Preparing the CbC reporting template and dealing with the expected additional audit activities is likely to cause significant resource demands for the tax department.
Typically, a company's financial accounting systems are set up to support publicly filed financial statements and management reporting. Rarely do they support tax reporting.
Why is cloud-based technology spreading so quickly among companies of all sizes? And why should tax professionals consider how their IT colleagues’ function is evolving?
For the first time, taxing authorities throughout the world will be able to ascertain how multinational companies allocate their income and tax payments to specific countries.
In Georgia, the sales tax of tangible personal property includes the cost of materials and labor. However, if these charges are listed separately on your invoice you could save on sales tax.
Corporate tax functions within U.S.-based multinational corporations take note: Two different U.S. Department of Treasury officials recently have said that both Treasury and the IRS intend to adopt country-by-country (CbC) regulations by the end of this year – despite questions within Congress as to whether Treasury has the authority to do so.
The annual Gartner Symposium has long been recognized as a venue for leading-edge technology trends. This year’s event was no different, and I was pleasantly surprised to see that our corporate tax domain is ahead of the trend curve in one key respect. This year’s Gartner Symposium, the event’s 25th anniversary, featured a theme of “Rise to the Challenge” – the challenge being the rapid acceleration of digital business adoption. The conference’s main message centered on the fundamental transformation of how business value is created.
U.S.-based multinational enterprises (MNEs) are not the only group scrambling to respond to the OECD’s far-reaching BEPS initiative and its country-by-country (CbC) reporting template requirements. The U.S. Department of Treasury and some notable U.S. legislators are also responding – sometimes in dramatic fashion – to the OECD’s initiatives to restructure the international tax system.
In keeping with Vertex’s mission to unleash the strategic potential of Corporate Tax worldwide, our Vertex SMB business division has joined forces with CPA.com, the leading, trusted business resource for the CPA community. This partnership equips CPA.com’s accounting firm customers (and those firms’ clients) with Vertex SMB’s sales tax technology solution.
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