True Partners Insights

Pillar Icon
New Guidance Issued by Canada Revenue Agency Requires Taxpayer Caution

On January 29, 2015 the Canada Revenue Agency (“CRA”) issued two memoranda providing guidance to field auditors when performing transfer pricing audits: Transfer Pricing Memorandum 15 (“TPM-15,” Memorandum on Intra-group Services) and Transfer Pricing Memorandum 16 (“TPM-16,” Memorandum on Multi-Year Data). Although both memoranda are intended to clarify existing rules, they may signal a new emphasis on positions that could deviate from those generally accepted among other Organisation for Economic […]

March 1, 2015

COSO Framework to be Released May 14, 2013

On May 14, 2013, the Committee of Sponsoring Organizations of the Treadway Commission, “COSO” will release an updated internal control framework, Internal Control – Integrated Framework: 2013.  This will be the first major refresh since 1992 with the goal of updating the framework to consider changes in business and operating environments over the last 20 years.  The new framework formalizes more explicitly the development of effective internal controls and assessment […]

May 7, 2013

Credits & Incentives Compliance Best Practices

Economic development incentives are now a vital piece of many companies’ strategic operation plans.  However, once the incentives are finalized, many companies find themselves unable to monetize their incentives because of compliance issues.  Incentives compliance can be time-consuming and documentation-heavy, preventing some companies from fully utilizing the benefits. But savvy incentives holders know that up-front time investments and watchful monitoring can pay dividends throughout an incentives period. Tips for Effective […]

March 12, 2013

Chicago Tribune Quotes John Bennecke in Article on Telecommuting

Offering his insights into telecommuting’s role in the modern workplace, John Bennecke was quoted in an article titled Telecommuters pay price for flexibility by Phil Rosenthanl: “The working lifestyle of professionals has changed in the last five to ten years, greatly driven by the availability of new technologies, and the workdays are not necessarily confined to the normal 9-to-5 schedule,” John Bennecke, Regional Managing Partner of Chicago based tax and business adviser True Partners […]

March 6, 2013

APB 23: Insight into Increased Scrutiny for Supporting Evidence

With the PCAOB and SEC’s recent interest in how U.S. multinational companies disclose their plans for reinvesting foreign subsidiary earnings, it is imperative that tax professionals be aware of the U.S. GAAP APB 23 (“APB 23”) documentation requirements. This newsletter describes the APB 23 assertion, why there has been increased regulatory scrutiny surrounding the assertion, and the steps U.S. multinational corporations should take to ensure they are providing sufficient disclosure […]

August 6, 2012