BEPS is here… now what?


Understanding where to start when it comes to country-by-country reporting. This post is by Caitlyn Richards, Senior Solutions Consultant, ONESOURCE Transfer Pricing.

For some time, the OECD’s Base Erosion and Profit Shifting (BEPS) guidelines have been a major topic of conversation for multinational enterprises (MNEs) and taxing authorities around the world. With numerous countries moving forward with BEPS related legislation—including the UK, Australia, Spain, Mexico and most recently, the Netherlands and China —BEPS is becoming less of a future happening and more of a here-and-now reality. For MNEs, this means understanding the more tangible aspects of BEPS and how to address them operationally, particularly when it comes to what sources of data should be used when providing information to taxing authorities and how data should be collected.

While it’s been well-covered that BEPS Action 13 is aimed at standardizing transfer pricing documentation through master file, local file, and country-by-country (CbC) reporting, many MNEs have lingering questions around what exactly the CbC report consists of and what sources of data should be used to complete it. After all, master and local file reporting have existed in many countries for some time, while CbC reporting is an entirely new concept. (more…)

Thomson Reuters Tax Talk

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The OECD’s Pascal Saint-Amans discusses global corporate tax reform, with analysis from Joe Harpaz, head of ONESOURCE

Our Tax & Accounting business is launching a series of interviews, moderated by Reuters Editor-at-Large Axel Threlfall, with key players in the world of tax, accounting, and finance.

The first installment features Pascal Saint-Amans, director of the Centre for Tax Policy and Administration at the Organization for Economic Cooperation and Development (OECD).

Saint-Amans is overseeing the OECD’s Base Erosion and Profit-Shifting (BEPS) project to close gaps in international taxation, including a seismic shift in transfer pricing documentation and reporting.

“The common goal is to increase transparency, to level the playing field, to increase competition between players so that tax is not a black hole where you can make a lot of money and be at a competitive advantage compared to your competitors,” he says in the interview. “The second key principle is to realign the location of the profits with the location of the activities because locating all your profits in a tax haven where nothing is happening is nonsense and is not good for competition.”

The interview is available here: (more…)

Time to think about ACA Compliance and your ONESOURCE solution

Bill thinks he has all year to work out his ACA Compliance solution, but it seems he may have come to that conclusion based on many false assumptions. Jill is worrying about ACA Compliance now and she may find that, with the right provider, there is no need to worry at all. Will you have an ACA Success Story ready for January 2016? Learn more about Affordable Care Act compliance with Thomson Reuters ONESOURCE.

The most tax-friendly states for New Year’s resolutions

tax map

We recently released a list of popular New Year’s resolutions and their associated sales tax across the countryThe list shows that more states are now taxing previously exempt services. Michigan, Maryland, Massachusetts, California, Nevada, Rhode Island and South Carolina top the list of the most tax-friendly states for New Year’s resolutions, as they don’t levy any sales tax on groceries, e-books or gym memberships.

The above map further outlines the breakdown for taxes on these popular resolutions in each state. You can see the full list here and some highlights below:  (more…)

A Taxologist: SYNERGY 2014 opening video

What sets a Taxologist apart? The value they bring to every part of a company – and their dashing good looks! Watch the SYNERGY 2014 opening video and meet a new breed of tax professional.

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Meet the Taxologist: Sam Cicogna, VP of Professional Services

“I think globally. I empower future Taxologists,” says VP of Professional Services Sam Cicogna. Watch this video to glean insight into the benefits of adapting Taxologist behavior.

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Meet the Taxologist

Taxologists are on the rise! The “Meet the Taxologist” series provides an inside look into how your tax peers have taken the next step with Thomson Reuters ONESOURCE. Watch this and other “Meet the Taxologist” videos to hear their insight on what it means to be a Taxologist – and how you can become one, too.

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Tax professionals have evolved

A new type of tax professional is emerging called Taxologists. Empowered by Thomson Reuters ONESOURCE, Taxologists improve data quality, automation, and efficiency. This 1-minute video answers the question, “what is a Taxologist?”

Click here to learn more.

What are nearly 400 tax professionals saying about workpaper management?

Discover how automation from Thomson Reuters ONESOURCE can help tax professionals manage their tax workpapers and break free of using the same old processes and technologies to manage their most critical tax calculations.

For more details, click here.