As financial executives outline key programs for 2014, several important international, federal and state tax issues could have significant effects on their operations and potentially their corporate reputations. With up to 40 cents of every $ at stake, keeping an eye on key tax issues is a competitive necessity for CFOs, board members and tax executives.
Looking at today's corporate finance landscape, here are a dozen "to dos" identified by KPMG for 2014: Manage Efforts Related to the Foreign Account Tax Compliance Act (FATCA): implementation has evolved since FATCA was enacted, but it is clear the implications surrounding this new regime are wide-ranging for foreign institutions, U.S. financial institutions, and non-financial entities that make withholdable payments to non-U.S. entities. Companies need to continue assessing their FATCA status and the resulting compliance obligations.
Monitor U.S. Business Tax Reform Developments: A strong desire continues among some members of Congress, the Obama Administration and the business community for a tax system that is simpler, more competitive and conducive to economic growth. Companies will need to keep a close watch on the issue as it will continue to remain "on the table. "
Understand Base Erosion and Profit Shifting: Increased concern about base erosion and profit shifting (BEPS) has...