Tax & Accounting Blog

French National Assembly Approves Diverted Profits Tax Proposals

French National Assembly Approves Diverted Profits Tax Proposals

According to the French National Assembly (the “Assembly”), many companies artificially divert profits from activities performed in France by avoiding the establishment of a taxable presence in France and by taking advantage of loopholes in tax legislation. As a result, on November 7, 2016, the Assembly approved Amendment No. II-CF421 (the “Amendment”) to … Read More

Finland Proposes to Extend 2016 CbC Reporting Notification Deadline

Finland Proposes to Extend 2016 CbC Reporting Notification Deadline

On September 15, 2016, Finland submitted its 2017 budget proposals (HE 142/2016) to Parliament for consideration, which would introduce CbC reporting, master file, and local file requirements starting with fiscal years that begin on or after January 1, 2016. The CbC reporting requirements (new Sections 14(d) and (e) of the Tax Assessment Procedure … Read More

Dedicated or Shared Cloud – Which Works for You?

Dedicated or Shared Cloud – Which Works for You?

Last week I had the opportunity to attend Synergy, our annual ONESOURCE User Conference. I conducted presentations on Thomson Reuters ONESOURCE™ Indirect Tax applications, and had lots of great conversations about what’s top of mind for tax professionals. A common theme continues to be the ongoing inability to concentrate on their core area of expertise, … Read More

Ready for Black Friday?

Ready for Black Friday?

Our previous posts have described how connecting your transaction system to a patented tax database gives you access to the most accurate tax calculations for all your products at lightning fast speed. To truly be prepared for Black Friday, you need uninterrupted service, timely tax content, and a top-notch support team to address all … Read More

Trade Between Brazil and Canada – Past, Present and Future (Pt 3)

Trade Between Brazil and Canada – Past, Present and Future (Pt 3)

Mercosur/Canada Free Trade Agreement Mercosur and Canada held exploratory meetings in the past to assess the feasibility of opening formal FTA negotiations, after which resulted public consultations to better understand the Brazilian private sector needs. However, resistance (mainly from Argentina) prevented further serious consideration. On 16 June 1988, Canada attempted to begin negotiations with Mercosur … Read More

Section 385 Final Regs. Modify Prop. Regs. to “Minimize Burdens” on Taxpayers

Section 385 Final Regs. Modify Prop. Regs. to “Minimize Burdens” on Taxpayers

In 518-page TD 9790 , October 13, 2016, IRS issued final and Temporary Regulations ("final Regulations") under Section 385 that (1) establish threshold documentation requirements that ordinarily must be satisfied so that certain related-party interests in a corporation are treated as indebtedness for federal tax purposes; and (2) treat certain other … Read More