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The Internal Revenue Service and the Treasury Department issued a notice Thursday saying they intend to issue regulations that will permit a domestic partnership or an S corporation that is a U.S. shareholder of a controlled foreign corporation to apply some proposed rules for determining the amount of the global intangible low-taxed income, or GILTI, […]
As the U.S. prepares retaliatory measures against European and Indian digital service tax plans, it has found an unexpected ally: China. While the two nations ratchet up their tariff and currency confrontations, they have found common ground in checking a big-tech tax grab by the rest of the world. So far, China has let the […]
The American Institute of CPAs released a discussion paper Wednesday explaining some of the challenges of determining materiality in an attestation engagement when the subject matter can’t be measured quantitatively. The paper, developed by a working group of the AICPA’s Assurance Services Executive Committee, talks about some of the challenges encountered by accountants when they […]
The Federal Accounting Standards Advisory Board has issued an interpretation of some recent standards involving cost provisions among multiple entities and who is liable for the cleanup costs. Interpretation 9, “Cleanup Cost Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5 SFFAS 6,” comes in response to the issuance of Statement of Federal […]
Most CPAs are familiar with the tax benefit of using an interest charge – domestic international sales corporation, or IC-DISC. What many do not realize is the additional benefit that can be generated by paying particular attention to the method of calculation. Oftentimes IC-DISC commissions are calculated using either the 4 percent qualified export receipts […]
The Financial Accounting Foundation’s board of trustees has tapped Michael Morrow, a director at the chemical company Cabot Corp., as the new chair of the Financial Accounting Standards Advisory Council, effective Jan. 1, 2020, and named some new members of the Private Company Council. FASAC advises the Financial Accounting Standards Board, which the Financial Accounting […]
New nexus state; taxing cutting-edge (and really tiny) technology; refunds and good intentions; and other highlights from our favorite tax bloggers. Schoolin’ around Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): See you in September, above the line: a look at how teachers can still deduct classroom supplies. Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): What does learning really […]
My previous columns on women staff (the original and the redux edition) drew a large number of emails and calls, and a major issue discussed was the lack of mentoring of female staff members. Actually, the mentoring applies to any diverse group, but I will refer to mentoring women in this column. Many firms that […]
The American Institute of CPAs has released a valuation and accounting guide for private equity and venture capital firms to help them determine the fair market value of the companies in their investment portfolios. The guide, Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies, offers nonauthoritative guidance […]
The Trump administration is reportedly mulling the possibility of temporarily cutting Social Security and Medicare taxes as a way to spur the economy amid recent signs of a potential recession ahead. The Washington Post reported Monday that several unnamed White House officials are discussing a temporary payroll tax cut. The Obama administration temporarily cut payroll […]
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