Did you know a typical large corporation spends anywhere from five to ten weeks a year per preparer extracting data from their existing systems and then calculating their estimated payments? Did you also know that now there’s a better way to streamline the preparation of both federal and state estimated payments?
Introducing Estimated Payments from Thomson Reuters ONESOURCE. This first-of-its-kind integrated functionality was designed to help today’s tax department comply with changing tax laws, avoid unnecessary penalties and focus on more value-added activities and is only available to ONESOURCE customers.
Prior to the Estimated Payments functionality, customers had to review current assumptions and tax laws for accuracy and updates, gather data, enter the data into Excel spreadsheets, calculate estimated payments, and then enter the results of those calculations into state-approved vouchers.
Here are 5 reasons to leverage the advanced-functionality of Estimated Payments: (more…)
Last week we announced that the latest release of ONESOURCE Indirect Tax global determination software will enable companies to efficiently comply with the new 2.3% medical devices tax. The tax passed on June 28, 2012, and will go into effect on January 1, 2013. It is estimated to raise $20 billion by 2019.
“For businesses affected by the new medical devices tax, achieving compliance will require considerable effort and expense. However, Thomson Reuters ONESOURCE Indirect Tax users will be able to easily address this change,” said Gary Allen, vice president of software technology, ONESOURCE Indirect Tax. “Immediately after the tax was passed, we put a comprehensive plan in place to support the medical device tax rate change in our software well before the Jan. 1 deadline.”
ONESOURCE Indirect Tax Determination 5.5 has the flexibility to ensure companies can quickly respond to new indirect tax rules and regulations — such as the new medical devices tax — as they happen. The ONESOURCE Indirect Tax global software suite is designed to identify, measure, calculate and record the tax and pass the associated tax liability back to a company’s finance applications for booking of the liability in real-time.
When it comes to data collection, many tax leaders say the process is one of their biggest challenges. Without the right data in the right format, everything else — including technology, processes, and people — cannot perform as expected. Yet, some tax leaders are paving the ways for their companies to speed up the data collection process, get more visibility into their numbers and make the audit process simpler and quicker.
Looking to keep your finger on the pulse of the latest data management initiatives? As part of the latest story in our Data Management Podcast Series, Adrian Hioe, Director of Tax Process & Technology, at AECOM Technology reveals how utilizing data management solutions has sped up the tedious data collection process by 2-3 weeks, taking some stress out of the provision and return process.
You’ll discover how AECOM changed their tax department including creating Tax Technology Director positions in Asia, Europe, and Canada and implementing this three-part initiative, including: (more…)
Worldwide, there were 37% more indirect tax changes in the second quarter of 2012 than there were during the same period in 2011, according to our latest ONESOURCE Indirect Tax rate report.
There were 1,025 tax code changes in Q2 2012, compared with 270 in Q2 2011.
This includes 109 indirect tax increases, down slightly from 124 in Q2 2011.
Highlights from the global Q2 2012 report include: (more…)
Working extra hours, even double time, has become the normal part of a tax accountant’s job.
Along with grueling hours, tax accountants have become accustomed to the other “norms” of busy season, such as the stress and pressure of the looming September 15th deadline, demanding clients and bosses and unhealthy late-night dinners.
Sound familiar? Here are a few tips to get you through another busy season:
The primary goal of a single set of high-quality global accepted accounting standards is still the heart of the matter. However, the SEC’s final report from its IFRS work plan, issued July 13, 2012, does not set out any conclusions on the logistics of when or how current US GAAP reporters can achieve that goal. By issuing the final report they are concluding the IFRS work plan effort that was announced in February 2010 (release no. 33-9109).
Identified in the report are areas where the SEC feels the IASB has adequate facilities to allow US GAAP reporters to adopt/converge to IFRS, but there are also many areas that are identified where the SEC has ongoing concerns. (more…)
This week we announced the latest version of ONESOURCE Transfer Pricing, the first comprehensive software and content suite to address the entire transfer pricing workflow within a corporation.
This release comes at a pivotal time when governments across the globe have begun tightening transfer pricing regulations and strengthening enforcement in order to generate billions of dollars in incremental revenues each year.
ONESOURCE Transfer Pricing helps global organizations automate and control data collection, policy creation and documentation, and ongoing financial monitoring to ensure compliance. This end-to-end solution contains new components such as a Transfer Pricing Analyzer as well as updated data collection features in the Documenter and Benchmark web-based solutions.
Additional information can be obtained by visiting ONESOURCE Transfer Pricing, and by checking out the full press release.
Imagine eliminating the risk and time-consuming processes of using Microsoft® Office Excel during your income tax filings and year-end financial close.
As part of the latest story in our Data Management Podcast Series, Chip Gooding, Director, Tax Accounting and Reporting at Commercial Metals Company (CMC), shares how transitioning to standardized workpapers helped his tax team automate 70% of their tax adjustments and speed up everything…from adjusting their U.S. deferreds in only three days to being on track to a faster close. Tune in to hear about this dramatic transformation.
Similar to many tax departments today, the tax department staff at CMC found themselves spending too much time on tedious tasks surrounding tax data management, taking away from the time they had available for real value-add work. With over 15 years of experience, Chip faced pressure to complete a faster close, stressing the need for automation. He led CMC’s tax department on a mission to lock down and take full control of everything in their tax department, starting with data. (more…)
What if you could improve visibility into — and control over — your company’s tax data and tax-related systems and processes? Overall, how could you benefit from standardizing calculations?
A year and a half ago, these are the questions that one global tax department looked into. Challenged with a material weakness and improving their spreadsheet-based tax process, they were forced to re-evaluate their data management strategy worldwide. I sat down with Elaine Lundin, Manager, Global Tax Accounting at a global automotive manufacturer to hear what steps her company took to eliminate error, accelerate tax cycles and improve data collection and integration between their global return and provision process. Tune into our Data Management Podcast Series to hear about this dramatic transformation.
You’ll hear Elaine’s step-by-step account retooling their data management processes by first developing an intimate knowledge of their processes and then identifying who was going to be in the process. They then embarked on a plan to explore tax technology to see what innovative solutions could help expedite their process, as well as ensure accuracy in their calculations. Ultimately, they chose to leverage ONESOURCE Tax Provision for non-U.S. entities and the ONESOURCE provision and return solution for U.S. entities. This process was divided into three major areas: (more…)
The newly issued repair regulations seem to be all the buzz… After much anticipation, new tangible property regulations were released, replacing both the proposed regulations (issued March of 2008) and the long-standing current regulations. These new temporary regulations, effective for taxable years beginning on or after January 1, 2012, update the prior rules and serve to codify a previously unclear area of tax law.
It is noteworthy that the new temporary regulations include rules that are significantly different from both the current regulationsand the proposed regulations. (more…)