Thomson Reuters has released version 5.0 of its uncertain tax positions software to help companies comply with the IRS’s latest reporting requirements.
Version 5.0 of ONESOURCE Uncertain Tax Positions software, formerly known as TaxStream FIN 48, includes a Schedule UTP report, the ability to track historic foreign currency adjustments, and software integration to help corporate tax departments comply with recent IRS regulations.
While 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 U.S.
“It is estimated by Hoovers that over 4,000 companies in the U.S. 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,” said Joe Harpaz, general manager and senior vice president, corporate business of Tax & Accounting for Thomson Reuters. ”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.”
New fields in the software now track the build-up of foreign currency adjustments over time. The software integrates with Thomson Reuters’ overall ONESOURCE line of products, allowing a single sign-on to all the modules.
As in previous versions of the software, administrators can comply with U.S. GAAP and IFRS standards, and drill down into the underlying calculations, probability matrices, and interest surrounding the uncertain position and satisfy the requirements of their auditors and regulatory bodies.
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