Thomson Reuters has launched ONESOURCE International Tax Calculator to help businesses address and comply with changes brought about by the Tax Cuts and Jobs Act, which was passed by Congress on Dec. 20, 2017 and signed by the President on Dec. 22, 2017.
ONESOURCE International Tax Calculator automates the calculation of U.S. tax on foreign source income for the tax provision process with templates for Subpart F income, Section 956 inclusions, and the U.S. Foreign Tax Credit, as well as the new regulations for Section 965, Global Intangible Low-Taxed Income (GILTI), base erosion and anti-abuse tax (BEAT), and foreign-derived intangible income (FDII). With robust planning capabilities for actual and “what-if” cash repatriation and potential organizational structure changes, tax professionals can ensure their tax departments are making the most value-added decisions pertaining to tax reform.
“We’re focused on helping tax departments meet the demands of changing tax regulation globally. On account of the Tax Cuts and Jobs Act, one area of specific and crucial attention is U.S. taxes on international operations.” said Marc Mehlman, vice president and head of ONESOURCE Direct Tax, for the Tax & Accounting business of Thomson Reuters. “We’re proud to address these requirements with the ONESOURCE International Tax Calculator, which expands on existing capabilities currently in use by some of our most complex customers who leverage these calculations, entity charting and complex scenario planning capabilities within their existing ONESOURCE suite.”
The new application is part of the ONESOURCE Direct Tax suite, allowing for integration points with ONESOURCE Tax Provision, ONESOURCE Income Tax, ONESOURCE Dataflow, ONESOURCE BEPS Action Manager, and ONESOURCE General Ledger Manager. The application also allows for data transfers with other source systems and includes a full set of native Microsoft Excel-based templates for importing and exporting data.
In addition to Thomson Reuters ONESOURCE software solutions, Thomson Reuters Checkpoint tackles market disruption through integrated research, editorial insight, productivity tools, online learning, content marketing solutions and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, and counts among its customers 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.
For more information about ONESOURCE International Tax Calculator and other Thomson Reuters tax reform solutions, resources and insights for corporations, visit https://tax.thomsonreuters.com/tax-reform/corporate/.
Thomson Reuters
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, visit www.thomsonreuters.com.
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