News & Tax Insights

The value of work in progress must be accounted for at the end of the year by a manufacturer or builder. However, if you operate a professional or service business you do not have to account for the value of unfinished jobs at the end of the financial year. You only need to account for the work done when a recoverable debt is crystallised.

Democratic Senator Carl Levin has introduced a Bill to the US Senate, which will require that US multi-national corporations would have to report employees, sales, financing, tax and tax payments on a country-by-country basis. The Stop Tax Haven Abuse Act of 2011 was introduced to the US Senate in July.   The new law, if passed, would reveal much about US Multinational Corporation’s offshore tax and accounting practices and permit the Internal Revenue Service (IRS – the US Tax Office) to use this information to evaluate foreign financial accounts and simplify penalty calculations for unreported foreign accounts and suspicious activity.…