Delivery Model

Here is Your International Tax Compliance Checklist

NEWS

September 13, 2017

Here is Your International Tax Compliance Checklist

With the end of compliance season rapidly approaching, now is the time to review common pitfalls in international tax compliance and how to avoid them. Overlooking some of these details exposes you to significant penalties and potential for future risk. Consider these areas to avoid unnecessary penalties and maximize your tax position before you file. Here is your international tax compliance checklist.

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IRC Section 163j: Another Cost of Leveraging an Acquisition

NEWS

September 06, 2017

IRC Section 163j: Another Cost of Leveraging an Acquisition

Without the luxury of having excess cash reserves, corporations typically opt to leverage their acquisitions by taking on some form of debt. This allows for more manageable and projectable cash flows, and the interest payments are tax-deductible – as long as you do not get caught up by an earnings stripping limitation such as IRC Section 163j.

Section 163j was enacted in 1989 as a means of limiting the interest expense deduction of a taxable corporation that pays to a tax-exempt, or partially tax-exempt, entity whose economic interests coincide with those of the payer. Most commonly, but not solely, this becomes an issue when a foreign parent issues debt through a U.S. subsidiary. This is relevant today as corporations look to reduce their IRS bill by restructuring using controversial tax inversions. Section 163(j) serves as a barrier to corporations who otherwise would have a rather straightforward and otherwise legal means of significantly eroding its U.S. tax base through excessive interest deductions.

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Co-Sourcing Tax Department Functions: the When and the Why?

NEWS

August 02, 2017

Co-Sourcing Tax Department Functions: the When and the Why?

Staffing is a critical component of any tax department and generally used as a reflection point (or otherwise a barometer) to determine what role the department will ultimately play within the company. Typically, tax departments approach staffing in one of three ways: insourced, out-sourced or co-sourced. Read this blog to learn more about when and why co-sourcing may be a good approach for your tax department.

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How to Speed Up Tax Data Preparation for 5471 Schedule M and Sales & Use Tax Compliance

NEWS

May 18, 2017

How to Speed Up Tax Data Preparation for 5471 Schedule M and Sales & Use Tax Compliance

Think about the burden lifted from your tax team by speeding up the data preparation and calculations for complex tax processes. In this blog, we cover automating data assembly for 5471 Schedule M and Sales & Use Tax Compliance. We provide practical examples of what happens when you can quickly manipulate source data into useable formats and the steps that can be automated.

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Ask the Right Questions for Your Sales and Use Tax Compliance Process

NEWS

May 05, 2017

Ask the Right Questions for Your Sales and Use Tax Compliance Process

The management of sales and use tax compliance can be complicated. Especially if your process is manual. To make it more manageable, you need to first ask the right questions about your data, your process, and your resources.

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GTMpower Automates Various Tax Processes by Cutting Prep Time up to 80% and Creating Meaningful Analytics

Case Studies

GTMpower Automates Various Tax Processes by Cutting Prep Time up to 80% and Creating Meaningful Analytics

For this client, GTMpower reduced total time spent preparing tax data by 50-80%, turning what used to take weeks and months into just a few days. By saving time and providing more transparency into data, implementing GTMpower has enabled the finance and tax organization at this company to become consumers of financial data rather than reconcilers of it. As such, they are identifying risks and opportunities that add extraordinary value to the organization.

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Understanding Tax Accounting for Investment in Domestic and Foreign Subsidiaries

NEWS

September 20, 2016

Understanding Tax Accounting for Investment in Domestic and Foreign Subsidiaries

Multinational companies need to understand the impact domestic and foreign transactions may have on their tax accounting. This blog was written to help you to better understand one facet of that task: tax accounting for investment in domestic and foreign subsidiaries. Here I will cover three sections – inside basis vs. outside-basis, bottom-up approach, and permanent reinvestment assertion.

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Understanding the “Aha!” of ACH Payments

NEWS

August 25, 2016

Understanding the “Aha!” of ACH Payments

Jim Ford and Mark Cox, directors in GTM’s state and local tax practice, examine the pros and cons of using different types of automated clearinghouse payments when sending them to a tax authority, and they explain how one method can make accounting and reconciling much easier.

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Mining Pearls of Wisdom from Your Tax Data

NEWS

February 15, 2016

Mining Pearls of Wisdom from Your Tax Data

In the latest edition of Accounting Technology, Ryan Lynch, Director of GTM’s Technology Automation Services practice, shares common best practices that can help tax operations make the most of available information.

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