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 »

Taxing S corporation income otherwise allocable to nonresident alien owners of ESBTs

The IRS has issued proposed regs that would ensure that the income of an S corporation will continue to be subject to U.S. income tax even when a nonresident alien (NRA) is a deemed owner of a grantor… Read More »

Recognition and deferral of foreign currency gain or loss

In May, the IRS issued final regs on the combinations and separations of qualified business units (QBUs) subject to Internal Revenue Code Section 987. The regs also address the recognition and deferral… Read More »

Financial Reporting: Comparability vs. Convergence

The global financial reporting project is alive and well, according to Russell Golden, Chairman of the Financial Accounting Standards Board (FASB). Despite rumors that the FASB and the International Accounting… Read More »

New inline XBRL requirements

The Securities and Exchange Commission (SEC) adopted a rule in June 2018 to require public companies to embed interactive data tags directly into their financial statements using a process called the inline… Read More »

Qualified Domestic Relations Order (QDRO)

What makes a domestic relations order a qualified domestic relations order, or QDRO? The distinction is essential for retirement plan administrators when deciding whether to accept a state court’s instructions… Read More »

Lease Standards for 2020

Private businesses: Who’s ready for the new lease standard? Many private companies are still unaware of the balance sheet effects of new lease accounting rules, including lease capitalization requirements,… Read More »

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