Financial Reporting Insights
As Congress ponders tax law changes, financial statement preparers may be wondering about the related financial reporting.
As Congress ponders tax law changes, financial statement preparers may be wondering about the related financial reporting.
The TE/GE division will add emerging issues, including COVID-related employer credits, to its existing compliance activities.
Recent leveraged spin-off ruling shows favorable tax treatment may still be available even outside of safe harbors provided in IRS guidance.
IRS rules anti-churning rules apply to deemed asset sales when certain intangible assets remain within the same consolidated group.
A roundup of recent tax law changes and other income tax provision considerations for the quarter ending Sept. 30, 2021.
A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending Sept. 30, 2021.
The IRS foresees better phone service for taxpayers by hiring more than 1,000 new phone assisters across all call lines.
Micro-captive insurance managers win preliminary injunction against enforcement of IRS Notice 2016-66’s reporting requirements.
RSM has submitted to U.S. Congressional leaders comments addressing the upcoming requirement to experimental expenditures
Several provisions would tighten IRA rules for high-income individuals, and some other changes apply regardless of income level.
SAS 136 will affect audits of employee benefit plans subject to ERISA effective for periods ending on or after December 15, 2021.
The OCC recently issued its views on a variety of accounting topics relevant to the financial institutions industry.
The SEC recently released a sample letter illustrating comments it may issue regarding climate-change disclosures.
RSM has issued a comment letter on the Financial Accounting Standards Board’s Invitation to Comment, Agenda Consultation.
The FASB tentatively decided to allow lessees that are not PBEs to make the risk-free rate election by class of underlying asset.
In an agent/principal relationship, the expenditures must inure primarily to the principal in order to avoid income to the agent.
The IRS launched a new webpage to guide individual taxpayers and C corporations with large refunds of more than $2 million.
The Complex Media Tax Court case and its applicability to section 351 transactions and the step-transaction doctrine.
What are the proposed tax changes affecting individual taxpayers and what should you consider today to limit your exposure to these changes?
The IRS has issued final regulations under section 301 which become effective Sept. 22, 2021, to reflect current law.
The Puerto Rico Treasury issued guidance establishing new rules that would require a transfer pricing study to deduct cross-border expenses.
A recent FASB proposal addresses the fair value measurement of equity securities subject to contractual sale restrictions.
The Ways and Means Committee proposed legislation targeting digital assets to increase tax revenue via wash and constructive sales rules.
IRS waives penalty for using dyed diesel fuel on highways in several Louisiana parishes through Sept. 30, 2021.
The IRS released a summary of findings on its Appeals LB&I pilot program, and has ended mandatory participation of Exam in conferences.
The 2021-2022 Priority Guidance Plan contains anticipated guidance projects that would affect exempt organizations.
Taxpayer Advocate Service is wrestling with a backlog of cases trying to navigate the changing environment of the pandemic.
House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Hurricane Ida in Pennsylvania.
Equity markets largely shrugged off headline risks — the S&P 500 Index posted its seventh straight monthly gain.
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.
The CAQ has issued a publication that describes how accounting and auditing standards apply to climate-related risks.
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Hurricane Ida in Mississippi.
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Hurricane Ida in New York and New Jersey.
Recent legislation extends the due date for the application from Sept. 15 to Dec. 1, allowing taxpayers more time to prepare.
The IRS will not issue PLRs on transactions involving a PF’s interest in an LLC that owns a disqualified person’s promissory note.
FinCEN issues eight government priorities, including cybercrime and trafficking, to support anti-money laundering and antiterrorism efforts.
The Federal Reserve, FDIC and OCC release joint guidance for banks on third-party relationship risk management. What you need to know now.
The IRS revises Form 6765 so in 2021 taxpayers cannot use the same wages to calculate both the R&D credit and the employee retention credit.
Senate Finance Chairman Wyden unveils draft international tax reform bill that would overhaul GILTI, FDII and BEAT rules.
FINRA has released an update to the Interpretations of Financial and Operational Rules related to SEA Rules 15c3-1 and 15c3-3.
DFS highlights a continued emphasis on auto lenders’ need to control for fair lending risk across indirect auto lending arrangements.
Companies abandoning plans for IPO or SPAC transactions should consider the deductibility of transaction costs and termination fees.
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Hurricane Ida. IRS provides additional relief.
The CFPB released a ruling surrounding closed-end mortgage requirements' timeliness regarding the newly enacted Juneteenth federal holiday.
Memorandum explains what statements promoters of abusive micro-captive insurance transactions may be subject to section 6700 penalty.
Memorandum delineates when withholding liability adjustments may be made in abusive micro-captive arrangements.
Seventh Circuit Court of Appeals rules taxpayer’s refurbished highway tractors meet safe harbor restoration rule under section 4052(f).
Illinois becomes the latest state to adopt a pass-through entity tax as a workaround to the federal SALT deduction limit.
Appeals court affirmed U.S. Court of International Trade decision allowing substitution drawback of certain excise taxes and customs duties.
New guidance and dedicated website provide instruction to taxpayers electing into the pass-through entity tax workaround.
A task force of the CAQ SEC Regulations Committee has accumulated certain inflation data that may be helpful in applying ASC 830.
The Internal Revenue Service Security Summit discusses the common warning signs of identity theft and unemployment benefits theft.
We have updated two of our white papers to reflect an update in the SBA’s PPP loan FAQ for borrowers and lenders.
Small businesses that experienced losses in 2020 due to COVID-19 are eligible for grants ranging up to $250,000.
The IASB has proposed an amended IFRS 17 transition requirement for entities that first apply IFRS 17 and IFRS 9 at the same time.
The FASB recently updated its Accounting Standards Codification pursuant to SEC Releases No. 33-10786 and No. 33-10835.
The IRS released guidance allowing automatic accounting method changes for taxpayers to follow the final revenue recognition regulations.
Careful grant management planning can help organizations reduce paperwork, save time, ensure compliance and lead to increased grant awards.
In GSS Holdings Inc., the court applied step-transaction and substance-over-form doctrines to a series of financial transactions.
July was, on balance, a good month for investors. Many broad market indexes across equity and fixed income posted positive returns.
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
The AICPA has issued recipient accounting guidance for Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants.
Revenue Procedure 2021-31 lists depreciation limits for owners of passenger autos placed in service in 2021 and lessees' income inclusions.
New legislation addresses extensive changes to audits, voluntary disclosure agreements and how new types of property are escheated.
IRS will begin issuing letters to approximately 100,000 businesses with Employer Identification Number to update their information.
The IRS released a new Practice Unit disclosing steps to assess the section 6707A penalty for failing to disclose reportable transactions.
IRS issues reminder for Taxpayers who own heavy vehicles weighing more than 55,000 lbs to file Highway Use Tax return by Aug. 31, 2021.
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
The SEC will require certain disclosures by China-based operating companies and offshore issuers associated therewith.
ASU 2021-05 addresses the accounting for a lease with variable lease payments that do not depend on a reference index or a rate.
The IASB has proposed a standard that would permit certain subsidiaries to apply reduced disclosure requirements.
HHS recently opened the Provider Relief Fund Reporting Portal and published a related User Guide and FAQ document.
The SBA has formally notified PPP lenders that it no longer will require submission of loan necessity questionnaires. Learn more.
The Governmental Accounting Standards Board recently proposed an omnibus statement addressing a wide range of practice issues.
RSM has become aware of a recent development regarding anonymous hoax reports to ethics and whistleblower hotlines. Read more.
The CAQ has published an overview of the external auditor’s responsibilities with respect to illegal acts under PCAOB standards. Read more.
The European Court of Justice dismissed Nike’s request to annul the European Commission’s probe into illegal Dutch tax deal.
IRS proposes new regulations for mandatory e-filing of business and information returns. IRS reduces form threshold numbers.
The IRS’s new Tax Pro Account platform allows individual taxpayers to digitally approve, sign and grant authorizations to representatives.
A debtor company was found liable for predecessor’s tax liability, where the debtor company carried on a very similar line of business.
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
The IRS ruled that a plan of reorganization tied a series of steps together even though they were anticipated to span over five years.
EPCRS is a summary of the rules that the IRS uses to assist employers in correcting retirement plan mistakes without disqualifying the plan.
Certain financial reporting issues were discussed during a recent SEC Regulations Committee meeting with SEC staff members.
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
Per the CCSH publication by the FDIC, 99% of all FDIC-supervised institutions were rated satisfactory or better for consumer compliance.
The Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs).
The recent supervisory guidance on the model risk management for bank systems supporting BSA/AML compliance and key points of consideration.
The IRS has recently released new draft instructions for schedules K-2 and K-3 for international tax reporting purposes.
California FTB amends remote worker nexus guidance, teleworking employees will create nexus and exceed P.L. 86-272 protections.
The changes reduce the number of brackets, provide for future rate reductions and establish a rate cap for high-earners.
Individual income tax rate reductions and bracket changes will benefit taxpayers as well as favorable withholding changes.
A roundup of considerations for companies while preparing income tax provisions for the quarter ending June 30, 2021.
The IRS examines eligibility of component parts to carbon capture equipment and when owner of partial equipment may claim sec. 45Q credit.
A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending June 30, 2021.
A new hybrid destination-based sourcing methodology impacts both in-state and remote sellers with New Mexico customers.
Seventh Circuit rules U.S. Venture’s butane gasoline blend do not qualify for the alternative fuel mixture credit.
Guidance extends continuity safe harbors for Investment Tax Credit and Production Tax Credit if construction began between 2016-2020.
Notice 2021-42 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
Missouri is the final state to adopt an economic sales tax nexus standard following the 2018 South Dakota v. Wayfair decision.
The basis reduction following a discharge of qualified real property business indebtedness (QRBPI) may take place in the year of discharge.
We recently updated our white paper to reflect the new goodwill accounting alternative provided in FASB ASU 2021-03.
We updated the discussion about certain government assistance in our Coronavirus: Financial reporting considerations white paper.
Provides guidance into the extended approval of exemptions for distilled spirits permittees to facilitate hand sanitizer production.
The IRS has added the 2021 Hyundai Ioniq to list of vehicles eligible for section 30D credit affecting buyers and lessors of these vehicles.
Guidance provides procedures to implement the retroactive 30-year ADS recovery period for residential rental property.
SAS No. 144 addresses the auditor’s use of specialists and use of pricing information obtained from external information sources.
In a new IRS Legal Memo, the IRS opines that most pre-TCJA exchanges of one cryptocurrency for another did not qualify for gain deferral.
The FASB has proposed allowing lessees that are not PBEs to make the risk-free rate election by class of underlying asset.
Partnerships making certain narrow, and specified changes, may not need to file administrative adjustment requests.
Significant tax changes made to GILTI, bonus depreciation, net operating loss limitations and the phase-out of the state’s franchise tax.
Tax bill makes significant changes to rules affecting income taxes, inheritance taxes, credits, bonus depreciation and federal conformity.
Private foundations must electronically file 2020 Forms 4720 with due dates on or after July 15, 2021. Limited exceptions apply.
The European Commission proposes a new framework for business taxation with measures that promote an effective tax structure in the EU.
IRS concludes that a section 481(a) adjustment retains its character as depreciation when computing a taxpayer’s ATI for section 163(j).
Global capital markets posted modest gains during May with value stocks outpacing their growth counterparts and international markets.
Taxpayer relied on statute of limitations to defer tax on merger, then reversed course and said merger was taxable to reduce acquirer’s tax.
Court case challenges income tax filing requirements for crypto staking rewards stating that they are taxpayer created and thus not income.
During conversations on Saturday June 5, 2021, the G7 made historic strides toward multilateral agreement on a 15% global minimum tax rate.
A recent GASB Exposure Draft addresses financial reporting requirements related to accounting changes and error corrections.
The GASB recently issued implementation guidance that clarifies, explains or elaborates on recent GASB Statements.
Ninth Circuit reverses Tax Court, based on Congress’ provision of tax benefits based on form rather than substance.
South Carolina becomes the latest state to enact a state and local tax deduction limitation workaround joining at least a dozen others.
The first-in-the-nation digital advertising tax is postponed for one year until 2022 while the state prepares regulations and guidance.
Nebraska enacts corporate income tax rate reductions over the next two years while promising more reductions in subsequent measures.
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
RO certifications for the Dec. 31, 2020 period are due July 1, 2021. RSM can assist ROs with this and other FATCA compliance requirements.
Oklahoma tax bills revise the corporate, pass-through entity workaround and individual income tax rates for 2022.
The Treasury just released a report proposing how cryptocurrency compliance will contribute to funding the $80 billion IRS overhaul.
U.S. business activity registered a substantial increase at the end of the first quarter of 2021. Find out why.
The European Court of Justice refused to uphold the European Commission’s ruling that Luxembourg provided illegal state support to Amazon.
Washington bill applies a retroactive tax on captive insurance premiums covering in-state risks from Jan. 1, 2011.
The Supreme Court ruled that a challenge to micro-captive insurance reporting requirements was not barred by the Anti-Injunction Act.
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Tennessee storms, wind, tornadoes, and flooding.
IRS warns taxpayers claiming self-employment tax exemption under IRC section 1402(a)(13) to be mindful of adverse Tax Court precedent.
IRS temporarily waives penalty for using dyed diesel fuel on highways in Southeast due to Colonial Pipeline shutdown through May 21, 2021.
The IASB has issued amendments that will result in companies recognizing deferred tax on leases and decommissioning obligations.
A recent proposed ASU presents a portfolio layer method to allow multiple layers of a single closed portfolio to be hedged.
RSM is extending an exclusive offer to clients who are new subscribers to the Checkpoint accounting research package.
ASU 2021-04 clarifies the accounting for certain modifications or exchanges of freestanding equity-classified call options.
IRS issues procedures for certain foreign corporations to implement required or optional ADS depreciation changes.
RSM’s Audit Quality and Risk Leader, Jamie Klenieski, recently was appointed to the AICPA National Peer Review Committee.
White House closes the door on DOL classification of gig workers as independent contractors; reinstalls prior multi-factor test.
IRS provides guidance on dependent care assistance program enhancements made due to COVID-19-related legislation.
Tax-deferral techniques—possibly spurred by a potential increase to capital gains rates—must be scrutinized, as evidenced by this IRS memo
Georgia becomes the latest state to adopt an entity-level tax establishing a workaround to the federal SALT deduction limitation.
A recent CAQ Alert addresses auditor and audit committee considerations related to SPAC initial public offerings and mergers.
Redacted CCAs analyze five factors to determine whether a micro-captive insurance transaction is a reportable transaction.
The OCC recently issued a Comptroller’s Handbook, which applies to OCC-supervised banks that have adopted ASU 2016-13.
Claire Blanton, RSM’s Director of Independence, Compliance and Ethics, now serves on the Professional Ethics Executive Committee.
New capital gains tax to be imposed at 7% on net gains of individuals in excess of $250,000 beginning Jan. 1, 2022.
Arkansas legislatively reverses the state’s convenience of the employer test used to determine taxation of nonresident employees.
Proposals include a $500,000 cap on gain deferral for like-kind exchanges and eliminating stepped-up basis with a $1 million exemption.
Tax bill requires remote sellers with over $100,000 in sales in the state to collect and remit sales taxes beginning July 1, 2021.
Summary of the American Families Plan and the potential impact that it could have on the real estate industry.
In a new release, the IRS urges taxpayers to exit abusive microcaptive insurance arrangements in the wake of Caylor win.
March was another strong month for risk assets, especially in the U.S. as vaccine manufacturing and distribution ramped up.
Biden’s plan to grow the middle class, expand economic growth and leave the US more competitive, may be funded with tax changes.
The FASB staff recently made clarifying comments related to the new goodwill impairment triggering event alternative.
SBA announces opening date for Restaurant Revitalization Fund – Registration on April 30 at 9 am EDT; applications on May 3 at 12 pm EDT.
IRS safe harbor for fiscal year taxpayers on accounting period in which to deduct PPP expenses provides choices and certainty.
After 17 months of internal discussions, the German administration approved a draft bill to implement the EU Anti-Tax Avoidance Directives.
IRS adds multiple vehicles to its list of plug-in electric motor drive vehicles for purposes of the section 30D credit.
After technical issues caused the SBA to shut down the SVOG Portal earlier this month, the Portal will relaunch with a revised application.
A recent roundtable identified practices to mitigate challenges in assessing the effectiveness of management review controls.
A recent IASB proposal addresses financial reporting situations in which exchangeability between two currencies is lacking.
Twenty-Five Democratic Senators have introduced legislation to overhaul Federal energy provisions in the tax code.
Potential improved withholding tax rules for non-U.S. investors with qualified opportunity zone investments and some potential challenges.
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
U.S. private equity and venture capital funds with German investors have an additional 6 months to file German partnership returns for 2019.
IRS extended use of digital & electronic signatures for tax forms & documents & use of email for sending/receiving certain documents.
Obstacles faced by credit unions in transitioning non-LIBOR indexes while the CFPB is still in the process of implementing new rules.
Tax bill adopts economic sales tax nexus and marketplace facilitator nexus; makes other administrative tax changes.
Law enforcement and financial institutions have detected numerous instances of potential frauds related to health care benefit programs.
SBA releases draft application as well as a program guide for the Restaurant Revitalization Fund. Potential applications should review.
The Financial Crimes Enforcement Network (FinCEN) announces several key leadership changes for the bureau. Learn more.
The Restaurant Revitalization Fund is coming – SBA website soon to be operational – applicants should be ready.
With the extension of the PPP application, lenders should continue to be vigilant about the increased risk of fraud.
IRS Issued Notice 2021-24 to extend relief for failure to deposit employment taxes for employers anticipating credits.
In addition to market sourcing and single-sales factor apportionment, the state adopts a withholding threshold for certain mobile workers.
Budget bill increases personal and corporate tax rates, enacts a SALT deduction workaround and makes other changes to the tax code.
The PCAOB staff recently issued an overview of its planned inspection focus areas and an accompanying audit committee resource.
The SEC recently issued a statement addressing certain liability risks for those participating in the endeavors of a SPAC.
The IASB has extended the application period for the IFRS 16 practical expedient for covid-19-related rent concessions.
On April 12, 2021, the SEC issued a Staff Statement on Accounting and Reporting Considerations for Warrants Issued by SPACs.
Findings will be used by the legislature to determine whether Virginia should adopt mandatory unitary combined filing.
In order to identify and report Medicare bad debts, learn the steps skilled nursing facilities (SNFs) should take.
Beginning for the April tax period, certain taxpayers are subject to advance payment requirements despite a longer return filing period.
The Treasury has removed the United Arab Emirates from the list of countries requiring cooperation with an international boycott.
Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.
Eight new initiatives, affecting exempt orgs, employee plans and tax-exempt bonds, added to IRS Compliance Programs and Priorities website.
The SEC recently addressed certain issues to be considered before a private company undertakes a business combination with a SPAC.
Spin-off ruling reflects viability of post-spin-off stock repurchases, with added twist: investment banks effect repurchases.
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
A roundup of recent tax law changes and other income tax provision considerations for the first quarter of 2021.
A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending March 31, 2021.
Comprehensive legislation addresses conformity, Paycheck Protection Program expense deduction, CAT exclusions and pass-through withholding.
Claimants not entitled to alternative fuel credit after IRS found activity did not qualify, despite issuance of IRS 637 registration.
Expanded FAQs further clarify that institutions do not report grant funds paid to students, and students do not include amounts in income.
A recent Center for Audit Quality publication provides an overview of the role of auditors in company-prepared ESG information.
This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.
Equities rallied, notably small cap and value stocks, amid more vaccine progress and the anticipation of more stimulus.
Kentucky passes a series of tax bills intended to attract cryptocurrency miners with new exemptions and credits.
A recent FASB Educational Paper provides an overview of the intersection of ESG matters with financial accounting standards.
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
The Iowa Department of Revenue advises taxpayers that Employee Retention Credit-related wage deduction reductions apply at the state level.
Our white papers have been updated with more information regarding the accounting for PPP loans and the Employee Retention Credit.
The new pass-through entity level tax may benefit some individuals subject to the $10,000 SALT deduction limitation.
Taxpayers must electronically file 2020 Forms 990-T with due dates on or after April 15, 2021. Limited exceptions apply.
The SEC Division of Examinations recently issued a Risk Alert regarding compliance practices for digital asset securities.
The American Rescue Plan Act of 2021 extends and expands support for exempt organizations affected by the coronavirus pandemic.
The SEC recently formed a task force to develop initiatives for proactively identifying violations related to ESG issues.
American Rescue Plan Act of 2021 creates $28.6 billion grant program for restaurants and other food or beverage service companies.
A recent GASB Exposure Draft proposes a unified model for the recognition and measurement of all types of compensated absences.
The American Rescue Plan Act provides significant aid and funding for suffering pension plans, in part through direct financial assistance.
$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
The New Jersey Tax Court highlights the importance of understanding and complying with state tax appeal procedural responsibilities.
The Pennsylvania Department of Revenue has issued complex guidance for employees claiming home office expense during the pandemic.
Governor Ned Lamont has signed legislation retroactively providing COVID-related business nexus and personal income tax relief for 2020.
The IRS released a memo to TE/GE division examiners providing guidelines on enforcement of the section 506 notification requirement.
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
While we are constructive on near-term markets, we will focus on the rebound in business activity following progress with the vaccine.
RSM submits Comment Letter seeking clarity on interaction of the employee retention tax credit and required disallowance for wage expense.
We have updated our white paper to discuss the interaction of Subtopic 815-40 with the SEC’s guidance on redeemable securities.
Delaware notices advise businesses to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
Our article discusses interest capitalization for a mandatorily redeemable financial instrument classified as a liability.
Tax bills provide Paycheck Protection Program conformity and revise pass-through entity election for s corporations.
Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.
A recent publication provides information about reporting ESG information in SEC submissions and related attestation engagements.
IRS postpones certain filing, payment and other time sensitive deadlines for taxpayers affected by Texas winter storms.
The International Accounting Standards Board has issued narrow-scope amendments to IAS 1, IAS 8 and IFRS Practice Statement 2.
This updated version of our white paper will further assist franchisors in applying the new revenue recognition model in ASC 606.
IRS temporarily waives penalty for using dyed diesel fuel on the highways in Texas due to severe winter storm retroactive to Feb. 12.
The Tax Court explains various R&D credit concepts, including process of experimentation, qualified services and pilot models.
Employers can add flexibility to their health flexible spending accounts and dependent care assistance programs per Notice 2021-15.
Understanding the ins and outs of the USA Patriot Act section 314 and how it can benefit your anti-money laundering program.
Are you now exempt? Understanding changes implemented that exempt certain insured depository institutions from HPML.
Bill would treat carried interest as ordinary income and subject to it to self-employment tax, regardless of the holding period.
The legislation clarifies that the tax is a tax on the pass-through entity itself and applies to nonresidents.
The legislation significantly changes the corporate tax system and exempts certain COVID-19 relief from taxation.
The German Ministry of Finance has released new guidance clarifying withholding treatment of IP registered in Germany.
First-of-its-kind gross receipts tax imposed on businesses deriving revenue of at least $1 million from digital advertising in Maryland.
The SEC recently extended its annual reports filing deadline by 30 days for broker-dealers that meet certain requirements.
FASB votes to finalize a goodwill impairment triggering event alternative for private companies and not-for-profit entities.
The Auditing Standards Board has issued three proposed new standards for quality management at the firm and engagement levels.
IRS adds multiple vehicles to its list of plug-in electric motor drive vehicles for purposes of the section 30D credit.
The SEC recently cautioned companies regarding necessary offering disclosures during times of extreme price volatility.
LB&I’s compliance campaign focuses on taxpayer reporting of purchase price allocations in taxable asset acquisitions.
The PCAOB recently summarized audit committee insights on auditor communications, new standards and emerging technologies.
A recent ASU addresses the accounting by a private-company franchisor for certain pre-opening services provided to a franchisee.
Tennessee district court holds credit against fuel excise taxes, reduces excise tax liability and must be deducted from production costs.
Our white paper has been updated to reflect recent financial reporting developments resulting from the Coronavirus pandemic.
The Anti-Fraud Collaboration recently analyzed SEC enforcement actions regarding financial statement fraud schemes.
The IRS launched a new option to electronically submit third-party authorization forms with either handwritten or electronic signatures.
Partially finalized regulations on business interest expense deductions provide helpful clarifications for multinational businesses.
A new nexus safe harbor is available for remote sellers making under $100,000 of sales to Chicago customers in the previous four quarters.
Certain expedients available under ASC 848 may be relevant now to entities that hedge LIBOR-based debt instruments.
A Nebraska court found that two taxpayers who moved to the U.K. did not intend to abandon their domicile for state tax purposes.
The case explains the IRS’ view of the requirements to establish substantial rights for work performed under contract for the R&D credit.
Electing employers may withhold income tax from employee wages as if the wages were earned from work performed at a primary work location.
The Texas Comptroller of Public Accounts has finalized revised rules making significant changes to franchise tax apportionment.
UK government provides relief from DAC6, reducing the scope of reporting for UK intermediaries with cross-border transactions.
IRS modifies guidance on wages that are includible when computing section 199A deduction for taxpayers with short tax years.
Section 4960 final rules generally adopt the proposed regulations with some minor, taxpayer favorable modifications.
Final regulations provide guidance related to deducting fines and penalties and related information reporting requirements.
Final regulations on the section 199A deduction and the DPAD for certain specified co-ops closely mirror guidance in proposed regulations.
The DOL has issued final regulations on the FSLA’s rules for independent contractors including gig workers, but it may be repealed.
Our coronavirus white paper has been updated for financial reporting matters related to the Consolidated Appropriations Act, 2021.
We have updated our hedging guide to refer to certain temporary optional expedients and exceptions included in ASC 848.
Final air transportation excise tax regulations provide rules for aircraft management services exemption and update prior regulations.
New Jersey Gov. Phil Murphy has approved a bill that authorizes over $14 billion in business tax credits and incentives.
The FASB has clarified that certain ASC 848 expedients and exceptions apply to derivatives affected by the discounting transition.
Our article discusses weighting evidence in discerning whether a valuation allowance should be recognized for deferred tax assets.
Final regulations address self-charged interest and trading partnerships, but reserve on tiered partnerships and other items.
Final carried interest regulations ease rules for capital interest allocations as well as related party transfers.
A roundup of considerations for companies while preparing income tax provisions for the year-ended Dec. 31, 2020.
New final regulations include rules for CFCs, depreciation/amortization ‘add-back recapture’ and self-charged interest.
Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
The IRS issued the final regulations for the section 45Q carbon sequestration credit after reviewing public comments.
The American Institute of Certified Public Accountants Audit and Accounting Guide, Gaming, was recently updated.
Taxpayers should plan accordingly as the states are aware of the increase in accounting methods changes due to recent federal changes.
Disaster relief may provide liquidity for individuals and businesses located in areas affected by presidentially declared disasters.
SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.
SBA releases two PPP reopening guidance packages. The second guidance package provides information for eligible second draw PPP borrowers.
Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
The program, scheduled to expire on Dec. 31, 2020, received a five-year extension under the recent federal spending bill.
The SEC recently provided its views about certain disclosures for SPAC IPOs and subsequent business combination transactions.
The continuity safe harbor of the beginning of construction requirement is extended to energy credits for offshore or federal land projects.
Section 501(c)(4) organizations must submit applications for tax-exempt status to the IRS electronically through pay.gov.
The Internal Revenue Service issued proposed regulations establishing a user fee to request estate tax closing letters.
In response to the COVID-19 pandemic, Notice 2021-7 allows taxpayers to switch valuation methods for employer-provided vehicles.
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
Revenue procedure allows treatment of qualified residential living facility operations as a section 163(j) real property trade or business.
Guidance permits tax relief for fuel removed from terminals in Milwaukee or Madison and entered into Green Bay terminals through 2021.
Industry backed legislation passed by Congress to make permanent excise tax rate reductions for craft beer, wine, and distilled spirits.
The 2021 Consolidated Appropriations Act passes Congress and includes many extended and improved tax credits and incentives.
Potential extension of the financial reporting relief related to TDRs and CECL provided to certain financial institutions in the CARES Act.
FASB proposes a goodwill impairment triggering event alternative for certain private companies and not-for-profit entities.
Final regulations provide accrual taxpayers certain flexibility for recognizing income and offer sought-after cost offset for sale of goods.
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Exemption from excise tax on hand sanitizer extended and all FDA approved formulas permitted without requiring prior TTB approval.
The final regulations implement the amendments made to section 162(m) by the TCJA and largely mirror last year’s proposed regulations.
TEGE will continue to provide flexibility on IDR enforcement timelines and modified examination procedures due to COVID-19.
Notice 2021-01 provides that private foundations may paper file Form 4720 until electronic filing of the form becomes available in 2021.
Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
The IRS created a new Form 1099-NEC to report nonemployee compensation with a different due date than Form 1099-MISC.
A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
The IRS provides welcome guidance to higher education institutions that made emergency relief grants to students.
November displayed the forward-looking nature of markets as global equities reacted positively that a vaccine may be distributed in 2021.
The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.
German tax may apply to payments for the licensing or sale of German registered IP, even if neither party resides in Germany.
The regulations largely mirror the proposed regulations with additional, mostly favorable, clarifications for taxpayers.
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
In line with decades of case law and rulings, IRS ruling looks to benefits and burdens of ownership to determine tax ownership.
Regulation E Error Resolution can be navigated successfully by avoiding these common mistakes. How can you avoid a misstatement?
FinCEN and the Federal Reserve have determined that virtual assets are defined as money, expanding definitions, policies, and oversight.
FinCEN released a statement regarding their enforcement of Bank Secrecy Act/Anti-Money Laundering requirements.
Importance of training at the organizational level on applicable regulations and adherence to your organization’s policies.
PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).
Clarifications have been provided on the interagency statement on loan modifications for customers affected by COVID-19.
An updated AICPA guide addresses the unique aspects of the preparation and auditing of employee benefit plan financial statements.
An updated AICPA guide addresses the unique aspects of the preparation and auditing of financial institution financial statements.
The IASB has proposed amendments to IFRS 16 to clarify the seller-lessee’s accounting for a sale and leaseback transaction.
The GASB recently released a proposed implementation guide to address a wide array of practice issues related to GASB Statements.
IRS finalizes regulations coordinating the section 245A extraordinary disposition rule with the section 951A disqualified basis rule.
We have published a new edition of our guide regarding the accounting for debt modifications, restructurings and exchanges.
Court of Federal Claims holds delegating the filing, depositing and paying of employment taxes is not reasonable cause excusing penalties.
A recent SEC rule amends requirements related to MD&A, selected financial data and supplementary financial information.
The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.
Treasury and the IRS release final guidance to exempt organizations for separately computing UBTI under section 512(a)(6).
IRS addresses QSubs and period of limitations in a new set of proposed rules to the centralized partnership audit regime.
The IRS moved away from a decades old agreement and emerged victorious in the $3.3 billion tax dispute with the beverage company.
IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.
IRS Commissioner rejects blanket COVID-19 penalty relief and instead urges taxpayers to use first time abatement and reasonable cause.
The FASB will propose an ASU that would provide a goodwill impairment triggering event alternative for certain entities.
The Treasury 2020-2021 Priority Guidance Plan contains numerous anticipated projects affecting exempt organizations.
The IRS has updated six questions in their Employee Retention Credit FAQ document on Tribal Governments and PPP loans in acquisitions.
Cayman Islands just launched its new DITC portal and extended the due date for filing FATCA and CRS reports to Dec. 16, 2020.
A PCAOB resource provides information for audit committees about new requirements for auditing estimates and use of specialists.
Recently issued ASU 2020-11 provides an additional year for the implementation of ASU 2018-12 and eases its adoption provisions.
IRS Announcement 2020-12 clarifies that lenders need not issue form 1099-C reporting PPP loans eligible for forgiveness under the CARES Act.
Rising COVID-19 cases and a failure from policy makers to pass further fiscal stimulus weighed on equity markets.
The IRS will release proposed regulations confirming the SALT deduction limit will not apply to entity-level taxes imposed on pass-throughs.
The TE/GE division’s 2021 program letter contains a summary of its priorities for the fiscal year and a new compliance priority webpage.
The SEC has provided transitional FAQs in response to questions about amended Regulation S-K Items 101, 103 and 105.
Procedural guidance provides taxpayers with an opportunity to apply bonus depreciation regulations retroactively and reconsider elections.
Final section 864(c)(8) regulations clarify rules for foreign partners with ECI from transfers of partnership interests.
The SEC recently issued a final rule to address difficulties and confusion in applying the exempt offering framework.
A recently released mortality improvement scale should be considered when measuring benefit plan costs and obligations.
The Chief Accountant of the SEC Division of Investment Management recently addressed certain financial reporting matters.
A recent FASB proposal addresses the accounting for modifications or exchanges of certain equity-classified forwards and options.
The FASB recently proposed amendments to address certain issues arising from the adoption of the leases standard.
Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.