TaxConnex

APRIL 20, 2021

Why are so many people still relying on simple return prep software when sales tax compliance requires a personal touch to be done correctly? Companies that lack internal sales tax expertise often look to shift the sales tax compliance process to an outside provider. This time of year, everybody’s mind is on income tax preparation.

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ThomsonReuters

APRIL 5, 2024

Businesses that do not have sound tax provision processes are at an elevated risk of damaging their company’s financial health. Interim tax reports give stakeholders important financial information needed to evaluate tax-related risks and opportunities, and to make informed investment or lending decisions.

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CPA Practice

OCTOBER 31, 2023

This article first appeared on the Thomson Reuters blog. in the hiring process may “run the risk of violating existing civil rights laws” unless certain precautionary measures are taken. Used with permission. Some links may go to the Thomson Reuters Checkpoint research system, which requires subscription.] tools for hiring workers.

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ThomsonReuters

JULY 25, 2023

Inflection points like these – where failing to respond presents a greater risk than acting – are ideal times to consider switching to an automated IDT system. Thomson Reuters: Are there risks with non-tax professionals determining tax? Thomson Reuters: Are there risks with having multiple billing or purchase systems?

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Technology Tax audit Sales 93

ThomsonReuters

JUNE 9, 2023

In today’s rapidly changing business environment, firms need to stay on top of their audit compliance. In this blog post, we’ll provide some tips on how to ensure your firm is audit compliant and up to date with the latest industry changes. How do you ensure audit compliance? compatible.

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ThomsonReuters

DECEMBER 12, 2023

Recent rulings and several other pending lawsuits claiming that employers must provide paid military leave if they provided paid leave for comparable non-military absences should be considered by businesses to ensure compliance with this broad reaching law. ” USERRA and paid leave USERRA, which is administered by the U.S. .”

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ThomsonReuters

OCTOBER 24, 2023

Data consolidation challenges, complex calculations, and reporting requirements can turn the trek into a daunting ordeal fraught with time-consuming inefficiencies and greater risk of errors. based CFO Consultants, in a blog post. based CFO Consultants, in a blog post. Fortunately, tax departments are not powerless.

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ThomsonReuters

MAY 10, 2022

The newly reinstated excise tax compliance obligations can be expected to affect multiple functional areas of a company including Procurement, Finance, Tax, Environmental Regulatory Departments, and Information Technology. Risk of audit and penalties if not followed accordingly (i.e., What is Superfund? Impact on cashflow (i.e.,

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Technology Tax accounting and finance Manufacturing 98

Acterys

APRIL 11, 2023

Market dynamics are in a constant state of flux; from a sudden shortage of raw materials to the risk of violating regulatory standards, just to name a few. As a CFO, you need to rely on complex financial models and contingency scenarios to make decisions that better mitigate risk and ensure optimal business performance.

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ThomsonReuters

MARCH 19, 2024

But before we jump into how accountants can overcome the risks of generative AI, let’s take a look at the basics of this revolutionary technology. But what exactly are the risks? Clearly, this is an unacceptable risk for tax and accounting professionals. However, as the saying goes, with great power comes great responsibility.

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ThomsonReuters

JANUARY 31, 2022

Global trade teams need robust strategies, processes, and tools to ensure their companies are in compliance with these new rules and avoid supply chain disruptions, said Suzanne Offerman, senior product marketing manager for ONESOURCE Global Trade Management at Thomson Reuters. The costs of global trade non-compliance.

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ThomsonReuters

JULY 8, 2021

Today, finance is the corporate function most commonly managed this way — but longstanding obstacles have prevented the model from being extended to statutory reporting and tax compliance. Tax & Tech Talks: How to Achieve Global Statutory Financial Compliance. For TMF, he said, expanding the menu this way started with strategy.

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TaxConnex

APRIL 27, 2021

In this blog, we’ll talk to some of the common missteps businesses make when trying to manage sales tax on their own. When companies discover they are out of compliance, they often look for options to eliminate their sales tax risk. Sales tax obligations are getting more complicated for businesses of all industries.

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ThomsonReuters

OCTOBER 10, 2023

The duty rate of the finished good can be paid on the value of the foreign components if non-privileged status is elected for the components. When goods are imported into the U.S., they can often be stored in either a foreign trade zone (FTZ) or Customs’ bonded warehouses to take advantage of various savings and operational benefits.

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ThomsonReuters

MARCH 28, 2023

Compliance may not be the most glamorous task facing indirect tax (IDT) teams, but the rapid pace of change in global regulations and reporting requirements is turning the humble compliance function into a rapid-fire gauntlet of continuous challenges. In the next two years, more than a dozen countries (e.g.,

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ThomsonReuters

MAY 20, 2021

As background, NIST is a non-regulatory federal agency whose mission consists, in part, of advancing technology in ways that enhance economic security. As background, NIST is a non-regulatory federal agency whose mission consists, in part, of advancing technology in ways that enhance economic security. Available at [link].

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ThomsonReuters

SEPTEMBER 22, 2023

in the hiring process may “run the risk of violating existing civil rights laws” unless certain precautionary measures are taken. .” in the hiring process may “run the risk of violating existing civil rights laws” unless certain precautionary measures are taken. tools for hiring workers.

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ThomsonReuters

JANUARY 18, 2024

In general, an accountant’s job description includes common accounting tasks such as: Performing risk analysis evaluations. Examining financial documents and financial transactions to ensure compliance and rectify any discrepancies. CPA vs. tax preparer: What are the differences? How can accountants be more efficient?

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ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Indirect tax departments are under increasing pressure to stay on top of new sales tax laws and regulations , while reducing audit risks. Almost all companies undergo a sales tax audit at some point. can help ensure a smooth process.

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audit Sales Tax auditor 105

ThomsonReuters

JUNE 29, 2023

As most of us know, tax and accounting automation involves s treamlining and standardizing tax inputs and workflow processes using technology. The result is more accurate results in less time — and more time for rewarding, high-value work that engages staff and wows clients. How do APIs help with automation? If so, that’s great!

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Mark Lee

DECEMBER 12, 2023

My advice in this blog post about safeguarding your practice largely concerns only what I might call ‘simpler’ clients. You are only at risk of losing clients if any of your clients are in group one. They generally move only when they feel their accountant doesn’t care enough about them, puts their fees up significantly or messes up.

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ThomsonReuters

JUNE 14, 2021

As a result, organizations’ tax compliance specialists must pore over, extract, and process disparate information in an arduous, manual process that is time-consuming and error-prone. Subscribe to Tax & Tech Talks podcast on Spotify , Libsynpro , and Apple Podcast apps. _. Tiered partnership structures create additional complexity.

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ThomsonReuters

DECEMBER 29, 2022

Companies are facing an ever-increasing burden of corporate tax compliance and the pace of complexities shows no sign of slowing. Helping companies ensure compliance by outsourcing for business processes represents a growth opportunity for today’s tax and accounting firms. . “ percent from 2022 to 2030.

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ThomsonReuters

APRIL 15, 2021

Doing so offers firms a way to replace vanishing revenue from declining tax compliance work and an opportunity to strengthen the relationship with clients. Tax and accounting firms can offer their compliance and regulatory expertise to ensure these companies smoothly grow into their new markets or new, larger company.

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ThomsonReuters

NOVEMBER 4, 2020

Why technology is critical for DAC6 compliance. These recommendations seek to balance the need for early information on tax planning schemes with a requirement that disclosure is appropriately targeted, enforceable, and avoids placing undue compliance burden on taxpayers. Managing the risk of DAC6 and similar regimes.

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ThomsonReuters

OCTOBER 12, 2023

For accountants, understanding how to navigate foreign asset reporting is essential, as the IRS requires taxpayers to report certain foreign assets to ensure compliance and combat tax evasion. government is necessary for compliance with tax and financial disclosure requirements, and it can involve several forms and reporting mechanisms.

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Xero

FEBRUARY 15, 2023

There are increasing risks for those that misuse customer data, even unintentionally, so understanding your compliance obligations and implementing responsible practices around data collection and protection is key. For small businesses, though, it’s still tricky to see what these capabilities actually look like.

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Technology accounting and finance Finance Education 85

ThomsonReuters

APRIL 18, 2023

Deliver accounting and compliance news alerts so practitioners are regularly provided critical accounting, audit, and corporate finance developments, along with expert analysis. Deliver frequently updated news and articles about employee benefits law and compliance. What are the current issues in accounting?

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ThomsonReuters

AUGUST 1, 2023

At the end of the day, if you currently employ talented, high-performing accountants or are looking to hire some, make sure you pay them what they’re worth—or risk losing them to a firm that will. This number is highest among business leaders (48.6%) and accountants at non-accounting firms (48.1%). hours per week.

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ThomsonReuters

DECEMBER 17, 2020

Those provisions, the DOL acknowledged, raised concerns about increased costs, liability exposure, the difficulty of determining economic impacts, and the possibility that some risks created by not voting might not have an economic impact. Here are highlights of the changes: Economic Impact Test. Pass-Through Rights.

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ThomsonReuters

NOVEMBER 15, 2021

Confidence in departmental compliance submittals may suffer due to fewer available resources and the consequences of compliance failures. Keeping pace with global tax laws, tax compliance, and indirect taxation. Indirect tax departments face greater scrutiny from tax authorities.

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ThomsonReuters

AUGUST 24, 2021

For example, external audits are typically triggered by reporting errors, incorrect tax calculations, or anomalies – such as issued resale certificates or non-remission of use tax – that invite regulatory scrutiny. Reduce sales tax compliance liabilities from audits.

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ThomsonReuters

FEBRUARY 17, 2022

The IRS has revised Form 8950 (Application for Voluntary Correction Program (VCP)), and its instructions, to accommodate anonymous pre-submission conference requests under the Voluntary Correction Program (VCP) portion of the Employee Plans Compliance Resolution System (EPCRS). Representatives. Instructions Repurposed.

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ThomsonReuters

DECEMBER 7, 2022

As we know, governments collect taxes to fuel economic growth and fund investments in infrastructure, human capital, as well as the provision of services for individuals and businesses. This also extends to the income an individual receives after their death, which is subject to income tax. The beneficiary pays tax on the assets they receive.

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ThomsonReuters

DECEMBER 19, 2020

In 2017, TCJA changed the NOL rules by: limiting NOL deductions to 80% of taxable income, disallowing NOL carrybacks, and. lifting the 20-year limit on NOL carryovers. In 2020, the CARES Act temporarily – and retroactively – changed the NOL rules again. What is an NOL? For tax year 1, A has $100,000 of gross income and $125,000 of tax deductions.

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TaxConnex

DECEMBER 19, 2023

This blog is an excerpt from our eBook with The CommLaw Group. Whether you run an established business or you’re thinking about entering the VoIP, UCaaS, or other telecom market, it is important to understand your compliance obligations. By optimizing your telecom compliance process! How do you do this?

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ThomsonReuters

OCTOBER 19, 2023

It is designed to capture more information about the ownership of specific entities operating in or accessing the U.S. The law was largely ignored by accounting professionals at first. However, the effective date of the Corporate Transparency Act is fast approaching on January 1, 2024, and people are starting to panic. Who needs to file?

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