New York, Nov 10, 2010 – (ACN Newswire) – Globalization was an over-riding theme at the Thomson Reuters 2010 ONESOURCE User Conference last week in National Harbor, Md. More than half of the 1,200 attendees at this year’s conference work for global companies that need solutions to meet their local and international tax needs. With a commitment to help users deal with related legislation and standards compliance, as well as work efficiency challenges, Thomson Reuters announced its ONESOURCE global tax workstation at the opening of the conference.
A sample poll among users at the conference demonstrated the tax profession is facing major challenges in 2011, including the growing array of laws and regulations — both local and international, multi-national company e-filing, complexities of foreign trusts, and workflow efficiencies. More than just a user conference, the ONESOURCE user conference offered insightful sessions on those critical topics as well as other industry challenges such as dealing with the Foreign Account Tax Compliance Act for identification of U.S. owned foreign entities, Cost Basis Reporting legislation for trusts, Health Care Act’s elimination of corporate exemption for 1099 Misc reporting, IRS requirements for e-filing returns, and International Financial Standards.
“The tax and accounting industry is witnessing a dramatic increase in regulatory complexity and a focused effort by corporations to broaden their borders internationally to remain competitive,” said Brian Peccarelli, president of Workflow & Service Solutions for the Tax & Accounting business of Thomson Reuters. In his opening presentation, Peccarelli announced the new ONESOURCE global tax work station, which addresses these two major trends, by integrating worldwide corporate tax compliance software with the strength of local tools and expertise. “Our vision is continued expansion and evolution of our global ONESOURCE suite, as part of our commitment to provide our customers with the most powerful tools to manage the ever-changing regulatory environment in the most efficient way possible.”
In addition to the ONESOURCE announcement, other notable announcements and updates at the conference included:
– The new ONESOURCE Certified Implementer Program, which provides firms with a broader range expertise in the ONESOURCE solutions their clients use. Five of the largest top accounting firms are now part of this program.
– New ONESOURCE Indirect Tax product line comprised of Sabrix sales & use, Abacas (VAT for UK, Ireland, and the Netherlands), and ONESOURCE sales & use offerings.
– New Tax Information Reporting product line, which includes Identity for U.S. compliance for foreign entities and ONESOURCE 1099 offerings.
– ONESOURCE Trust Tax upgraded to accommodate IRS cost basis reporting requirements, which begin in 2011.
– ONESOURCE Calendar expanded with statutory due date content for 51 countries with additional countries to be added in 2011.
Conference attendees heard from 40 industry experts from organizations such as the IRS, Ernst & Young, BNA, Deloitte, KPMG, Sungard, and COKALA. Breakout sessions covered the Checkpoint platform, International Income Tax Compliance, Domestic Income Tax Compliance, Corporate Workflow Tools, Tax Information Reporting, Tax Provision, Property Tax, Indirect Tax, Transfer Pricing, and Trust Tax. Attendees could choose from among 250 sessions to earn up to 19 continuing professional education credits hours over three days of intensive learning.
For more information on ONESOURCE, visit http://onesource.thomsonreuters.com.
Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world’s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com.
The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Headquartered in New York, Tax & Accounting has major operations in Ann Arbor, Dallas, Hyderabad, London, Sydney, and Toronto. For more information, go to http://thomsonreuters.com/products_services/taxacct/.
Ruth Ann Baker Public Relations 1-972-250-7438 [email protected]