U.S. v. Schwarzbaum - FBAR Penalties

In U.S. v. Schwarzbaum, a federal district court recently rejected an individual’s claims that penalties assessed against him for failing to file multiple Reports of Foreign Bank and Financial Accounts… Read More »

IRS lists new countries with nonresident alien interest reporting requirements

In a recent revenue procedure, the IRS updated two lists of countries with which the United States has agreements that require payers to report certain deposit interest paid to nonresident alien individuals… Read More »

How Does TCJA Impact International Corporate Tax Rules?

The Congressional Research Service recently issued a report that looks at how changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) to international corporate tax rules addressed concerns under previous… Read More »

Simplifying the Rules for Reporting Income Taxes

For years, businesses have complained that the guidance under Accounting Standards Codification Topic 740, Income Taxes, includes many mechanical rules and exceptions, making it challenging for investors… Read More »

How strong are your company's internal controls?

A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements. In contrast, weak controls can result… Read More »

Accounting for Acquired Goodwill

Goodwill is an acquired intangible asset that can affect earnings if it declines in value. The Financial Accounting Standards Board (FASB) is soliciting feedback on this topic as it considers whether… Read More »

Final regs address partnership’s allocation of creditable foreign tax expenditures

The IRS recently issued final regulations on the operation of a safe harbor rule that’s used in determining whether allocations of partnership creditable foreign tax expenditures (CFTEs) to partners are… Read More »

Stock repurchases and the associated risks

Stock repurchases have skyrocketed in recent years, fueled, in part, by cash flow generated by the Tax Cuts and Jobs Act (TCJA) and the availability of inexpensive debt capital. So-called “buybacks” have… Read More »

Public companies: Is it time to update the MD&A requirements?

The U.S. Securities and Exchange Commission (SEC) is planning to issue a proposal by April 2020 that would “modernize and simplify disclosure rules” regarding management’s discussion and analysis (MD&A)… Read More »

FASB extends alternatives for goodwill to not-for-profits   

On May 30, the Financial Accounting Standards Board (FASB) issued an accounting standard that enables not-for-profit organizations to use the easier, less costly methods available to private companies… Read More »

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