Consumer Products

Talking Toll Tax: Calculation and Provision Considerations for the New Year

NEWS

January 19, 2018

Talking Toll Tax: Calculation and Provision Considerations for the New Year

Since our last blog post about the deemed repatriation “toll tax,” tax reform was enacted into law on Dec 22, 2017. The SEC has also issued guidance on tax accounting for the deemed repatriation (“SAB 118”), and the IRS has issued preliminary guidance on proposed regulations concerning calculation of the transition tax. Read this article to learn toll tax calculation and provision considerations, and for a handy visual audit checklist.

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A Guide to Outsourcing Corporate Tax Functions

White Papers

A Guide to Outsourcing Corporate Tax Functions

Finance leaders are looking for innovative approaches to talent and technology for growth potential. Their goal is to be more operationally agile — by aligning the right resources to achieve their company’s strategic mission. Leaders can make this goal possible by finding ways to optimize the time and skill sets of their in-house functional teams to be more strategic, while looking outward to acquire alternative resources to provide stability and technical acumen for day-to-day functions. Read this white paper to explore how the right blend of resources and systems can improve a tax department’s overall function and add value to an organization.

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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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From the Desktop to the Cloud: Transforming Tax — Best Practices on Tax Collaboration from PPG

NEWS

January 19, 2017

From the Desktop to the Cloud: Transforming Tax — Best Practices on Tax Collaboration from PPG

Part one of this Tax Notes article revealed that advanced collaboration solutions connect the tax department to provide far-reaching benefits. The result is a strategic tax management department that contributes to the achievement of business goals instead of functioning as just a team of isolated number crunchers. In this second article of a two-part series, learn best practices for implementing tax collaboration software, using an example of a project at PPG, a Fortune 200 industrial products company, and commentary from their International Tax Manager, Ken Moran.

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A Practical Approach to BEPS Country-by-Country Reporting

NEWS

October 26, 2016

A Practical Approach to BEPS Country-by-Country Reporting

The quest for transparency in the global tax environment has been a catalyst for new regulations and guidelines. In the spirit of that pursuit, The OECD created the Base Erosion and Profit Shifting (BEPS) Action Plan #13 as one of fifteen actions that need to be taken to implement BEPS measures. The goal is to increase transparency regarding international tax structures and tax attributes that authorities believe may lead to base erosion. This blog will address how to implement Action #13: Country by Country (“CbC”) Reporting and Notifications in a practical manner.

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