Financial Reporting Insights
Our updated white paper discusses ASC 820 fair value measurement disclosures that were and were not affected by ASU 2018-13.
Our updated white paper discusses ASC 820 fair value measurement disclosures that were and were not affected by ASU 2018-13.
Final FTC regulations provide clarity while Treasury takes a stance against permitting a credit for digital taxes in new proposed rules.
Updated IRS materials suggest a renewed and heightened focus on the reporting of virtual currency transactions by taxpayers.
The SEC recently updated certain of its auditor independence requirements to more effectively focus the independence analysis.
The IRS announced that December 31, 2020 will be the last date to submit tentative net operating loss carryback claims via fax.
Section 6662(i) 40% penalty is an enhancement of section 6662(b)(6). Failed approval of section 6662(b)(6) cannot be cured later.
FATF released red flag indicators to assist in preventing criminal, ML and terrorist financing activities associated with VAs.
For auto finance, compliance begins on the front lines; the importance of the dealer and finance partnership is key to customer satisfaction
Final Rule removes the PATRIOT Act anti-money laundering program exemption for banks that lack a federal functional regulator.
FATF Recommendation 16 calls for VA service providers to collect sender, receiver information and counterparty institution for transactions.
Annual license renewals will be required for certain taxes, including the sales tax, sellers use tax and the simplified sellers use tax.
Chief Counsel Notice discusses frequent questions regarding settlement requirements for syndicated conservation easements.
IRS increases enforcement efforts and warns taxpayers to review reportable micro-captive transactions prior to October 15 tax deadline.
IRS has issued two campaigns for Life Insurers and issues regulations on the calculation of life insurance reserves under section 807(d).
The ABA recently addressed the ASC 860 legal isolation criterion for transfers of participating interests in MSLP loans.
SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.
The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.
General Motors will refund Ohio $28 million in tax benefits after closing an assembly factory before the end of an incentives agreement.
New regulations under section 4968 provide favorable guidance to private colleges and universities subject to the excise tax.
Extension of corporate surtax and expanded millionaire’s tax assists New Jersey with significant budget deficit caused by the coronavirus.
IRS provides specific guidance through proposed IRM provisions to implement interim policy changes for supervisory approval of penalties.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Hurricane Sally.
The final regulations address the treatment of administration expenses and excess deductions on termination of an estate or trust.
The IRS and Treasury released the final bonus regulations applicable to property acquired and placed in services after Sept. 27, 2017.
On Sept. 1, 2020, the Treasury released final regulations on the section 59A base erosion and anti-abuse tax (BEAT).
In this article, we discuss the qualitative assessment of goodwill impairment upon the occurrence of a triggering event.
The AICPA has issued additional technical questions and answers for health care entities related to leasing and CARES Act provisions.
The final version of Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund has been released by the IRS.
A recent proposal would simplify how private-company franchisors analyze their performance obligations in accordance with ASC 606.
Constituents recently provided feedback to the FASB regarding issues encountered in the implementation of ASC 842.
IRS to focus on taxpayer compliance with the documentation requirement to allocate and deduct success-based fees.
The FASB recently issued requirements regarding the presentation and disclosure of contributed nonfinancial assets by nonprofit entities.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Oregon wildfires.
Sustained upside inflation risks remain low despite recent stimulus measures, but inflation dynamics are fluid.
New IRS guidance updates and clarifies the previous ASC 730 Directive for R&D credit claims of LB&I Taxpayers using U.S. GAAP rules.
The IRS released final regulations affecting S corporations that revoked their status in response to TCJA and lower C corporation tax rates.
The SEC recently updated the statistical disclosure requirements applicable to bank and savings and loan registrants.
Tax Court ruled rejected e-filing triggered three-year limitation statute despite omission of taxpayer’s personal identification number.
The U.S. State Department informed Hong Kong authorities that the shipping agreement between the countries has been suspended or terminated.
The IRS expanded its previous temporary authorization of e-signatures to an additional 7 forms in response to the COVID-19 pandemic.
Our white paper discusses pandemic-related financial reporting issues, including a lender’s accounting for PPP loans.
The IASB’s recent amendments address the transition to alternative interest rate benchmarks as a result of benchmark reform.
RSM discusses goodwill impairment testing when a reporting unit or an entity has a downward-trending positive carrying amount.
A new election could minimize likelihood of S corps triggering taxable distributions to their shareholders when they have GILTI inclusions.
We have updated our white paper, which provides an overview of lessor accounting under ASC 842 for financial institutions.
The AICPA has issued answers to accounting questions regarding certain CARES Act provisions specific to health care entities.
Changes to an issuer’s accounting for convertible instruments and the derivatives scope exception for contracts in an entity’s own equity.
IRS releases final and proposed regulations on the deduction for dividends from foreign corporations and related reporting rules.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Hurricane Laura.
Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.
The SEC recently issued a final rule, which makes certain modifications to the existing definition of “accredited investor.”
Due to the COVID-19 pandemic, the IRS is expanding the use of e-signatures to reduce the need for in-person contact.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by CA wildfires and IA derecho.
IRS releases a statement announcing that the application period for the CAP program is now open to qualifying corporations for 2021.
On August 27, 2020, the SEC issued a final rule that revises Items 101, 103 and 105 of Regulation S-K. Learn more.
Delaware letters advise companies to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
Our summary highlights several regulations affecting broker-dealers that recently have been issued or updated.
Guidance addresses owner-employee ownership thresholds, related party rents and costs for tenants or sub-tenants or home-based businesses.
The OMB recently released the 2020 Compliance Supplement, which is effective for audits of years beginning after June 30, 2019.
IRS provides further guidance on managing inventory of unopened mail containing tax payments and relief for bad check penalty.
The U.S. Department of Labor has issued necessary regulations for service providers that want to offer PEP arrangements to their clients.
The PCC has proposed a practical expedient for determining the current price of a share underlying a share-option award.
The IRS updated taxpayers on its operations status and recognized the delays in processing check payments due on July 15, 2020.
The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.
These proposed regulations apply to the extension of time to rollover participant loans provided by the Tax Cuts and Jobs Act (TCJA).
Legislation adopts several new credit and incentives programs as well as creates a new property tax incentive.
The Tennessee Department of Revenue issued guidance on the state’s conformity to section 163(j) of the Internal Revenue Code.
Taxpayers have until Sept. 15, 2020 to participate in the program that may reduce transfer pricing disputes and provide penalty waiver.
PPP lender forgiveness portal is open. Additional guidance issued on loan forgiveness and EIDL amounts as well loan review appeal process.
Reopening risks weighed on midstream energy performance and relatively attractive yields benefited real estate.
This Alert summarizes impacts of the recently-issued interest deduction limitation guidance on the real estate industry.
Amendments to section 162, 164, and 170 regs. formalize safe harbors for payments to charitable organizations in exchange for SALT credits.
The FASB recently addressed the complexity of its guidance for convertible instruments and contracts in an entity’s own equity.
An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.
The IRS postponed the first quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
The Small Business Administration’s new FAQ addresses many issues related to forgiveness of Payroll Protection Program loans.
Taxpayers often struggle to quantify participation for the passive activity rules. A recent court decision may affect those calculations.
Our white paper discusses the temporary optional accounting expedients provided by the FASB to ease LIBOR transition.
Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.
New legislation allows nonprofit employers to pay 50% of their unemployment reimbursing payment obligations to states.
The department found the business did not engage in qualifying research or submit proper documentation to substantiate the claim.
The PCAOB recently asked audit committee chairs how COVID-19 has affected financial reporting and the audit process.
The court ruled that DOL regulations unduly restrict paid leave, thus expanding the eligibility of FFCRA paid leave.
Proposed carried interest regulations are mostly as expected with a few new items and detailed computational rules.
The proposed regulations clarify rules on simplified accounting methods for qualified small business taxpayers.
Notice 2020-59 proposes a revenue procedure clarifying real property trade or business elections for residential living facilities.
These treasury regulations affirm the statutes the IRS will use to assess, reconcile, and recapture the COVID-19 payroll tax credits.
Treasury proposes clean up to air trans excise tax regulations and rules to exempt payments by aircraft owners to management companies.
We have updated our U.S. GAAP vs. IFRS comparisons for fair value measurements, government grants and discontinued operations.
Finalized legislation will evolve but the proposal is a starting point for bipartisan negotiations for a new round of economic relief.
Final regulations generally taxpayer-favorable versus 2018 proposal, additional proposed regulations give guidance on pass-throughs, others.
The IRS clarifies overpayment claims for tax attributes created or released by carrying back an NOL enjoy an extended limitation period.
In response to the COVID-19 pandemic, the CFPB and other regulatory agencies have issued various guidance to assist financial institutions.
Find out how to meet regulatory requirements for hemp-related businesses and identify the information and documentation you need.
The importance of a comprehensive complaints management program strategy has never been greater for automotive lenders.
Understand financial indicators and red flags of COVID-19 fraud schemes to protect your institution and customer base.
The Governmental Accounting Standards Board has added guidance addressing certain COVID-19-related financial reporting issues.
Seattle payroll expense tax to be imposed on employee compensation of at least $150,000 for businesses with $7 million or more in payroll.
Final and proposed regulations related to the GILTI high tax exclusion and subpart F high tax exception released.
The IASB has deferred the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1.
The Federal Reserve Board has established two new loan facilities to expand credit options for nonprofit organizations.
Final regulations allow any reasonable method to be applied in calculating deduction amounts allowed under sections 250, 172, and 163(j).
The Community Development Financial Institutions Fund announces over $3.5 Billion in New Markets Tax Credit allocation.
Taxpayers that properly secured a first extension may file a request for a second extension on or before Aug. 17, 2020.
Notice 2020-56 extends until Dec. 31, 2020, the due date for CHNAs or implementation strategies due on or after April 1, 2020.
Treasury and the IRS have issued final regulations on determining the amount of the deduction for FDII and GILTI.
TEGE will resume exam activities on July 16, 2020 and will allow agents and managers to exercise discretion in granting IDR extensions.
We have updated our white paper to address certain recent financial reporting developments related to the coronavirus.
Changes to NOL rules under the TCJA and CARES Act are implemented for consolidated corporate groups under new proposed regulations.
In regard to fixed income, nominal Treasury yields fell across the curve and positive risk sentiment benefited credit spreads.
The AICPA has issued Technical Question and Answers regarding certain COVID-19-related lender accounting issues.
GASB Technical Bulletin 2020-1 provides financial reporting guidance for issues related to the CARES Act and COVID-19.
Temporary regulations provide election filing procedures to implement retention of NOL tax benefits by acquiring consolidated group.
We have published the fourth edition of our publication designed to assist middle market companies in the application of ASC 805.
The FASB recently issued a proposal to delay the effective date and ease the adoption provisions of ASU 2018-12.
A recent Center for Audit Quality publication provides an overview of the role of auditors in company-prepared ESG information.
Revenue Procedure 2020-37 lists depreciation limits for owners and lessees of passenger automobiles placed in service or leased in 2020.
California Office of Tax Appeals determined that a construction company could not use a resale certificate for material purchases.
Congress extends PPP timeline for approved applications through Aug. 8, 2020; SBA releases data set of borrower information.
DOL proposes prohibited transaction exemption for Financial Institutions and Investment Professionals providing advice to participants.
Expanded eligibility ending Nov. 30, 2020 presents an opportunity for businesses to come into compliance with certain state taxes.
IRS explains taxability of Provider Relief Fund reimbursements made to health care providers pursuant to the CARES Act.
The revised sales tax nexus standards reduce the current $500,000 threshold to $100,000 beginning Oct. 1, 2020.
The previous June 30 deadline to carryback 2018 NOLs on Form 1139 and Form 1045 has been extended to July 15.
Mississippi will require marketplace facilitators to register to collect and remit sales and use taxes beginning July 1, 2020.
The state will decouple from the taxpayer-friendly interest expense and net operating loss provisions of the federal CARES Act.
Among other matters, recently issued GASB Statement No. 97 addresses the accounting and financial reporting for Section 457 plans.
The International Accounting Standards Board recently released several amendments to IFRS 17, Insurance Contracts.
We have updated our white paper to address the accounting by lenders for loans entered into under the Paycheck Protection Program.
We have updated our white paper that discusses estimating the fair value of a noncontrolling interest in a business combination.
The SEC recently provided a cross-Divisional update regarding its targeted regulatory relief related to the COVID-19 pandemic.
The Sixth Circuit held that the DOJ should have been permitted to provide evidence regarding a taxpayer’s historic R&D credit information.
Due to the COVID-19 pandemic and economic crisis, the IRS will permit employers to adopt midyear amendments to plan contribution formulas.
Expansive tax bill provides taxpayer-friendly changes while balancing reduced tax revenue in the COVID-19 economy.
Fiscal year 2021 budget includes temporary tax changes in order to generate much needed revenue in the COVID-19 economy.
Municipal bonds have a long history of capital preservation in stressful periods and enjoy a number of foundational strengths.
New York enacts legislation further decoupling New York City corporate and UBT taxes from certain CARES Act provisions.
Notice 2020-51 affords welcome additional flexibility for individuals to deal with required minimum distributions they took in 2020.
TTB FAQs allowing for the destruction of beer off brewery premises and waiver of notice of intent to destroy were extended through Sept. 1.
Refundable credit receives taxpayer-friendly updates, including increased availability and extended application deadline and sunset dates.
Recently issued final section 199A regulations clarify the treatment of suspended losses and provide guidance on certain RIC dividends.
The SEC Chief Accountant recently addressed the continued importance of high-quality financial reporting in light of COVID-19.
The proposal concerns ERISA plans that make investment decisions based on environmental, social and corporate governance (ESG) factors.
SBA / Treasury release additional changes to Interim Final Rules that further clarify loan forgiveness process.
Delaware notices advise businesses to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
The TTB now allows tobacco proprietors to file their special occupation tax online via the agency’s Permit Online program.
The IRS extended the second quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
Guidance relating to the application of the Cares Act to coronavirus-related distributions and loans from retirement plans.
The IRS issued guidance clarifying the definition of gross receipts for tax-exempt employers utilizing the employee retention credit.
The proposed regulations provide long-awaited guidance for the disallowance of qualified transportation benefits and commuting expenses.
The Office of Tax Appeals determined that the taxpayer did not show that it undertook a process of experimentation.
SBA/Treasury release various guidance items over the past week; updated and streamlined loan forgiveness applications.
Investors can expect continued accommodative monetary policy and should recognize the Fed’s willingness to employ necessary emergency tools.
Global assets continued to recover in May but year-to-date returns broadly remain negative with the exception of fixed income.
Louisiana will require marketplace facilitators to register and collect and remit the state and local sales tax beginning July 1.
The GASB has issued a proposed Technical Bulletin regarding the CARES act and certain outflows related to the coronavirus.
The GASB recently issued guidance on the accounting for subscription-based information technology arrangements.
The AICPA recently released guidance regarding the accounting for a loan received under the Paycheck Protection Program.
Notice 2020-46 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
The new proposed regulations clarify what constitutes ‘real property’ for purposes of section 1031 to help implement changes in TCJA.
OIRA has begun reviewing the FDII and GILTI deduction regulations and the final regulations are expected to be released soon.
Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.
AICPA requests electronic signatures on additional tax forms, easing the burden of manual signatures for taxpayers and preparers.
The recent IRS Notice provides relief in the form of flexibility for investment timing and testing periods for QOFs and their investors.
Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.
In a request for comments, the service outlines potential calculation methods – but also suggests disallowing an extremely common method.
Long awaited proposed regulations clarify a number of open questions that remained with the carbon sequestration credit.
IRS FAQs outline procedures for alien individuals in U.S. to claim the medical condition exception to avoid U.S. resident status.
Retroactive law changes found in the CARES Act raise questions on the proper timing for adjusting corporate E&P.
PPP legislation extends covered period for loan forgiveness and Congress amends 75% payroll requirement; bill heads to President Trump.
President held personally liable for unpaid income tax withholding even after another corporate officer found responsible.
ASU 2020-05 provides one-year effective date deferrals for certain entities and their adoption of ASC 606 and 842.
Plan participants may use an electronic system facilitating remote notarization or witnessing if executed via live audio-video technology.
TTB adopted, with minor changes, temporary regulations on alcohol tax filing dates implementing 2015 PATH Act for eligible excise taxpayers.
The PCAOB recently published information for auditors and audit committees regarding audits involving cryptoassets.
Final regulations promulgated under section 6033 reduce Form 990, Schedule B reporting for certain exempt organizations.
The IRS released proposed regulations that clarify five-year rehabilitation credit period created by the Tax Cuts and Jobs Act.
The International Accounting Standards Board recently issued narrow-scope amendments to certain of its standards.
IRS Notice 2020-41 grants an extension to place renewable energy property in service and expands a safe harbor for beginning construction.
The IRS has issued updated questions and answers regarding CARES Act employee retention credits for employers impacted by COVID-19.
Deadlines postponed for certain employment taxes, employee benefit plans, IRAs, HSAs, MSAs and other time-sensitive actions.
Questions and answers about how NOL carryback refund claims should address AMT calculations are now available on the IRS’ website.
The IRS announced the addition of 2019 Form 1040X to the library of electronic filings beginning this summer.
Services performed in Detroit for clients located outside the city should be sourced to Detroit for purposes of the city’s income tax.
Treasury released guidance indicating that references to NAFTA can be interpreted as USMCA for purposes of U.S. tax treaties.
SBA releases authoritative loan forgiveness guidance as well as SBA loan review procedures and borrower responsibility.
RSM’s National Director of Employee Benefit Plan Services was appointed as chair of the AICPA Employee Benefit Plans Expert Panel.
The SEC recently issued a final rule that amends the financial disclosure requirements for acquired and disposed businesses.
IRS issues new release detailing limited resumption of certain operations and advising taxpayers on alternatives for inoperative functions.
Investigations conducted by Swedish and Estonian authorities identify significant deficiencies in AML operations of Swedbank.
Examination manual updates are designed to help institutions measure the adequacy of BSA/AML compliance programs.
Consumer Financial Protection Bureau is amending Regulation C to increase the threshold for reporting data about closed-end mortgage loans.
In response to the COVID-19 crisis, the European Commission has formally proposed the deferral of certain deadlines under DAC6.
Delay in ASC 606 for private companies that have not yet issued financial statements may have tax implications.
On the heels of a financial crisis, Fed removes withdrawal limits completely to ease customers’ access to their funds
The Louisiana Sales and Use Tax Commission announced guidance for remote sellers exceeding the nexus thresholds beginning July 1, 2020.
Write-off of capitalized IPO costs after a go-private transaction disallowed because the costs do not create a separate and distinct asset.
RSM’s white paper has been updated to address the accounting for PPP loans and revolvers with a fluctuating borrowing base.
On May 20, 2020, the FASB approved one-year effective date deferrals for certain entities for ASC 606 and ASC 842.
TTB issues new guidance in Q&A format about tax-free withdrawals of distilled spirits and hand sanitizer under the CARES Act.
PPP loan forgiveness application provides clarity on measuring payroll periods, eligible costs and loan forgiveness reduction calculations.
The elective tax is intended as a state and local tax deduction limitation workaround, joining six other states with similar provisions.
New TTB FAQ addresses requirements for a winery holding remote wine tastings with customers, including tax, labeling, and container sizes.
A recent IRS private letter ruling granted an extension of time for the required certification of a Qualified Opportunity Fund.
Finalized section 385 debt-equity regulations proposed in 2016, government still plans to issue some less harsh rules in the future.
SBA continues to issue guidance on PPP loan repayment criteria; however more loan forgiveness guidance is necessary.
IRS released CARES Act FAQs on aviation excise tax holiday. FAQs provide clarification on issues related to jet fuel and ticket tax.
In light of the pandemic, the GASB has postponed the effective dates of certain of its Statements and Implementation Guides.
Proposed regulations, issued on May 12, 2020, address changes enacted in TCJA to section 162(f) and the addition of section 6050X.
While rent forbearance may provide lessees with much needed cash, tax implications should be carefully considered.
Fiscal and monetary policy response to the global pandemic drive April performance in fixed income and equities markets.
Recent IRS guidance allowing certain taxpayers to fax tentative refund claims is inapplicable to Form 990-T filers.
The IRS issued FAQs surrounding the federal income tax consequences to students receiving emergency financial aid grants under the CARES Act
Proposed regulations provide guidance on treatment of administration expenses and treatment of excess deductions in the year of termination.
The IRS released a proposed revenue procedure intended to update existing rules with respect to obtaining and maintaining a group exemption.
When determining whether an S corp distribution is a dividend, Arkansas taxpayers must use state-specific AAA rather than federal AAA.
Employers should use the updated Form 941 to properly report new CARES Act and FFCRA credits beginning in the second quarter of 2020.
The IRS updated the Economic Impact Payment FAQ to include guidance for returning payments made to deceased taxpayers.
SBA staff has stated its position on whether certain loan programs are subject to the Single Audit requirements.
The American Institute of Certified Public Accountants recently issued answers to technical questions for health care entities.
The GASB recently issued Implementation Guide No. 2020-1, which clarifies, explains or elaborates on recent GASB Statements.
The FASB Staff recently issued a Q&A regarding the effects of the COVID-19 pandemic on cash flow hedge accounting.
Taxpayer-friendly measures provide interest waivers, extension of limitations periods and assistance to impacted businesses.
TTB issued FAQs providing guidance for refund claims on taxpaid beer for brewers when unmerchantable beer is destroyed during COVID-19.
IRS issued Rev. Proc. 2020-29, which temporarily allows taxpayers to electronically request private letter rulings.
Notice 2020-32 disallows deductions for expenses paid with loan proceeds from the PPP when loan forgiveness occurs.
The IRS provided additional guidance regarding fax submissions of tentative carryback claims, Forms 1139 and 1045.
We have updated our white paper to address additional issues to consider in financial statements affected by the coronavirus.
Time in U.S. counts as time in a foreign country under foreign earned income exclusion for taxpayers who returned to U.S. due to COVID-19.
The GASB has provided accounting guidance for public-private and public-public partnerships and availability payment arrangements.
The IASB recently proposed an amendment to IFRS 16 for the accounting for coronavirus related rent concessions.
To assist entities in determining the appropriate classification of debt, we have issued an updated version of our white paper.
The Arizona Court of Appeals upheld a lower court finding that a CEO was responsible for unremitted transaction privilege tax.
A recent webinar provided information on matters related to the interagency statement on loan modifications and reporting.
Congress authorizes additional $310 billion for PPP; SBA issues additional eligibility guidance for hedge funds and private equity.
The U.S., Cayman, and other jurisdictions extend deadlines for filing FATCA and CRS reports, but exams and compliance programs continue.
The COVID-19 pandemic may relieve recipients of tax incentives from the recapture provisions under the Nebraska Advantage Act.
We recently updated our U.S. GAAP vs. International Financial Reporting Standards comparisons on leases and interim reporting.
Treasury and the IRS release long-awaited guidance to exempt organizations under section 512(a)(6) for separately computing UBTI.
The ability to revoke elections and file amended returns means partnership may have more than one option to benefit from CARES Act.
Due to the coronavirus, the FASB recently proposed a one-year effective date delay for certain entities for ASC 606 and ASC 842.
Nonresident alien individuals unable to leave the U.S. because of travel restrictions may avoid U.S. resident status under new IRS guidance.
TTB has extended its waivers for certain distilleries wishing to produce hand sanitizer through the 2020 calendar year.
Emergency regulations and technical guidance provide clarifications for telecommuter withholding and nexus safe harbors.
Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.
IRS considers revoking 10 year limitation period for FTC carryback when an NOL carryback from a subsequent year creates the excess FTC.
Additional guidance was provided by IRS regarding fax submissions of Form 1139 and Form 1045 filings just before the April 17 start date.
Funds holding distressed debt may consider whether accrual of interest income may be stopped under the ‘doubtful collectability’ exception.
Maintaining static conformity to the IRC, Wisconsin adopts several taxpayer-friendly provisions of the federal CARES Act.
In light of the pandemic, the GASB has proposed to postpone the effective dates of certain Statements and Implementation Guides.
Businesses seeking to increase cash flow should evaluate accelerating COVID-19 losses into 2019 federal income tax returns.
Industry groups are requesting clarification of the deadlines as extended by Notice 2020-23, which appears to offer a limited time frame.
Remote programming employee directly impacted an Arkansas employer's ability to carry out its mission and purpose.
The FASB staff recently discussed answers to certain questions on financial-reporting topics related to the coronavirus pandemic.
The IASB has proposed amendments to address financial reporting issues related to interest rate benchmark reform.
The FDIC recently issued an FAQ, which includes answers to questions addressing COVID-19 financial-reporting-related topics.
Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.
Updated IRS guidance addresses issues and questions related to the employer social security payroll tax payment deferral in the CARES Act.
Some individuals who took RMDs this year before they were waived by the CARES Act have more than 60 days to roll the RMDs back in.
Corporate taxpayers filing a consolidated return have an added layer of rules to navigate when carrying back a net operating loss.
In response to the COVID-19 pandemic, the IRS is encouraging taxpayers to fax – rather than mail – Form 1139 and Form 1045 filings.
Notice 2020-23 postpones the due date for Form 5500 (Annual Return/Report for Employer Plans) filings for some plans.
The five-year carryback rule applies to insurance companies, both life and non-life, although both categories are singled out in the Act.
Notice 2020-23 provides corporate filers with guidance on extended filing and payment dates, with additional specifics and clarifications.
The GASB has issued guidance addressing financial reporting implications of the replacement of interbank offered rates.
A foreign tax credit transaction that was previously referenced in Notice 2004-20 has been removed by the IRS.
A CAQ resource discusses key questions for auditors and audit committees related to the impact of COVID-19 on financial reporting.
IRS releases Notice 2020-23 which further expands COVID-19 filing and payment relief and revises the extension period.
The IRS provided long-awaited guidance for taxpayers anxious to take advantage of the NOL provisions in the CARES Act.
Recent guidance extends certain deadlines for LIHTC, WOTC, and Historic Rehabilitation tax credits because of COVID-19.
Notice 2020-23 incorporates Rev. Proc. 2018-58 filing postponements to extend certain excise tax filing deadlines.
Recent guidance provides that certain deadlines, including the allowable time to invest in a QOF, are now extended because of COVID-19.
Investors looking to accelerate write-offs on investments should be aware of an obscure section 382 rule that could destroy the tax-shield.
The IRS issued Notice 2020-23 granting broad filing and payment relief to most taxpayers including individuals, estates and trusts.
The IRS issued guidance extending the time for taxpayers to file certain Form 3115s and Form 1128s to July 15, 2020.
Notice 2020-23 clarifies that most filing, payment and election obligations for S corporations and partnerships is postponed until July 15.
Notice 2020-23 extends deadlines for like-kind exchanges under section 1031 and involuntary conversion replacements under section 1033.
IRS announces new July 15, 2020 deadline for Americans living abroad, nonresident aliens, and foreign corporations.
IRS updated guidance includes exempt organizations in extensions for filing, payment of taxes, and other time-sensitive actions.
California-based employers have limited window to submit requests for cash grants from COVID-19 related employee training program.
The bills address the state's IRC conformity as it relates to new federal section 163(j) limitation rules, among other provisions.
Flight to safe haven assets and a halt in economic activity drive performance in fixed income and equities markets in first quarter 2020.
The FDIC recently announced changes to the community bank leverage ratio framework to provide temporary relief to community banks.
As businesses renegotiate debts in the aftermath of COVID-19, it is critical to understand whether the debt is considered publicly traded.
Technology investments in response to the COVID-19 outbreak may be eligible for the research and development tax credit.
FASB to propose deferring the effective dates of ASC 606 for private franchisors and ASC 842 for certain entities.
Motivated by the tax relief provisions of the CARES Act, the IRS is allowing all partnerships to file 2018 and 2019 amended returns.
Three recent cost of goods sold cases represent the highly nuanced nature of the Texas franchise tax calculation.
Employer social security payroll tax payment deferral for taxes incurred from March 27th through Dec. 31, 2020.
The IRS recently issued 66 FAQs addressing payroll tax credits for COVID-19-related paid family and sick leave.
The Department of Labor has issued updated questions and answers regarding paid leave for employees impacted by COVID-19.
Accelerating worthless stock deductions on an insolvent subsidiary without disposing of the business to increase NOL carrybacks.
Delaware notices advise companies to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
Learn about the new patient-driven payment model case mix for skilled nursing facilities, including nontherapy ancillaries.
SBA issues interim final PPP guidance for lenders and borrowers at 6:47pm day before loan program is set to begin.
The CARES Act provides business and tax relief to portfolio companies and investors. However, affiliation rules could limit SBA loan relief.
Basic questions answered to help taxpayers interpret and claim the Employee Retention Tax Credit of the CARES Act.
Before filing NOL carryback claims it is important to understand whether a previous M&A transaction impacts who benefits from the refund.
IRS grants limited penalty relief for failure to deposit and pay employment taxes pursuant to the Families First Act and CARES Act.
A revised interim final rule discusses the estimated impact on regulatory capital for institutions that implement CECL in 2020.
During quarterly reporting, SEC filers should focus on whether interim goodwill impairment testing should be performed.
Examples of tax-free payments under section 139 that employers may provide employee affected by the COVID-19 pandemic.
Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.
Recently, the IASB issued guidance regarding the accounting for expected credit losses in light of the COVID-19 pandemic.
Global risks can take on many forms. Therefore, how do nonprofit organizations prioritize and prepare for them?
Employers should review retirement plan provisions for employee assistance and cash saving opportunities in response to economic conditions.
RSM’s article discusses coronavirus impacts on financial statement disclosures related to risks, uncertainties and going concern.
Because of COVID-19 concerns, the IRS is extending pending deadlines for employers to adopt updated 403(b) retirement plan documents.
IRS to temporarily accept scanned or digital signatures and will electronically share certain documents via Email.
The IRS has moved the due date for adopting IRS preapproved pension plan document from to April 30, 2020 to July 31, 2020.
The CARES Act provides broad support and relief for tax-exempt organizations affected by the coronavirus pandemic.
Deferral of the $500,000 business loss limitation may create immediate complications for 2018 and 2019 tax returns.
The IRS issued guidance permitting an automatic extension for gift and GST tax filings and payments until July 15th
The recently enacted Coronavirus Aid, Relief, and Economic Security Act includes provisions that have financial reporting implications.
The CARES Act provides financial institutions optional temporary relief from certain TDR and impairment accounting requirements.
The CARES Act provides optional temporary current expected credit losses relief for certain insured depository institutions.
Act contains broad relief for individuals and businesses; includes funding vehicles, recovery payments, and modifications to TCJA provisions
Companies should reflect the changes in tax law under the CARES Act in the period of enactment for financial statements.
Today, the House of Representatives passed the CARES Act on a voice vote and the President signed the bill enacting it into law.
The LB&I Division of the IRS announced that it would suspend the enforcement of information requests sent during audits.
CARES Act provides general increase to the limitation amount (i.e., the maximum allowable deduction) and special rule for partnerships
While volatility remains, we think the actions of the Fed and policymakers will eventually help to stabilize markets and restore liquidity.
Due to the effects of the coronavirus, the SEC has extended its regulatory relief with respect to certain federal securities laws.
Mandatory paid leave for employees impacted by COVID-19 is set to start April 1, 2020, per new Department of Labor guidance.
As part of the COVID-19 effort, IRS temporarily adjusts and suspends key compliance program April 1, 2020- July 15, 2020
IRS is increasing its enforcement efforts relating to micro-captive transactions and providing guidance on how to remove benefits claimed.
Coronavirus Aid, Relief and Economic Security Act provides liquidity by providing five-year NOL carryback and other help for corporations.
The IRS has provided guidance to frequently asked questions related to Notice 2020-18 through 24 questions and answers published on IRS.gov.
Extensions for tax returns and payments due to the Coronavirus pandemic are largely inapplicable for most exempt organizations.
The IRS has implemented staff reductions and closed taxpayer assistance centers, which could affect mission-critical operations.
Federal income tax filing and payment relief extension to July 15, 2020 may not apply to all state income tax filings.
Among other topics, a recent interagency statement addresses the accounting for loan modifications made in response to COVID-19.
The IRS issued Notice 2020-18 which supersedes Notice 2020-17 and provides income tax filing and payment relief to affected taxpayers.
Cayman Islands has extended the deadline for filing 2019 FATCA and CRS reports to September 2020 and intends to launch a new portal.
On March 19, the U.S. Senate released the third round of emergency assistance resulting from the 2020 COVID-19 pandemic.
Limited sales and use tax filing and payment relief has been included in some of the state and local COVID-19 response guidance.
IRS LB&I issued a memo to communicate the process to centralize compliance risk determinations for research credit cases.
Discussion of how tax-exempt organizations can provide assistance to those impacted by the coronavirus pandemic.
The IRS issued Notice 2020-17 to provide guidance to taxpayers regarding extended tax payment deadlines due to the Coronavirus pandemic
Congress passes the Families First Coronavirus Response Act that mandates paid leave for employees impacted by COVID-19.
A taxpayer was assessed willful failure to file FBAR penalties after voluntarily withdrawing from OVDP program.
The FASB recently provided temporary optional guidance intended to ease the burden reference rate reform on financial reporting.
The ASB recently issued SAS 139 to align the AU-C 800 series with the relevant SAS 134 auditor reporting provisions.
Recent amendments exclude from the accelerated and large accelerated filer definitions certain smaller reporting companies.
A recent GASB Exposure Draft addresses the accounting for Internal Revenue Code Section 457 deferred compensation plans.
The FASB recently discussed the accounting for insurance recovery assets from certain freestanding insurance contracts.
Accounting Standards Update 2020-03 addresses various issues related to the accounting for financial instruments
Congress, the White House and Treasury have taken action to assist businesses and individuals cope with business issues.
RSM’s Lease Accounting Resource Center provides high-level and detailed information about implementing ASC 842.
IRS determines that high deductible health plans can pay for testing and treatment of the coronavirus without tax consequences.
Elevated uncertainty associated with coronavirus outbreaks weighed on business activity and investor sentiment.
A recent SEC proposed rule is intended to address difficulties and confusion in applying the exempt offering framework.
An interagency policy statement has been issued in response to the issuance of FASB Accounting Standards Update 2016-13
Rev. Proc. 2020-17 grants information reporting and penalty relief to individuals with respect to applicable tax-favored foreign trusts