Most of TaxStream's older or outdated news items are archived on this page. Clicking on a link below or to the right will bring you directly to that article.
TaxStream Discovery Day
TaxStream Joins the Oracle PartnerNetwork
TaxStream At International Tax Policy Conference In Dublin, Ireland
TaxStream At The TEI Financial Reporting Seminar
TaxStream At The CFO Technology Summit
FASLabs Training Sessions Scheduled
FAS123R Study Group To Be Formed
TaxStream 2007 User Conference
TaxStream and Hyperion Partnership
TaxStream and FIN48
TaxStream Discovery Day – Learn More!
TaxStream and Jefferson Wells successfully held a Tax Provision Technology seminar.
Topics that were covered included Tax Process Improvement and Technology Hurdles for both current and potential users, as well as FIN 48 Updates and new TaxStream updates.
Jefferson Wells delivers professional services in internal audit and controls, technology risk management, tax and financial operations. They serve clients, including over 50% of the Fortune 500 and many Global 1000 companies, through highly experienced, salaried professionals working from offices across North America and Europe. Founded in 1995 as an “independent” provider of internal audit services 2,800 professionals in 52 offices throughout North America and Europe. Average experience level is almost 18 years; minimum experience level is 7 years.
To speak directly to Jefferson Wells about their TaxStream services , please find their contact information on the Tax and Accounting Firms page.
TaxStream Joins the Oracle PartnerNetwork
TaxStream, a leading provider of tax provision, FIN48 and planning software, announced today that it has become a member of the Oracle PartnerNetwork. TaxStream’s combined solution will enable companies to populate the TaxStream Enterprise 5.0 software solution directly from the Oracle® Database and Oracle’s Hyperion Financial Data Quality Management software, creating a real-time, close-looped system for tax departments to complete their provisions and FIN48 disclosures. Tax provision adjustments and disclosure information can then be loaded to Oracle's Hyperion Financial Management as part of the close process.
“This relationship underscores our commitment to providing clients with leading-edge technologies to make their tax departments both more efficient and compliant,” said Brian Tully, chief operating officer for TaxStream. “The combined solution provides tax departments with a complete Sarbanes-Oxley compliant solution — one that automates the close process and provides real-time access to financial information in the trial balance.”
TaxStream Enterprise 5.0 is a highly configurable and customizable tax software solution that automates the tax provision and re-uses data to compute extensions, estimates and returns. When combined with Oracle, TaxStream bridges the full trial balance directly from Oracle’s Hyperion Financial Data Quality Management and calculates the SEC tax footnote with full state and foreign calculations – all on a worldwide basis. TaxStream then can post the provision-to-journal entry back to Oracle or Hyperion Financial Management to complete the financial disclosure process. The tax department has full control of all adjustments while being seamlessly integrated with the complete financial reporting process.
In connection with its Oracle PartnerNetwork membership, TaxStream will be able to re-sell and implement Oracle products through value-added distributor Arrow ECS, creating one point of contact for customers.
TaxStream can also integrate with Oracle’s Hyperion Essbase to provide a planning and analytics tool that allows users to understand the true net-income impact of worldwide planning opportunities.
TaxStream is currently used by more than 125 Fortune 500 companies, nine of the top 10 accounting firms – including all of the “Big 4” – and more than 30 accounting firms worldwide.
TaxStream would like to thank all the companies and tax departments who have made our growth possible. We look forward to a long future of growth and tax software excellence. See the Inc.500 listing here.
TaxStream At International Tax Policy Conference In Dublin, Ireland
TaxStream will attend the Irish Taxation Institute’s Conference on International Tax Policy and Developments at the Burlington Hotel in Dublin, Ireland on 25 September. This conference will include a lecture on FIN 48 and uncertain tax accounting by John O’Leary a tax and legal services partner from PricewaterhouseCoopers. TaxStream will be on hand at the reception following the conference to discuss tax accounting and reporting for FIN 48, FAS 109, IAS 12, and IAS 39. For more information on this conference, click here.
TaxStream At The TEI Financial Reporting Seminar
TaxStream will be participating in 2007 TEI Financial Reporting Seminar. You can meet with TaxStream at the vendor show taking place on Thursday, September 27 from 5:30 p.m. - 7:30 p.m.
To help tax executives effectively deal with the grief that FIN 48 has caused them and their colleagues and to move closer to the final, "acceptance" stage of the Kubler-Ross model, Tax Executives Institute will hold a two-day seminar entitled Financial Reporting: Continuing Challenges and Emerging Best Practices. The program, which will take place on September 27-28 at the Hyatt Regency O'Hare in Chicago, will focus on the key financial reporting and management topics confronting today's tax executive. In planning the program, TEI's Continuing Education Committee remained focused on FIN 48, but moved beyond explicating the nuts and bolts of the new rules to providing a strategic framework for working with them.
TaxStream At The CFO Technology Summit
TaxStream will be participating in the CFO Technology Summit, located at Hyatt Regency O'Hare in Chicago, IL. The summit will discuss how companies harness technology for strategic impact. Some of the other topics to be explored include:
- How to use business intelligence tools to dramatically control operating costs
- How to utilize Governance, Risk and Compliance (GRC) tools to create an effective architecture for sustainability, consistency and efficiency
- How best practices in Corporate Portfolio Management hold the key to strategic resource allocation and shareholder value
- How successful companies manage technology through information flow, decision rights, incentives and promotions, hiring and training
- How CFOs can evaluate tech investments to ensure they actually supply front-line managers with sound and relevant decision support;
- How CFOs can use supply chain analytics to optimize overall financial performance.
- Mike Nuzzo, SVP Finance, Abercrombie & Fitch
- James Dallas, SVP and CIO, Medtronic
- Erik Brynjolfsson, Professor of Management, MIT Sloan School
- Michael Rasmussen, VP, Risk & Compliance Research, Forrester Research
- John Kerr, General Manager of Quality and Operational Excellence, Whirlpool
For details, and to register online, visit the conference web site at www.cfo-techsummit.com
FASLabs Training Sessions Scheduled
TaxStream is continuing its highly successful FASLabs live training sessions. The idea behind the unique program comes from the high demand for our online web seminars and numerous user requests for hands-on training of TaxStream. FASLabs live training is designed as a two day session that explores many aspects of the TaxStream software. In the labs, attendees will be in a classroom environment and will be provided with individual computers. They will be trained, hands on, by TaxStream’s own consultants on a broad range of topics including FAS109 basics, an introduction to TaxStream, Interim Reporting, Estimated Payments, and more. These training sessions qualify for 16 CPE credits (8 CPE credits per day), and can greatly enhance your understanding of TaxStream’s ability to automate your tax year.
For information on our next FASLabs training session, please contact Franco Salerno at franco@taxstream.net
FAS123R Study Group To Be Formed
In response to feedback received at the TaxStream User Conference, a focus group will be formed to provide feedback on TaxStream’s new FAS 123R module, which was demonstrated at the Conference.
Many companies are beginning to have employees exercise stock options that have vested since the effective date of FAS 123R. Each of these exercises must be analyzed for its impact on the deferred tax accounts and the APIC pool, placing a significant compliance burden on the Tax Department. The new TaxStream FAS 123R module is designed to help alleviate this burden, providing a solution that can:
- Store a large volume of transactions
- Support the deduction claimed on the tax return
- Determine the impact of individual exercises on the APIC pool
- Integrate the impact of the APIC pool on the FAS 109 tax provision
If you are interested in joining the FAS 123R study group, please contact Kevin Brady at kevin@taxstream.net
TaxStream 2007 User Conference
The TaxStream 2007 User Conference, held from June 27 through 29 in San Diego, was nothing short of a success. Nearly 500 users from over 180 companies and from several countries, as well as representatives from many of TaxStream's channel partners, were in attendance. Presentations were given on all of TaxStream's current functionality, as well as the future direction of the products and company.
Popular courses at the conference included topics like Return to Provision, Net Operating Loss and Valuation Allowance Automation, the TaxStream Liability Module, Tax Basis Balance Sheet, Interim Reporting, FIN 48 - Issue Management, and FIN 48 - Tax Accounting. In addition, TaxStream unveiled its new FAS 123R software.
Feedback from attendees has been extremely positive.
In keeping with a tradition established at earlier TaxStream User Conferences, attendees were given the opportunity to vote on enhancements that will be made to future versions of the TaxStream software. TaxStream will be focusing development efforts around these items with a view toward delivery by the next user conference.
TaxStream and Hyperion Partnership
TaxStream and Hyperion have developed an interface that allows journal entries to flow directly from TaxStream into the final consolidation. This will complete that link between the two systems, providing complete support for the final tax provision recorded in the audited financial statements.
With FDM, users will be able to populate TaxStream with a single file that includes all detailed or rolled up accounts, whichever is more efficient. This file is easy to create and maintain and will agree with the final audited financial statements. Journal entries will flow directly into the final consolidation from TaxStream.
TaxStream and FIN 48
In the 1st quarter of 2007, calendar year companies will be required to record the impact of FIN 48 on their income statements for the first time. As of the end of 2006, these companies had to analyze and disclose certain aspects of their uncertain tax positions, but for the most part, earnings were not affected. This will change with the 1st quarter and companies will need to integrate their uncertain tax positions with the current and deferred tax provision.
This can have unforeseen consequences. For example, material increases or decreases in permanent uncertain tax positions may have to be separately stated in the effective tax rate reconciliation. Uncertain temporary differences will have to be integrated into the deferred tax balances, taking future rate changes into account. Both permanent and temporary uncertain positions included in taxes payable will have to be broken down into current and non-current components.
In response to these challenges, TaxStream will be conducting a series of live webcasts to assist clients with their 1st quarter FIN 48 issues. These webcasts will focus on the integration of FIN 48 and FAS 109 using TaxStream.
To be informed of our next live webcast, contact Kathryn Rees at krees@taxstream.net.