Thomson Reuters, the world’s has announced the latest release of its global tax reserves management software, ONESOURCE Uncertain Tax Positions (UTP). Developed to help companies worldwide reduce risk when accounting for uncertainty in income tax, version 5.0 includes a Schedule UTP report, tracking of historic foreign currency adjustments, and software integration to help corporate tax departments more easily comply with recent IRS regulations.
Although disclosure of uncertain tax positions has been required in company financial statements for many years, the IRS now requires all public and privately held companies with more than $100 million in assets, to file a Schedule UTP with their annual income tax return. This also applies to any global company with corporate tax filings in the US.
Joe Harpaz, general manager and senior vice president, corporate business of Tax & Accounting for Thomson Reuters commented: “It is estimated by Hoovers that over 4000 companies in the US have more than $100 million in assets and will now be liable to file a Schedule UTP with their annual income tax return in light of the recent IRS legislation. This number is set to increase when the IRS concurrently reduce the amount of asset from $100 million to $50 million for the tax year 2012 and $10million for 2014 tax year.
“Many of these companies will use spreadsheets to manage tax reserves which could create control and scalability issues as well as human error oversights. ONESOURCE Uncertain Tax Positions 5.0 is the result of direct customer feedback and offers tax professionals the flexibility of spreadsheets, as well as the security of certified calculations, process controls, and time-saving automation.”
Aimed at mitigating the risk of managing calculations manually, new fields in the software now track the build-up of foreign currency adjustments over time. To increase ease-of-use and save time, the software is now integrated with the ONESOURCE platform allowing clients a single sign-on and direct access to the most important data.
