After an avalanche of complaints from the business community, the IRS in late September scaled back a requirement that large corporations disclose their uncertain tax positions on their tax returns. But many senior business executives are still jittery about the new rule, judging by the results of a KPMG poll released today. more

Seeking to avoid a replay of the global credit freeze that crippled economies in 2008-2009, the Basel Committee on Banking Supervision intends to phase in new capital leverage and liquidity standards for banks – an agreement referred to as Basel III – within the next 2 to 3 years.

This four-page Protiviti report summarizes current Basel II developments, provides an overview of the changes within the new agreement (which Group of 20 country leaders are expected to endorse next month in Korea), and analyzes the potential impact (not terribly dramatic, it appears) of the new regulations on the U.S. and global banking industries. ###

The province of Cebu in the Philippines is rapidly gaining a viral-video-based reputation as a place where the most unlikely groups of people, such as prison inmates and flight attendants, are likely to burst into displays of dance at any moment. The latest example is this video of energetic — and surprisingly young, I have to say — tax agents, whose aim is to help the citizens of the 160-plus islands of Cebu “pay their taxes with a smile.” ###

It seems that just about every country around the globe is looking to exports to help jump-start their economies. To do that, a few governments have taken steps to weaken their currencies, making their products relatively cheaper to foreign buyers.

Of course, China long has been a target of critics who charge that it keeps its currency, the yuan or renminbi, artificially low in order to protect its exporters. However, China’s currency actually has strengthened recently – just slightly, but still a move in the direction many outside the country want to see. In June, the yuan traded at 6.83 per U.S. dollar; today, it trades at 6.64 per greenback, according to x-rates.com. more

The Streamlined Sales and Use Tax Agreement has been around for more than a decade, and most corporate tax pros are familiar with this effort to simplify collection and administration of these taxes by businesses and states. Less well known is the Streamlined Sales Tax Governing Board’s (SSTGB’s) program of certified service providers. If you’re in the market for a sales and use tax solution, it’s definitely worth checking out. In some cases, the Streamlined states will pay for the software provided by the certified firms, and users get audit protection for errors resulting from information provided by the vendors. more