User Conference, Joe Harpaz, senior vice president and general manager of Corporate Income Tax, incorporated real time vote-by-text polling that revealed that from the 1500 tax and accounting professionals in attendance, half felt limited staffing was their biggest challenge. “When budgets and personnel are hard to come by, turning to … Read More

What’s the real motivation behind country-by-country reporting?

What’s the real motivation behind country-by-country reporting?

The Financial Integrity & Economic Development annual conference in early October of this year highlighted how corporate taxpayers could benefit from more transparency in reporting standards. The idea behind the potential benefits to both corporate taxpayers and governments flow from the following concept: transparency assures honesty and accuracy and potential maximization of tax revenue. Yet … Read More

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Substitute Statements to Recipients and Publication 1179

With tax information reporting deadlines looming in February, software vendors are doing their best to apply new rules from the draft of Publication 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. The draft publication was released late in October and updated again on December 2, but … Read More