IRS announces new filing procedure for non-resident US taxpayers – What you must know

In the last few years, the  (IRS) has been focusing on tracking offshore accounts of its residents and citizens. There are several forms to be filed with the US treasury department declaring one’s offshore account information with  compliance becoming  stringent. To help ‘low compliance risk’ US citizens and green card holders living abroad to comply with their offshore disclosures, a new IRS procedure went into effect from September 1st 2012. The new  initiative is aimed at ‘taxpayers who have only just become aware of their filing obligations and now seek to come into compliance with the law.’ The new procedure does not offer protection from criminal prosecution if the IRS and Department of Justice determine that the taxpayer’s particular circumstances deserve such prosecution.


Here is a quick glance at the details of this new procedure:


  • Who is eligible?


While this procedure is available for non-resident US taxpayers who have resided outside of the US since January 1, 2009 and who have not filed a US tax return during the same period, these taxpayers must present a low level of compliance risk


  • Understand low compliance risk


On the nonexistence of any excessive risk factors, if the proposed returns and application is less than $1,500 in tax owing in each of the years, they will be treated as low risk and handled in a streamlined manner. There is a probability of the risk level increasing  under several circumstances. For instance if the return filed under this program is an amended return or it the taxpayer has not declared all of his/her income in his/her country of residence or if the taxpayer is under audit or investigation by the IRS etc.


  • What is the procedure to participate


One needs to submit a complete and accurate delinquent tax returns and mention ‘Streamlined’ at the top of the return to indicate that these returns are being filed under the new initiative. It is also essential to pay all the taxes due along with interest and penalty, if any, for delay, and submit a questionnaire as prescribed by the IRS to present the compliance risk profile.


This procedure is an initiative from the IRS that provides US green card holders and citizens a likelihood of coming into compliance and is for exceptionally low risk taxpayers.  With newer and more stringent laws like FATCA, the opportunities to come into compliance in the future may not be easily available. Taking advice from the professionals will save one from paying extra taxes. Taking the  help of a professional will give you the necessary support and guidance in all your tax planning issues and overseas voluntary disclosure.


Read More About: Foreign Bank Account, IRS Amnesty, FBAR

Importance of Systems Integration and CTO Services

Systems integration and Configure to Order services is a necessity in today’s age where electromobility, energy efficiency and technological advancements play a significant role in determining the kind of products to be manufactured. Let’s understand the two terms before going further into the topic.

 

Systems Integration

 

Wikipedia defines Systems Integration as “the bringing together of the component subsystems into one system and ensuring that the subsystems function together as a system.” In systems integration often existing disparate systems are integrated. Since it is the interaction between subsystems, systems integration can be considered as adding value or capabilities to a system. Though carried out wholly or partially, systems integration helps in bringing together different subsystems performing different functions.


Configure to Order


Configure-To-Order (CTO) is “a method of manufacturing which allows the service provider or the client to select a base product and configure all the variable parameters associated with that product.”


Systems Integration and CTO service providers have modeled their services after some of the most successful systems in the electronics industry. They have extensive experience and expertise in handling 1-to-1 configuration, low-volume high-mix, or high-volume low-mix orders, which the customers can securely monitor and manage the manufacturing process online in real-time. Since they can accommodate various production approaches, including KanBan, Min/Max, VMI (vendor managed inventory), or multiple modules designed to fit together seamlessly, they are able to provide a tailor-made program that meets customer needs. Here is a look at some of the integrated supply chain system integration and configuration services that they provide.


* System Integration, Assembly and Test (build-to-order or build-to-stock)

* Turnkey Contract Manufacturing

* Consignment Contract Manufacturing

* Online Management, Control, Inquiry and Reporting

* Rack Integration services


Their rack integration services especially data center rack integration services involve integration of as few as ten servers into each rack, or build out a 1,000-server supercomputing cluster. They can configure, build, install, deliver, and provide functional testing to provide their customers with seamless deployment of large-scale cloud-based solutions. They can offer network interface configuration & testing, campus installation & on-site professional services, functional testing, cable management and custom detail labeling. The following is a list of the key components of a leading data center rack integration solution provider.


* Material planning and procurement

* Network cabling, server components, customer supplied materials or a mixed model

* Extensive, automated information captured including asset id's, MAC addresses, and serial numbers

* Complete rack integration, imaging and testing

* Direct access to  ultra-strong, ultra-light rack lineup


Thus, partnering with such supply chain solution providers provides a respite for enterprises struggling with systems integration and CTO issues.

Other Links -  Supply Base Management

Reverse Logistics – Critical Aspect of Good Supply Chain

Every enterprises irrespective of its industry sector survives through aggressive competitiveness with the help of best practices in operational management, world-class infrastructure, updated Software applications and a robust supply chain management system. However, returns become unavoidable occurrences which pose a huge problem for both the manufacturing and retail industry. Goods that are returned are often dumped in the warehouses, to be sorted out at a convenient time, consequently taking up a large portion physical inventory of the warehouse.


Organizations need to have in place explicit logistics procedures that can handle the returns.  By understanding the reason for the return of products that leave the manufacturing or a retail packaging unit makes it’s feasible to recognize the various methods of enhancing the decision-making and supply chain process. Reverse logistics help enterprises with an idea of what is coming back by automating returns across different channels. Nevertheless handling returns need to be kept under control with the help of   policies and procedures.


Wikipedia defines supply chain as a system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. Supply chain solutions  transform natural resources, raw materials and components into a finished product and is delivered to the end customer. However, the complexity of the global business environments and the growth of e-commerce across both B2B and B2C markets has seen supply chain systems, wherein used products may re-enter the supply chain at any point where residual value is recyclable and is referred to as reverse logistics.


Reverse logistics offer enterprises opportunities for improving visibility and profitability while lowering costs in the supply chain. However, smoothening of the process requires a robust returns management system that will ensure that all returns are sorted out efficiently.  By ensuring no wastage or any shortage is an important aspect of good supply chain solution. The critical phase in ensuring effective returns processing, is in choosing a returns management solution that manages the entire process of reverse logistics in an efficient manner.


Leading service providers have developed integrated returns management system designed to help enterprises to specifically deal with the reverse logistics in a logical and efficient manner. The process helps to refurbish vast array of products as per client specifications and put in back into the marketplace in minimal time. With the speed of delivery the supply chain solutions providers help their clients minimize return inventory, improve profitability and organizational efficiency.

Why Bioavailability Is Vital in Clinical Studies

According to National Cancer Institute Bioavailability is the “ability of a drug or other substance to be absorbed and used by the body. Orally bioavailable means that a drug or other substance that is taken by mouth can be absorbed and used by the body." Evaluating from the nutritional perspective, bioavailability implies that the digestive system can extract nutrients from the product in a form that can easily absorb into the bloodstream.


Importance of Bioavailability


Bioavailability is crucial from the nutritional perspective as our body can have more available nutrients when the supplements are in a liquid form. The majority of the nutrients are in pill form. According to the Physicians Desk Reference 85 to 90 percent of the nutrients in the liquid supplements are absorbed within a time frame of 22 to 30 seconds. In case the same is in the form of a pill, then it takes a minimum amount of 10 to 20 percent of nutrients area that is absorbed in the body.


Reasons for Bioavailability studies


There are multiple reasons because of which bioavailability is considered as an essential part of the clinical trial process and studied. The data obtained helps too:


* Offer practical information on the potential health effects of contamination

* Helps to modify defaults by using site specific data

* Helps to change proposed cleanup levels and saves time and money to reach the accepted levels

* Helps to prioritize sites for subsequent evaluation


How to measure bioavailability?


There are various ways that can be used to evaluate bioavailability. A Site specific analysis provides vital information that can impact a risk assessment. In soil, a contaminant bioavailability can be measured in multiple ways that include the following:


* Extraction using acids and bases

* Extraction using biological fluids

* In vitro assays using bacterial systems

* In vivo assays using aquatic mammals and organisms

* Statistical estimation procedures


Estimating the bioavailability has become an essential tool to reduce the new formulation developed by a pharmaceutical company. Today clinical research organizations carry on bioavailability studies to provide meaningful clinical pharmacokinetic data related to removal, dissemination, the effects of nutrients on absorption of the drug, linearity in the pharmacokinetics of the active moieties and inactive moieties, dose proportionality and so on. Bioavailability data can also offer data directly about the drug substance properties prior to its entry into the systemic circulation, for instance permeability and the impact of pre-systemic enzymes and transporters.


Read More About: biometrics companies, regulatory services

Medical Implications of Clinical Pharmacokinetic Studies

The Indian clinical landscape has evolved over the past few years with massive developments in science and technology. As a result of which India is gradually becoming the hub for medical studies, experimentations and varied clinical trials. The objective of most clinical trials is to come up with new treatment methods, drug development techniques and also assess how much of the drug needs to be consumed by an individual and the impact of that drug in the patient’s blood and nerves. Over the past few years various critical and important medical studies and researches have been conducted. Of them one of the important names that deserve mention is the field of Clinical Pharmacokinetic studies.

What is Clinical Pharmacokinetic?

Simply put, Clinical Pharmacokinetic is a branch of medical study that is conducted in order to assess the distribution, absorption, metabolism and excretion of a drug under an investigation both in healthy patients and volunteers. The information that is gathered from this study has proved to be useful in designing and conducting subsequent clinical trials. They are also crucial for atp analysis and assessment of the safety and efficacy from the data generated in clinical trials for new drug development and post-marketing clinical trials. The result of non-clinical pharmacological and toxicological studies need to be assessed in conjunction with the outcome of non-clinical and clinical pharmacokinetic studies offer valuable data for the apt and safe conduct of clinical trials and for the estimation of the mechanism of action in humans.

Usages of Clinical Pharmacokinetic studies

The results of Clinical Pharmacokinetic studies have proven useful in determining the apt use of medicines as per the patient characteristics, for instance the disease and genotype of the drug metabolizing enzymes and for predicting the impact of Pharmacokinetic drug interactions. The outcome can also offer data for therapeutic drug monitoring (TDM). It is essential to assess Pharmacokinetic parameters of the individual volunteers and patients in close association with the drug efficacy and unfavorable drug reactions observed in every subject. The chemical and physical properties, toxicity, Pharmacokinetics, pharmacological drugs and its use in clinical trials would vary from two separate investigational drugs. It is hence essential to execute the apt development strategy for every investigational drug.

Today Clinical Pharmacokinetic studies carried on by Clinical Research Organizations implements apt methodologies that need to be selected as per the inherent aspects of the investigational drug taking complete advantage of the present data from both the non-clinical as well as clinical studies. There can be a need for additional studies, so that a better new medicine development can be achieved by avoiding pointless studies and researches.

Read More About: biometrics, Bioavailability, regulatory services

Building Your Career in IT with the Right Certifications

With new technologies being implemented, IT is constantly evolving, and certifications are one way IT professionals can keep up with present trends in IT technology, build their IT resume and open new doors of opportunity. With the information security field growing there is more demand for IT security professionals and most of these positions usually require certification. Often, specific certifications are required and hiring companies usually consider applicants that hold certifications.


Deciding on the appropriate certifications entirely depends on one’s career path. Any certification in current line of work will validate one’s skills and enhance value in the present position. For those looking to move into other areas of IT, a certification can provide the skills and knowledge need to make the required move. Software certification benefits the software industry as a whole. It helps keep the industry competitive, as organizations have an incessant l need to keep their workforce competent. Looking at a career plan as a road map, a certification is just one stop on the way to one’s next destination, and therefore certifications should be looked at for what benefits they can bring at present and in the future. Professional knowledge-based certification programs exist or can be created for all experience levels, from entry-level to professional to specialization.


In a world of heavy competition in the job market, it is imperative to have an edge over other applicants when searching for jobs or changing careers. Ranging from office managers to heath care professionals there are professional certificate programs and certifications that can be earned by attending approved training classes that are geared towards giving practical and hands-on skills that should carry on into the workplace. The right information technology training  and certification offers a sense of confidence knowing that the certified individual can quickly learn their job function and carry it out with minimal supervision. This is certainly the case with many technical jobs especially in IT.


When it comes to a career in the IT field, whether one has years of experience or just starting out, there is tremendous strength and growth potential when to be obtained with the latest certifications in the area(s) one chooses to become an expert at. While there many people who have degrees in Information Systems and software engineering, there are many  that are still unable to gain employment largely due to the lack of hands-on and practical training that the degree programs offer and many employers are aware of this.


Other Links: Online Digital Library

Public Welfare & Open Innovation

What does it take to build a bus stop? Whilst many would have qualms of thought hovering around the constructional details, the truth is all that matters is ‘the very thought’. An idea! That’s what the University of Utah/Utah Transit Authority; the United States did with its open innovation contest named Next Stop Design. The objective was to work with neighborhood residents and design an improved and better functioning bus stop. The purpose was also to evaluate the feasibility of an OI approach for transit concerns and to understand how the people would contribute in urban planning and government decision making. The visitors and online browsers of Next Stop Design website were encouraged to submit their ideas keeping in mind aspects such as weather protection, accessibility and access to transit information. There were more than 260 ideas that were submitted and approximately 11,000 votes helped in choosing the winner.


This is or can be the future of idea management when managed and executed systematically. It is necessary that companies understand that each single person has something to contribute today. Individuals and consumers today are much more conscious and aware of what is happening around them, about their needs and the preferred way to arrive at them. Progressive companies and smart entrepreneurs capitalize on this aspect by resorting to mass idea capture techniques. This has helped them in new product development and even introducing better social welfare programs.


However, when it comes to laws and regulation, everyone wishes there was a leeway to put in their views. Everyone has a say on a criminal code that seems irksome or a taxation policy that might appear extremely rigid. The question is in this new age of innovation and high-end innovation products, can one use open innovation to make new laws.


Thinking on similar lines United States California State Assemblymember Jared Huffman,  declared an open innovation contest, providing the public with a chance to come up with new laws. The contest encouraged local residents to create new laws pertaining to existing situations or probable ones and submit them explaining its feasibility, objectives, benefits and implications. According to Jared Huffman “This contest is a way for me as a legislator to tap into that incredible resource of knowledge and creativity. It’s one of several ways I try to maintain a constant dialogue with my constituents about public policy.”


This kind of open innovation and crowdsourcing innovation provides a new form of citizen engagement and an unprecedented scope for individuals to get involved with every level of the government. This further helps to impact public thinking, guide policy decisions and attain enhanced access to data and better services.


Read More About: management idea, idea management system, idea management solutions, innovative management solutions

Open Innovation In The Auto Sector

Progress and success depends on ideas. And when it is about ideas and “out of the box” thinking, the “closed room” approach has ceased to work. Forward thinking companies have realized this truth and hence are resorting to open innovation techniques.

 

Recently, the automobile industry has been using innovative products and solutions for new product development and enhancing existing services and products. Previously, this industry majorly banked on market research and trends offered by an external agency for new product development. In addition, with the success of social web certain auto brands also have been using social media platforms as a means of idea capture.


Leading French automobile manufacturer Citroen joined hands with Facebook recently on an app and encouraged the audience to share their views on ‘C1 Connexion’, the UK’s first ever crowdsourced car. The app got launched in April 2012 whereby the company encouraged Facebook users to participate in the open innovation contest. The participants were asked to determine the way the car model should look, the devices needed and their details with multiple possibilities. This comprised of the number of doors, exterior and interior color combination, communication systems such as Sat Nav System. This open innovation contest was open for a month and finally the car details given by the audience was revealed in May 2012 before it went into production.


This apart, auto majors like BMW, Germany has been making use of open innovation to gather ideas on how to expand the product pipeline and incorporate creative ideas to the ideation process. It came up with a Co-Creation Lab, a platform where interested participants and car enthusiasts are free to share their views and ideas about next-generation cars. Since its inception the lab has hosted innovation contests. A notable one is the BMW Group Interior Design Contest that encouraged the crowd to share creative inputs for customizing car interiors. There was no restriction on the participants and the winners were chosen by an expert panel. As a result of this mass idea sharing the idea that won was the ‘Color Matching Camera’ that is placed inside the car and spots the clothes and colors of an individual.


Thus when companies are thinking and going all global it is crucial to reach and connect to the audience at large. Idea management techniques, crowdsourcing and open innovation, automatically help individuals to establish a deeper connection with a company. This apart, idea management is also about growing together professionally and propagating an atmosphere of knowledge sharing.

Read More About: idea management software, idea management services, managing innovation, innovation products

Complete Brand Protection With Enterprise Risk Management Solutions

Globalization has given organizations greater exposure and a broader supply chain.Today many organizations struggle with key areas of risk, such as counterfeiting, sales channels management, and channel pricing violations. With the increasing number of new products entering the market and more organizations going global and becoming more tech savvy, and subsequently the challenges of counterfeiting are also increasing tremendously. Both large and small manufacturers thus need to take proactive steps to protect their sales channels and their brands from  counterfeiting.

As your brand is  the first thing that people associate with your business, making it secure and protecting it from counterfeiters needs to be topmost priority for organizations. With product counterfeiting leading  to financial loss and loss of brand image for enterprises worldwide, it has certainly become a bane to most enterprises. It is therefore imperative for organizations to invest in  effective enterprise brand protection and risk management solutions for complete brand protection. Most organizations today have resorted to new age brand monitoring solutions that facilitate the automated monitoring of all internet activities, by way of intelligent search agents. Providing global enterprises, with dynamic daily visibility into a broad variety of market intelligence data, these solutions can also be used to identify suspect products and companies.

The enterprise risk management solutions provide a look on the trending global market while also offering visibility into counterfeiting activities. Organizations thus have an opportunity to reduce lost revenue and margins, increase distributor loyalty and create a potential source of new distributors. Enterprise risk management solutions offer anti-counterfeiting and channel integrity solutions to manage the enterprise from risks. These solutions provide global enterprises, a complete insight into a vast business intelligence data, which can be used to trace and identify counterfeiters.  This enables a proactive response to head-off counterfeiting before it affects your bottom line. Reputed service providers of brand protection solutions deliver the data through a web portal directly to the user in a complete, multi-dimensional market intelligence format.

An effective enterprise risk management solution can  affect the likelihood and consequences of risks materializing, as well as deliver benefits related to better informed strategic decisions, successful delivery of change and increased operational efficiency. Invest in the right solution Left uncontrolled, counterfeiters can eventually destroy the product and brand integrity and even the manufacturer. Invest in  an efficient brand protection solution, to ensure that your businesses have the opportunity to stop the fraudulent activities from occurring.

Read More About: brand management, gray market

Combat Grey Market Sales with the Right Solutions

Gray market products can be as damaging and costly as counterfeits to a manufacturer. Gray market goods pose challenges for companies, even though they are company’s authentic products, they can still cause the company and its brand to lose goodwill when products developed for international markets enter the domestic market under the company’s authentic brand. Gray market practices disrupt the invisible competition by attracting the consumers away from the desired channels.


Setting up a false but increased demand for products that are imported by illegal channels and sold at discounted prices, these gray market products and counterfeits can be damaging to a manufacturer and have an effect on distributor loyalty. As a result companies lose significant market share because they are unable to find a solution that can protect their brand reputation effectively.


Gray marketers capitalize on lowering surplus inventory, economic conditions, fluctuating distribution expenses and currency exchange rates by exporting products without the approval of the original brand owners. With authorized partners losing revenue to heavy gray market sales, manufacturers need to look at ways to counter gray market sales channels. Today companies specializing in online brand protection solutions have come up with SaaS based software solutions that help you combat gray market sales.


To counter attack the gray market phenomenon that has been eating into the revenue of enterprises, there are several new developments in brand protection solutions, available to the enterprises. With high-end brand protection and anti-counterfeiting solutions, companies can implement enforcement efforts in the apt places and minimize the percentage of counterfeits prevalent in the market. These brand protection solutions can help enterprises tackle gray markets intelligently by first identifying risks, then prioritizing the risks and then actually mapping the effects of the brand abuse of the grain products.


With the right solution you can proactively recapture lost revenues, market share, and brand reputation through tightening your consumer channels. Track the distributors who are responsible for unloading these products on the gray market, and take necessary action against them. These solutions can help identify and track the actual source of the seller and can even offer visibility into the listings on the sites that are conducting this unlawful activity.


Opting for an effective brand protection solution is one way for enterprises to ensure security against such a gray market activity. Optimized brand protection solutions can safeguard enterprises, and protect product distribution models and company revenue. To help companies in a wide variety of industries protect their customers from counterfeits, invest in a solution that offers an excellent online brand reputation management, and helps reduce the impact of gray market and product counterfeiting for your company.


Read More About: enterprise risk management, brand management