Ideas & Insights

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.