KPMG BUYS INDIRECT TAX BIZ FROM THOMSON REUTERS
New York - Big Four firm KPMG has acquired the U.S. assets of Thomson Reuters' ONESOURCE Indirect Tax Managed Services business.
As a result of the deal, approximately 300 people from Thomson Reuters will be joining KPMG. Financial terms of the transaction were not disclosed.
The sale includes Thomson Reuters' sales and use tax compliance operations, the managed tax services operations (formerly known under the Sabrix brand), business license management, telecom tax rating, exemption certificate management, and TRACS support and maintenance operations, according to a Thomson Reuters spokesperson.
Thomson Reuters told customers last December that it intended to divest the unit to KPMG. The service will become part of KPMG's Indirect Tax Compliance Services, which is part of the U.S. firm's existing state and local tax practice and the global indirect tax service offering provided by KPMG member firms throughout the world. The acquisition does not include the ONESOURCE Indirect Tax software line, which Thomson Reuters still retains.
IRS NEEDS TO IMPROVE CRIMINAL COMPLIANCE
Washington D.C. - The Internal Revenue Service does not have effective internal controls in place to make sure that defendants who have been convicted of tax-related crimes comply with the conditions of their probation and restitution, according to a new report by the Treasury Inspector General for Tax Administration, which found that the IRS's inability to properly account for restitution payments resulted in the issuance of erroneous refunds to three defendants and 16 taxpayers totaling approximately $543,000. In addition, the IRS's systems for monitoring defendants' compliance with the conditions of their probation and restitution are neither effective nor reliable. IRS officials agreed with the recommendations and stated that they plan to take corrective actions or have already taken action to address them.
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