TEI recommends that the FASB confirm that in applying FAS 5 to tax liabilities an enterprise need not accrue a loss for the potential disallowance of a tax position (regardless of the level of confidence that the position would be sustained if challenged) unless it is probable that the position will be challenged and disallowed by the relevant taxing
In particular, both debtors and taxing
authorities have an interest in the classification of (potential) tax claims, whether to protect their interest in those claims or to shed liabilities and maximize a fresh start.
Be on the Alert for Controversies by the Affected Taxing
Validating internal and inventory controls, no sales invoices, and a different method of purchasing and payment provide new challenges for taxing
The report also reflects a likely taxing
jurisdiction (or jurisdictions) based on the delivery Zip Code, and provides a maximum possible tax rate for jurisdictions in that Zip Code which may be utilized to assess the accuracy of the tax rate charged by the vendor.(21)
In an electronic audit situation, the taxing
authority may need to interact with representative(s) from other departments including internal audit, data processing, management information systems and records management, as coordinated through the primary taxpayer representative.
But such a system will not achieve the objective of avoiding double taxation of income unless every taxing
jurisdiction agrees on the identical formulary approach.
It provides for a moratorium on certain taxes, thus allowing states to study the issues and determine a consistent method of taxing
electronic commerce and avoiding multiple taxation on a single transaction.
This article complements Paul McDaniel's piece in the November-December 1995 issue, which highlighted the issues involved in taxing
86-272 prohibits a state from taxing
a business whose only connection with the state is the solicitation of orders for sales of tangible personal property sent out of the state for approval or rejection, and, if approved, filled and shipped by the business from a point outside the state.
It is not about taxing
something -- consumption -- that we do not tax currently.
Additionally, California, Delaware, New Hampshire, North Carolina, Rhode Island and Tennessee allow installment plans negotiated between the estate and the state taxing
The tax, which operates as a tax on the gross receipts of most businesses without regard to their profitability, reaches backward in the Commonwealth's history to well before the turn of the century, and at that time the measure may well have been an appropriate means of taxing
and regulating businesses.
The IRS is also stricter than most taxing
authorities in auditing transfer pricing, imposing substantial documentation requirements and harsh penalties under Sec.
Aggressive, revenue thirsty state and city taxing
authorities have become regular visitors at our places of employment with time-consuming audits, lengthy nexus questionnaires, and continuing attempts to squeeze every tax dollar possible cut of Corporate America.