WHAT S NEW IN CHECKPOINT

Transcription

1 WHAT S NEW IN CHECKPOINT This document covers the most recent Checkpoint enhancements as of December 15, OECD BEPS LIBRARY With respect to growing concerns about risks to tax revenues, tax sovereignty and tax fairness across international jurisdictions, the OECD issued an Action Plan in July 2013, along with subsequent reports, to address the topic of Base Erosion & Profit Shifting (BEPS). The Action Plan encompasses 15 Action Items that cover the digital economy, treaty abuse, transfer pricing documentation, and more. It offers a global roadmap that will allow governments to effectively determine and collect the tax revenue to serve their citizens, as well as give businesses the assurance they need to invest and grow. The OECD BEPS Library contains all BEPS Reports & Recommendations, Press Releases, and Articles & Analysis published by OECD, and any additional documents as the OECD publishes them including all the reports and recommendations for the 15 Action items. The OECD BEPS Library provides officially licensed access to all the BEPs publications issued by the OECD combined with the efficient research tools and capabilities of Checkpoint helping you to stay updated on any current and future developments, further enabling you to be ready to respond to questions encountered, and take into account the BEPS standards with your tax planning. On the International Tax Search page the OECD BEPS Library can be found under Primary Source Materials/OECD Materials 2014 Thomson Reuters/Tax & Accounting. All rights reserved.

2 2 In the Table of Contents the OECD BEPS Library can be found in the International Tax Library under OECD Materials

3 AICPA PEER REVIEW PROGRAM MANUAL References to FASB ISC included in the Peer Review Program Manual are now active links to the FASB ASC content on Checkpoint (separate license required) allowing you to quickly access your subscribed content with just a click. Active links to the FASB ASC content are now contained within the Peer Review Program Manual. 3

4 INTERNATIONAL TAX MANAGEMENT EXPERT: International Tax Management Expert has been renamed. The new name is: Essential International Tax Solutions can still be found on the Tools tab under International Tax Tools. BEFORE International Tax Management Expert has been renamed to Essential International Tax Solutions. AFTER 4

5 SALES AND USE RATE LOOKUP: The Sales and Use Rate Lookup tool quickly identifies both current and prior rates for any transaction. It employs a comprehensive database of the most current and accurate sales and use tax rates for thousands of taxing jurisdictions and a variety of product categories. The Search Functionality and Search Results have been enhanced: Search Functionality: Current Rates: You can now search By State, County, City and also By Zip Code in a newly combined, single search screen. You may also perform searches for prior rates on this same screen by changing the Effective Date. Prior rates are available back to Compare Rates: You may now quickly perform searches by zip code or by state/county/city using the Compare Rates search screen. Results are provided in greater detail and it s easier to distinguish new rates from current rates to quickly identify the status. Search Results: Search results and expanded details have been combined on a single screen, making it much easier to compare locations. A new Description field has been added to search results. This field details a range for different product categories, including the following new categories: Auto Rental Fee, Automotive Consumer s Use, Automotive Seller s Use, Manufacturing Consumer s Use, Manufacturing Sales, Manufacturing Seller s Use, Medial Device Excise, Prepared Food Consumer s Use, Prepared Food Sales, Prepared Food Seller s Use, Seller s Use. Tier Amount, Amount Low, Amount High and Tier Tax are listed in the search results for jurisdictions with tiered rates and minimum/maximum thresholds. To narrow search results after broad based search, you can filter by Tax Authority, Product Description and Rate Type. It is no longer necessary to rerun a search to refine the choices. These enhancements made to the Sales and Use Rate Lookup tool allow you to streamline the sales and use rate research process with fewer steps and less data entry. You can now easily Compare Rates; use additional detail to support an audit trail and support a broader range of compliance issues with the expanded detail in the search results and also helps you eliminate secondary searches to refine results. 5

6 BEFORE Previously, two separate screens were available to perform a search by State County and City or by Zip Code. AFTER A single search screen now combines the options for a search by State, County and City or by Zip Code. You can now search for prior rates by changing the Effective Date. 6

7 BEFORE Previously you could Compare Rates only through a full state wide option. Prior rates were available back to AFTER Narrow the selection of Compare Rates results by County and City or by Zip Code. Prior rates go back to 2000 to support a historical audit trail. 7

8 BEFORE Search results were provided in two screens. The first listed State, County and City rates. A click on a location provided more detail in the second screen. 8

9 AFTER All of the search results can be quickly and easily accessed and compared in single screen. AFTER The expanded functionality and rate detail found in the new search results efficiently supports a broader range of sales and use rate lookups. Broad based searches are refined through the use of filters to deliver just the results needed. No more rerunning searching to narrow focus. The tax detail is presented for those jurisdictions with tier tax rates and maximum/minimum thresholds. 9

10 Authority refers to taxing jurisdiction. Use filtering to view a selection of rates by State, County City. Type includes Rates and Fees. Use filtering to view one or both. AFTER Description refers to the rate types. Use filtering to view a selection. 10

11 FEDERAL TAX QUICK REFERENCE TABLES This new feature on Checkpoint includes a set of tables that allow you to quickly and efficiently find frequently need tax rates or amounts without having to perform deeper research. Organized by practice area, each table provides the most recent three years of tax rates or amounts available (with the most recent rates or amounts shaded in gray for quick identification). You can verify a tax rate or amount against its official source by linking directly to the controlling primary source document. Federal Tax Quick Reference tables are a fast and efficient reference tool designed to provide a quick way to access rates frequently encountered in personal or business-related transactions. Addressing a wide range of rates, the Federal Tax Quick Reference Tables help you find up to date rates within a minimal amount of keystrokes in the context of their workflow. These tables improve research efficiency by surfacing hard-to-locate but frequently needed tax rate information or amounts in the context of your workflow that would otherwise have to be found in less efficient ways such as through a keyword search. The following table shows which Federal Tax Quick Reference Tables categories are assigned to each practice area Quick Tax Amount Table Alternative Minimum Tax Applicable Federal Rates (AFRs)* Business Auto Deductions Education Tax Incentives Federal X X X X Checkpoint Practice Areas Estate Planning Pension & Benefits Payroll Employee Benefits X X X Estate and Gift Taxes X X Health Savings Accounts (HSAs) X X X Individual, Trust and Estate Income Tax Brackets X X X Individuals General Deductions, Credits and Exclusions Long-Term Care and Medical Savings Account Deductions X X X Medicare X X X Retirement Plans X X X Section 179 Deduction X Social Security X X X Standard Mileage Rates X X Travel Per Diem Rates X X Note: This is a link that redirects users to the existing Applicable Federal Rates (AFRs) tables on Checkpoint. 11

12 Accessing the Federal Tax Quick Reference Tables: For quick answers, Checkpoint provides four fast ways to access the Federal Tax Quick Reference Tables: Via the GO TO link in the left navigation pane of the Federal, Estate Planning, Pension & Benefits, and/or Payroll search screens. Via the Site Navigator by entering Quick Tax. Via the Table of Contents, under Editorial Materials, in the Federal, Estate Planning, Pension & Benefits, and/or Payroll practice areas. Via the Federal, Estate Planning, Pension & Benefits, and/or Payroll search screens, under Editorial Materials. Access Federal Tax Quick Reference Tables by clicking the Quick Tax Amounts link on the GO TO Menu. 12

13 13 The Quick Tax Amounts link on the GO TO Menu is available on the Federal, Estate, Planning, Pension & Benefits and Payroll Search Pages.

14 Access Federal Tax Quick Reference Tables from the Table of Contents. The tables are expertly arranged by the following areas: Federal, Estate Planning, Pension & Benefits, and Payroll. Access Federal Tax Quick Reference Tables from the Federal, Estate Planning, Pension & Benefits, and Payroll Search Screens. Access Federal Tax Quick Reference Tables from the Site Navigator by typing Quick Tax Each table provides the most recent three years of tax rates or amounts available (with the most recent rates shaded in gray for easy identification). Link directly to the official source to quickly verify a rate or amount. 14

15 GREEN STARS ADDED TO TOC SEARCH With enhancements made to Checkpoint, the Source List view in the Table of Contents Search has been enhanced to show relevancy at the source level, just as it is shown on the Source List View when conducting a search from the search tab. If you were to perform a search in the Table of Contents now and use the Source List view, you will see a green star next to sources that contain one or more of the top 10 documents. This enhancement makes it easier for you to check across the list of results and hone in on the most pertinent results when conducting a Table of Contents search. You can now use a preferable type of search (search from the Search tab or from Table of Contents tab) and be able to readily identify the sources that contain one or more documents from the top documents because they are identified by a green star. This gives you a jumpstart on where to begin your research. BEFORE When you perform a search in the Table of Contents and use the Source List view, you will see a Green Star next to sources that contain one or more of the top 10 documents. AFTER 15

16 PRINTING, EXPORTING AND ING OF DOCUMENTS Checkpoint brings to you advanced customization options for printing, exporting and ing documents. You will now have the option to include the value for the compass in the document that you want to print/export/ . By including the value for the compass icon in the document, you can easily ascertain their location in the code. You also have the option of highlighting keywords in the document that you want to print/export/ . However, if you want to print/export/ clean document you can unselect the Display Keyword Hits option and Display Compass Icon. You now have the option to include keyword highlighting and/or the value for the compass in the document you want to print/export/ . 16

17 17 While printing, exporting or ing an individual document, the options to Display Keyword Hits and Display Compass Icon can be selected on the Document Options dialog box.

18 18 When you choose to Display Keyword Hits and/or Display Compass Icon you will see keyword highlighting and/or compass values in the document you are printing/exporting/ ing.

19 TRAINING AND SUPPORT The Training & Support content pane on the Home Page has been renamed to Assistance- Self-Service, Support & Product Training. As a result of this improvement, you will now be more readily able to get to the training and support features most appropriate to your needs without having to search extensively for them on the site. BEFORE AFTER 19