Tax & Accounting Blog

Part 2: India’s Goods and Services Tax: Key challenges for corporates to consider

Part 2: India’s Goods and Services Tax: Key challenges for corporates to consider

GST is being touted as one of the single biggest economic reform in India since liberalization and one that promises to change the way India does business. This is is Part 2 of a two part blog series discussing the challenges for corporations implanting the impending India’s Goods and Services Tax requirement. See Part … Read More

Part 1: India’s Goods and Services Tax: Key challenges for corporates to consider

Part 1: India’s Goods and Services Tax: Key challenges for corporates to consider

GST is being touted as one of the single biggest economic reform in India since liberalization and one that promises to change the way India does business. This is Part 1 of a two part blog series discussing the challenges for corporations implanting the impending India’s Goods and Services Tax requirement. You can read … Read More

Rethinking Combined Reporting, the Worst Idea of the Year, and Unicorns in Kentucky

Rethinking Combined Reporting, the Worst Idea of the Year, and Unicorns in Kentucky

For many years I believed that to make the corporate income tax work, states had to adopt combined reporting. I believed that separate accounting regimes left too many planning opportunities. Yes, I also thought that the corporate tax should be repealed. But, I thought if the corporate tax were to survive combined reporting was a … Read More

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

With 2016 UltraTax/1120, you can track a corporation’s basis in a partnership interest. Losses reported on a pass-through 1065 Schedule K-1 are limited by the amount of the corporation’s basis in the pass-through entity. UltraTax/1120 includes partner’s basis worksheets for regular tax and AMT that report these calculations. In addition, K-1 reconciliation worksheets were added … Read More