2012 Innovation Awards Nomination:
ONESOURCE Transfer Pricing
onesource.thomsonreuters.com/solutions/transfer-pricing/transfer-pricing
When government is in need of revenue, they have a few choices: remove exemptions, raise taxes or stringently enforce existing tax laws. In today’s dire economy, government has no choice but to leave no stone unturned to shore up the massive budget deficit. Recent surveys have found that 75 percent of tax directors of US $5B+ revenue companies said that tax audits are becoming more aggressive. In addition, government is becoming even more aggressive when it comes to penalties. If a company is accused of tax fraud the fine ranges from 100 percent to 1,500 percent of the unpaid tax.
A key target for the federal government is transfer pricing. In fact, the IRS’ international subdivision will add nearly 900 employees, including examiners, transfer pricing economists and technical staff, to the 600 employees in place at the end of 2010. To better coordinate the efforts of the transfer pricing national office and the field, the Large Business & International (LB&I) division intends to create a transfer pricing advisory group organized geographically, comprising 40 to 60 personnel. This means, that making sure your transfer pricing process is running as efficiently and effectively as possible is more critical than ever.
Companies looking to reduce the risk of painful audit are putting transfer pricing to the top of their priority list. To that end Thomson Reuters offers an innovative program that combines ONESOURCE Transfer Pricing software and managed outsourcing services into one seamless, end-to-end solution. Thomson Reuters professionals take companies through a six-step managed outsourcing process, which includes:
DEVELOPING A WORK PLAN
Create a detailed project outline
DATA GATHERING
Determine and gather the necessary data to prepare transfer pricing studies
DATA ANALYSIS
Data analysis using ONESOURCE Transfer Pricing software
INITIAL PROJECT REVIEW
Reports and/or analysis for initial comments
PROJECT COMPLETION
Final reports
ANNUAL UPDATE
Manage your reports and automatically provide annual updates
When the initial project is complete, it’s delivered with ONESOURCE Transfer Pricing software so that companies can continue to manage and maintain their transfer pricing study on an on-going basis.
ONESOURCE Transfer Pricing empowers tax professionals by offering greater internal control, oversight, and transparency of their transfer pricing process through the use of cutting edge technology. It is a web-hosted, cloud-based solution, which allows for global accessibility from any computer.
The solution provides the proper documentation for multiple jurisdictions, using all the methodologies listed in OECD guidelines and U.S. regulations. ONESOURCE Transfer Pricing is the industry leading solution for transfer pricing compliance. It includes web-based software, economic support, and comparable data.
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