Thomson Reuters says its tax and accounting unit is now offering an online tool to help businesses figure out their sales and use taxes. The Sabrix Tax Rate Calculator offers research and rates for 13,253 tax authorities throughout the United States. The tool spits out calculations in less than a second, and its response includes detail on the tax for every level, according to Thomson Reuters. The calculator is Web-based, allowing easy access to employees throughout the company, and is sold on a subscription basis, with the price determined by the number of users and the company's tax complexity.
BB&T, the Winston-Salem, N.C.-based bank, says it has launched a product that allows companies that take in a lot of cash to accelerate their funds availability and improve their security. The bank's Vault360 Safe Solution can be used by clients anywhere in the continental United States that employ an armored courier to deliver their deposits to the bank. The product has a built-in bill reader that counts currency as it is fed into the vault and electronically transmits that information to the bank, and it credits deposits to the client's account every day, no matter how often the courier makes pick-ups, according to BB&T. The bank says Vault360 Safe Solution can reduce companies' monthly reconciliation work, save them processing expenses and accelerate the availability of funds.
XBRL US, the nonprofit consortium for XML business reporting standards, says Citi will participate in a pilot project using XBRL to report corporate actions. In the pilot, Citi will work with XBRL US Labs, the research and development arm of XBRL US, to process dividend payment announcements for American Depositary Receipts, which are U.S. securities based on foreign shares. XBRL will then analyze the extent to which the XBRL-tagged announcements affected the processing of the announcements by banks, depositaries and stock exchanges, and the use of the information by consumers such as shareholders.
SunTrust Banks says it has rolled out an online Retirement Toolbox for the employees of the companies whose 401(k) plans it provides. The resource center provides participants with videos, articles, guides and calculators to assist them in each stage of retirement planning, from getting started to retirement, the bank says.