Firms on the move: UHY Michigan celebrates 50 years by donating $50K
Don’t succumb to decision fatigue When people get overwhelmed with too many choices, they usually take the safe way out and decide not to do anything.
Month: July 2018
SASB makes transition to new leadership
The Sustainability Accounting Standards Board held its first board meeting under its new leadership this week to discuss progress on its provisional standards, with an eye to releasing them in the fall. Members of the board met in New York on Wednesday at Fordham University, with a remote phone connection to SASB headquarters in San […]
SAP and Thomson Reuters release cross-border transaction management product
SAP and Thomson Reuters have released a new offering under a partnership to simplify converting cross-border transaction prices into a single currency. SAP Market Rates Management, Thomson Reuters data option, aims to be useful for accountants and CFOs serving companies that conduct foreign transactions. SAP Market Rates Management is cloud-based and offers connectivity to pricing […]
IRS plans regulations on non-grantor trusts and new tax law
The Internal Revenue Service and the Treasury Department issued a notice Friday saying they intend to issue regulations around estates and non-grantor trusts, which may affect one tactic that some wealthy taxpayers have been using to get around the cap on deducting local property taxes under the new tax law. In Notice 2018-61, the IRS […]
KPMG teams with SAS on CECL guidance
KPMG is partnering with analytics provider SAS on helping banks make the transition to the current expected credit loss, or CECL, accounting standard that begins to take effect in January 2020. The new standard will change the way many financial institutions estimate, reserve and report on losses on loans. The Financial Accounting Standards Board introduced […]
House committee advances legislation providing tax break for gym membership
The House Ways and Means Committee has passed a bill allowing taxpayers to treat the amounts paid for membership at a fitness facility and gym classes as medical expenses. The bill, known as the Personal Health Investment Today (PHIT) Act, was sponsored by Rep. Jason Smith, R-Mo., and Ron Kind, D-Wis. It adds qualified sports […]
Lights, camera, action and tax cut! Spotlight on the California Film and Tax Credit Program
Motion picture and television production tax incentives are available at the federal level, in most states, and on a global level in nearly 100 countries. They should certainly be incorporated into the tax planning process for movie and TV studios to lower their costs of production. The three primary phases of qualified filmmaking production include […]
The far-reaching impact of South Dakota v. Wayfair
The U.S. Supreme Court recently issued an opinion in South Dakota v. Wayfair, Inc., overturning its earlier precedents in National Bellas Hess and Quill, and eradicating the decades-old “physical presence” requirement for sales and use tax nexus. In this webinar, we will explore the impact of this landmark Supreme Court decision on business conducted within […]
Sainsbury taps Deloitte veteran as chairman before Asda deal
U.K. grocer J Sainsbury Plc named Martin Scicluna as its chairman, tapping a former senior executive at accounting firm Deloitte as it prepares to add Walmart Inc.’s Asda unit in a 7.3 billion-pound ($9.7 billion) deal. Scicluna, who is also chairman of RSA Insurance Plc, will replace David Tyler in March or soon after, following […]
NAEA sees lots of problems with new Form W-4
The National Association of Enrolled Agents has written a letter to the Internal Revenue Service strongly criticizing the draft version of the new Form W-4, the Employee’s Withholding Allowance Certificate, saying it raises privacy concerns and creates a “substantial risk of underwithholding.” In a letter last week to IRS acting commissioner David Kautter, the NAEA […]
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