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 The responses from Canada Revenue Agency from the 2011 liaison meetings with the Canada Revenue Agency (CRA) and the Department of Finance are now available. To improve case load management by the Tax Court of Canada, TEI recommends that Canada Revenue Agency be accorded the ability to settle appeals or litigation of assessments and reassessments based on the "hazards or risks" of litigation. On December 6-7, TEI President David Penney and David Daubaras, the Institute's Vice President for Canadian Affairs, will lead a delegation of members in the 2011 liaison meetings with the Canada Revenue Agency (CRA) and the Department of Finance. TEI submitted a letter to the British Columbia Ministry of Finance recommending improvements to make the PST more efficient and administrable. The Institute submitted comments and recommendations to the Department of Finance in respect of its August 19, 2011, draft Foreign Affiliate legislation.  The Institute submitted a letter urging the state to pass legislation excluding from an employee's taxable income employer-provided health insurance benefits for adult children under the age of 27.  The Financial Accounting Foundation is conducting its first ever post-implementation review of FASB Guidance. Read the Institute’s comments on FIN 48.  Following up on an August 16, 2011, meeting with representatives of the U.S. Treasury Department and Internal Revenue Service, on September 21, 2011, TEI submitted supplemental comments regarding the Foreign Account Tax Compliance Act. TEI submitted recommendations to revise and clarify August 16, 2011, proposed legislation that will accelerate corporate partner income inclusions.  Re: SEC Staff Paper: Work Plan for the Consideration of Incorporating International Financial Reporting Standards in the Financial Reporting System for U.S. Issuers-Exploring a Possible Method of Incorporation, File No. 4-600. In response to Canada Revenue Agency's invitation, TEI submitted recommendations for prioritizing updates to various income tax technical publications. The Institute urges states to disclaim the use of third-party contingent fee auditors noting their use undermines fairness and impartiality essential to the functioning of the tax system. TEI urged the House of Commons Standing Committee on Finance to recommend adoption of a loss-transfer system for Canadian corporate groups. TEI endorses bill that would create a uniform standard for the taxation by states of income earned by employees who travel for work, and the related withholding obligations of their employers.  TEI recommended the OECD adopt substantive and documentation safe harbors to simplify the administrative aspects of transfer pricing. In light of required reporting of uncertain tax positions on Schedule UTP, the Institute urged the IRS to revamp Schedule M-3 substantially and even consider abandoning the use of the form. On June 21, 2011, Tax Executives Institute submitted comments to Canadian Minister of Finance James M. Flaherty on a June 6, 2011, Budget proposal that will limit the deferral of partnership income earned by corporate partners. On June 7, 2011, the Institute submitted comments to the IRS regarding Notice 2011-34 and the Foreign Account Tax Compliance Act, urging the government to issue additional guidance for affected persons that are not foreign financial institutions. On June 1, 2011, the Institute filed a brief amicus curiae urging the U.S. Supreme Court to overturn a lower court decision allowing Iowa to tax corporations with no physical presence in the State. On May 31, 2011, Tax Executives Institute submitted comments to the European Commission on a Green Paper consultation titled On the future of VAT: Towards a simpler, more robust and efficient VAT system. Voting will begin in June on a referendum to rescind British Columbia's Harmonized Sales Tax and restore the Provincial Sales Tax. TEI's letter summarizes the Institute's general support for the HST and the implications if it were to be repealed. On May 5, 2011, members of TEI's Cleveland and Cincinnati Chapters attended their annual liaison meeting with the Ohio Department of Taxation. TEI recommended updates for the IRS's FAQ webpage for Schedule UTP. The comments were prepared under the aegis of TEI's Financial Reporting, Federal Tax, and IRS Administrative Affairs Committees. TEI urges the Alabama legislature to pass bill establishing a pre-payment, independent tax appeals tribunal. TEI recommends that Canada adopt a loss-transfer system to improve taxation of corporate groups. The Institute's March 30, 2011, letter to the OECD affirms direction of OECD's efforts. In early March, a delegation from TEI participated in three liaison meetings with government officials in Washington. The Institute's letter recommended amendments to the Harmonized Value-added Tax System regulations to make RITC reporting administrable. CRA releases responses to questions posed in 2010 Income Tax Agenda. Responses from CRA on questions raised during December 7, 2010 TEI-CRA liaison meeting. TEI files amicus letter arguing California's 20% large corporate underpayment penalty violates federal Due Process. TEI’s comments recommend modifying current exceptions to the PTIN rules to generally exempt in-house tax professionals who prepare tax returns of entities that have an ownership or fiduciary relationship with the professional’s employer, and certain entities that the employer has recently divested. Urges narrowing of regimes for foreign tax credit generators, reportable transactions, and non-resident trusts. TEI’s recommendations to the Canadian Department of Finance for implementing a loss transfer system for corporate groups. On October 19, 2010, TEI filed comments on Notice 2010-60, which provided preliminary guidance on the Foreign Account Tax Compliance Act.
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