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Tax

New Tax Man Tactics in United Kingdom

Neil Baker April 03, 2012

The United Kingdom begins another fiscal year this week with the country short on cash, meaning yet another year of the Crown stepping up collection of corporate taxes to help close the gap. This year, however, the government will employ a new tool to force companies to disclose possible tax evasion more quickly if they want to stay on the government's good side. Full details inside.

Treasury, IRS Unveil Latest Plan for FATCA Phase-in

Tammy Whitehouse February 10, 2012

The U.S. Treasury and the Internal Revenue Service unveiled a nearly 400-page proposed regulation on the Foreign Account Tax Compliance Act that spells out their plan for how to assure the United States can collect taxes due on U.S. funds held in overseas accounts, and they're signing on key European countries to participate and cooperate. More details inside.

Tax Staff Puzzled by New IRS Repair Regulations

Tammy Whitehouse February 08, 2012

Companies are struggling to get their arms around new regulations from the Internal Revenue Service on when to expense or capitalize a host of repair and improvement costs. So far, they aren't even certain whether compliance will result in generally positive or negative tax results. Details inside.

Foreign Banks, Others Struggle to Prepare FATCA Compliance

Reese Darragh January 17, 2012

As the 2013 deadline nears for foreign banks and others to strike a deal with the Internal Revenue Service to monitor accounts held by U.S. citizens, confusion remains about exactly which companies must comply with the law. "Until companies really pull up their sleeves and take a hard look at all the necessary changes, they won't realize the impact," says Laurie Hatten-Boyd, a principal at KPMG.

Disclosures Would Help Tax Accounting, Study Says

Tammy Whitehouse January 03, 2012

Companies carrying big deferred tax assets on their books typically rely on their tax planning strategies to determine whether those assets need a write-down - yet they disclose little about what those strategies entail. That's the conclusion of the Georgia Tech Financial Analysis Lab after its recent study of deferred tax assets and corporate disclosures about the tax planning strategies that drive the accounting.

IRS Gives Relief on Worker Classifications, Mobile Phones

Tammy Whitehouse September 29, 2011

As part of its "fresh start" initiative, the Internal Revenue Service is offering companies amnesty to fix worker classification issues and get a break on unpaid payroll tax obligations. Taxpayers accepted into the Voluntary Classification Settlement Program will pay no interest or penalties. The IRS is also providing relief on the tax treatment of company-issued mobile phones.

IRS Teaming Up With Overseas Tax Authorities on Joint Audits

Tammy Whitehouse August 30, 2011

With complex, cross-border taxable transactions on the rise, the Internal Revenue Service is looking to counterparts in foreign tax jurisdictions to team up on audits. The project, still in its early phase, hopes to resolve multinational tax issues more quickly and efficiently. "Joint audits are an effort by the tax authorities to mirror what the companies are doing," says Mike Patton, a partner at the law firm DLA Piper.

IRS Gives Long Lead Time for FATCA Compliance

Tammy Whitehouse August 01, 2011

The Internal Revenue Service will give foreign financial institutions and U.S. withholding agents until June 2013 to implement various requirements of the Foreign Account Tax Compliance Act. The law requires them to report information on foreign accounts held by U.S. taxpayers or by foreign entities substantially owned by U.S. taxpayers.

Tax Fears Forces Companies to Look Abroad

Neil Baker July 25, 2011

A quarter of large UK businesses are thinking of moving some or all of their operations overseas, with the majority of them saying increased tax costs are their reason for wanting to go.

States Ratchet Up Enforcement of Unclaimed Property Rules

Tammy Whitehouse July 06, 2011

Deficit-challenged states are looking at unclaimed property to help fill gaps in their budgets. They are increasingly leaning on companies to turn over abandoned assets, and some are even trying to broaden the definition of what can be considered unclaimed. "These audits are unlike anything I've seen in 30 years of doing this," says Noel Hall, a principal at tax firm Ryan.

Doubts Over Europe's Tax Plan

Neil Baker May 23, 2011

The European Union is struggling to gain support for its controversial plan to create a uniform system of calculating corporate rates in its 27 member states. Some members fear the plan, known as the Common Consolidated Corporate Tax Base, would undermine their national sovereignty. The British government and six other states said they will not back the plan.

IRS Moving Toward Preemptive Tax Administration

Tammy Whitehouse May 17, 2011

The Internal Revenue Service is seeking to streamline tax compliance with inducements for corporate taxpayers to settle disputes earlier and provide more transparency in their tax returns. "The pendulum is slowly swinging toward cooperation," says Bob Gordon, a partner at tax advisory firm True Partners Consulting. Details inside.

Accountant Wins Tax Whistleblower Award, Counsel Says

Tammy Whitehouse April 08, 2011

The Internal Revenue Service has paid a $4.5 million whistleblower reward to an in-house accountant who reported a $20 million tax liability at a Fortune 500 financial company. The whistleblower's lawyer says his client got 22 percent of the tax recovery, the first such payment since the IRS bounty program began more than four years ago.

IRS Answers Burning Questions on UTP Filing

Tammy Whitehouse April 01, 2011

At last companies have some guidance from the Internal Revenue Service on how to complete and file the new Schedule UTP, which requires them to explain and rank their uncertain tax positions. The guidance sheds light on how to rank the positions and how to treat net operating losses and credit carryforwards.

Getting a Grip on Uncertain Tax Positions Disclosure

Tammy Whitehouse March 15, 2011

Many corporate tax filers are struggling with the new "Schedule UTP," an IRS form that requires more disclosure of a company's uncertain tax positions. Tax departments have a difficult time with the notion that they're essentially expected to help the IRS do its job, says Wayne Corini, a partner with accounting firm BDO.

The SEC Moonlights as State Tax Enforcer

Tammy Whitehouse February 08, 2011

The SEC may be struggling with a crush of rulemaking for the Dodd-Frank Act, but it still took the time recently to ding a company for sloppy compliance with state tax laws, an area normally outside the SEC's interests. Details inside.

European Tax Plan Would Up Compliance Costs

Neil Baker February 07, 2011

Ambitious plans to create a common corporate tax base across Europe would increase companies' compliance costs by an average of 13 percent, rather than reduce them as planned, according to a study by audit firm Ernst & Young.

Velti Seeks Compliance Calm in Ireland

Global Glimpses October 26, 2009

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