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Income Tax Compliance

Corporate Tax and the Remote Workforce

NEWS

July 23, 2020

Corporate Tax and the Remote Workforce

The transition to remote workforces has caused tax issues through the unintended creation of nexus for corporate income and franchise tax purposes. This article shares states’ responses to remote workforces in the form of temporary reprieves for nexus to date; predictions on the state of the remote workforce moving forward; and updates to physical presence nexus.

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New Updates to ONESOURCE Income Tax’s International Module to Help Navigate the 2019 Income Tax Compliance Season

NEWS

June 15, 2020

New Updates to ONESOURCE Income Tax’s International Module to Help Navigate the 2019 Income Tax Compliance Season

Multinational businesses that utilize ONESOURCE Income Tax’s International module are starting to prepare the system for 2019 tax compliance. With the release of ONESOURCE 2019.045 and 2019.062, GTM has new guidance on enhancements to improve your 2019 compliance process by increasing efficiencies and reducing preparation time.

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New Updates to Corptax International to Help Navigate the 2019 Income Tax Compliance Season

NEWS

June 09, 2020

New Updates to Corptax International to Help Navigate the 2019 Income Tax Compliance Season

Multinational businesses that utilize Corptax’s International module are starting to prepare the system for 2019 tax compliance. With the release of Corptax ® 2020.3, GTM has new guidance on enhancements to improve your 2019 compliance process by increasing efficiencies and reducing preparation time.

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Wayfair’s Impact on State Corporate Income Tax

NEWS

June 03, 2020

Wayfair’s Impact on State Corporate Income Tax

States are slowly responding to the Wayfair decision and seeking to apply the ruling to corporate income tax. As they move to expand their economic nexus provisions to corporate income tax, taxpayers should review their tax footprint and consider whether they now have a filing obligation in states where they historically did not.

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3 Tips for Fully Leveraging Your Tax Technology Stack

NEWS

May 20, 2020

3 Tips for Fully Leveraging Your Tax Technology Stack

There are endless tax technology solutions to choose from – from current market leaders to emerging powerhouses. So, how do you fully deploy solutions that will maximize tax insights and raise your department’s abilities? Follow these three key steps.

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Standardizing the Process Between Tax Compliance & Provision: Why, and How, To Do It

NEWS

April 30, 2020

Standardizing the Process Between Tax Compliance & Provision: Why, and How, To Do It

The COVID-19 pandemic is impacting the global economy to an unprecedented extent, including wreaking havoc on multinational companies’ supply chains. The ensuing chaos is forcing companies to quickly review and adapt their international tax transfer pricing policies to maintain arm’s length pricing for goods, services, and capital.

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An Eye on Tax Talent Post-TCJA

NEWS

December 10, 2019

An Eye on Tax Talent Post-TCJA

Tax departments are struggling to maintain consistent compliance processes amid new regulatory requirements and accelerated reporting deadlines, while lacking properly implemented technology solutions and struggling to attract and retain talent. This has created a perfect storm that could have long-term negative business outcomes. Read more to learn how to overcome this challenge.

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Highlights of the Recently Issued Final and Proposed Foreign Tax Credit Regulations

NEWS

December 05, 2019

Highlights of the Recently Issued Final and Proposed Foreign Tax Credit Regulations

On December 2 2019, the Treasury and IRS issued both final and newly proposed foreign tax credit regulations. The regulations were a long time coming; the original 2018 proposed regulations were issued on November 28, 2018.  While largely consistent with the 2018 proposed regulations – including the multi-step process contained in Prop. Reg. § 1.861-13 – there are some noteworthy changes that taxpayers should be aware of within the newly issued regulations.

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954(c)(6) Considerations for 2020

NEWS

December 02, 2019

954(c)(6) Considerations for 2020

Section 954(c)(6) has displayed remarkable longevity for a temporary provision. While optimism for its renewal is high, nothing is certain in this political environment.  Faced with a little doubt and the added complexity created by the international changes in the Tax Cut and Jobs Act (“TCJA”), companies should start taking stock now of what their post-Section 954(c)(6) world may look like. Much has changed since 2005 and getting reacquainted with related party foreign personal holding company income (“FPHCI”) (e.g., dividends, interest, rents and royalties) and the associated calculations will take some time. While calculating subpart F is not new and taxpayers most likely had foreign base company income of another flavor over the past decade, the possible volume of FPHCI items and additional computational hoops post-TCJA mean that companies must start thinking about the expiration of Section 954(c)(6) sooner rather than later. While certainly not exhaustive, the following steps provide a thumbnail sketch of what to start considering.

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