Thomson Reuters Hosts Tax Executives Institute Panel Discussion

Tax Experts Discuss Impact of State & Local Tax Issues

NEW YORK, Aug. 5 /PRNewswire-FirstCall/ -- What are the most complex and
time-consuming State & Local tax planning issues for corporate tax
departments? The Tax & Accounting business of Thomson Reuters held a
teleconference with a panel of experts from Tax Executives Institute (TEI) to
discuss the State & Local tax issues that presented the most challenges for
their tax departments. TEI is the preeminent association of business tax
executives in North America. The group's 7,300 members represent 3,200 of the
leading corporations in the United States, Canada, Europe, and Asia.
"State tax issues take up a significant amount of the resources of
corporate tax departments and are perhaps second only to international tax
issues in complexity. TEI meetings offer corporate executives, even those
highly experienced in the area, an excellent opportunity to learn about state
and local tax developments and to discuss planning, audit, financial
reporting, and other trends affecting the management of their companies' state
tax liability," says Timothy McCormally, executive director, TEI.
According to Linda Scheffel, Vice President and Publisher in the Tax &
Accounting business of Thomson Reuters, the issues that the TEI panel found
most challenging, despite their significant expertise, were:
-- Nexus
-- Apportionability Issues
-- Fair Apportionment Issues
-- New State Business Taxes
-- FIN 48 and Other Financial Reporting Issues
-- Add-back Statutes
-- Combined Returns
-- Requests/demands for 51 Jurisdiction Spreadsheet Information
-- NCCUSL's UDITPA Project
-- Refunds for Issues Resolved by Courts
-- Propriety of Retroactive Statutes
-- Definition of Unitary after MeadWestvaco
-- Business Purpose
-- Economic Substance
-- Reformation of RAR/Federal Change Reporting Process
-- Transfer Pricing Issues
-- Tax Automation Issues

The Tax & Accounting business of Thomson Reuters is regarded as the
preeminent source of information and up-to-the minute guidance on State &
Local tax issues including the definitive discussion of the issues discussed
above on Checkpoint(R), the industry-leading online research platform.
Additionally, an in-depth article covering this TEI panel discussion of State
& Local issues will appear in the October issue of the Journal of Multistate
Taxation and Incentives.
According to Scheffel: "Subscribers to Checkpoint have access to
industry-leading expertise for State & Local tax research through WG&L's
Journal of Multistate Taxation & Incentives, WG&L's State Taxation, by
Hellerstein and Hellerstein, and RIA-brand research and daily newsletters, as
well as State & Local Create-A-Chart products and CompareIt."
Bijal Sheth, Vice President, Strategic Marketing, for the Tax & Accounting
business of Thomson Reuters says: "In an environment of limited resources,
shorter timelines and greater penalties, tax departments should leverage
online research and knowledge solutions to respond to the multiple regulatory
requirements of State & Local taxation. By using Checkpoint, corporations can
research time-consuming State & Local tax planning and compliance issues,
collaborate on planning, accelerate decision making, and share knowledge
quickly to minimize risks and allow tax professionals focus on more value-add
and strategic matters. Whether through Checkpoint, the industry-leading online
research platform or Tax Stream, the industry standard in provisions
compliance software, the Tax & Accounting business of Thomson Reuters is
regarded as the preeminent provider of information, up-to-the minute guidance
and highly productive workflow tools for tax and accounting professionals."
About Thomson Reuters
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, scientific, healthcare 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 in 93 countries. Thomson
Reuters shares are listed on the New York Stock Exchange (NYSE: TRI); Toronto
Stock Exchange (TSX: TRI); London Stock Exchange (LSE: TRIL); and Nasdaq
(Nasdaq: TRIN). For more information, go to http://www.thomsonreuters.com.
The Tax & Accounting business of Thomson Reuters (formerly Thomson Tax &
Accounting) 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. Tax & Accounting includes the Professional Software &
Services, Corporate Software & Services, and Research & Guidance business
groups.
About Tax Executives Institute (TEI)
TEI is the preeminent association of business tax executives in North
America with 7,300 members representing 3,200 of the leading corporations in
the United States, Canada, Europe, and Asia. TEI represents a cross-section of
the business community, and is dedicated to developing and effectively
implementing sound tax policy, promoting the uniform and equitable enforcement
of the tax laws, and reducing the cost and burden of administration and
compliance to the benefit of taxpayers and government alike. As a professional
association, TEI is firmly committed to maintaining a tax system that
works-one that is administrable and with which taxpayers can comply in a
cost-efficient manner.
Members of TEI are responsible for managing the tax affairs of their
companies and must contend daily with the provisions of the tax law relating
to the operation of business enterprises. The diversity and professional
training of TEI's members enable it to bring a balanced and practical
perspective to the state and local tax issues facing business taxpayers today.
SOURCE Thomson Reuters

Pam Bruno, 1-800-993-7600, ext. 3#, pbruno@landepr.com, or Melissa Lande,
1-800-993-7600, ext. 1#, mlande@landepr.com, both of Lande Communications, for
Thomson Reuters