Tax Reporting

Tax Compliance

Tax Compliance refers to the process of adhering to tax laws and regulations by accurately reporting income and paying taxes on time. It involves ensuring that all tax filings are complete, accurate, and submitted within required deadlines, reducing the risk of penalties and audits.

Tax Automation

Tax Automation uses software solutions to streamline and automate tax-related processes, such as calculations, data entry, and report generation. This technology reduces manual errors, enhances efficiency, and ensures consistency in tax operations.

E-filing

E-filing is the electronic submission of tax returns to the relevant tax authorities. This method speeds up the filing process, reduces paperwork, and often provides quicker confirmation of receipt and processing.

Tax Analytics

Tax Analytics involves using data analysis tools to examine tax data for insights and trends. It helps organizations make informed decisions, optimize tax strategies, and identify potential areas for cost savings and compliance improvements.

Tax Data Integration

Tax Data Integration is the process of consolidating tax-related data from various sources into a unified system. This integration ensures data consistency, improves accessibility, and supports comprehensive reporting and analysis across the organization.

Base Erosion and Profit Shifting (BEPS)

BEPS is a corporate tax planning strategy that involves moving profits to low or no-tax jurisdictions. BEPS can cost countries billions of dollars in lost revenue each year. The Organization for Economic Cooperation and Development (OECD) and G20 countries have developed a framework to combat BEPS, including the BEPS Multilateral Instrument (BEPS MLI).

Organization for Economic Co-operation and Development (OECD)

The OECD is an international organization that promotes economic growth, prosperity, and sustainable development.

Qualifying Domestic Minimum Top-Up Tax (QDMTT)

QDMTT is a key component of the OECD’s Pillar Two framework, designed to ensure a minimum effective tax rate of 15% for multinational enterprises. It plays a crucial role in reducing top-up taxes in low-tax jurisdictions, impacting corporate tax strategies significantly.

Safe Harbor

A provision that protects from penalties when certain conditions are met. For estimated taxes, you may be penalized unless you adhere to specific “safe harbor” provisions outlined by the IRS.

Pillar Two

Pillar Two aims to ensure that income is taxed at an appropriate rate and has several complicated mechanisms to ensure this tax is paid.

Transfer Pricing

Transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control.

Tax Provisioning

Tax provisioning is the process of estimating how much income tax your company has to pay to the IRS for the current year based on projected income.

Country-by-Country Reporting (CbCr)

CbCr is an international initiative pioneered by the OECD. It establishes a reporting standard for multinational enterprises (MNEs) with total consolidated group revenues > EUR 750 million containing key tax-related information including financial information and information on employees and non-cash tangible assets.