What is Form 1118? Corporation Foreign Tax Credit Form and Instructions

The IRS has released a new Form 1118, “Foreign Tax Credit — Corporations,” and new instructions along with it. The agency notes that, to incorporate the provisions of the Tax Cuts and Jobs Act (TCJA),… Read More »

Auditor Independence: What are the SEC Rules?

The Securities and Exchange Commission (SEC) recently proposed changes to its auditor independence rules. The proposal targets situations in which auditors are borrowing funds or issuing debt to accumulate… Read More »

IRS explains how foreign and domestic losses affect foreign tax credit

In a further indication of the IRS’s continued focus on international tax issues, the tax agency updated an International Practice Unit (IPU) summarizing the calculation and recapture of foreign and domestic… Read More »

New Lease Accounting Standard - Right of Use (ROU)

After a decade in the making, on February 25, 2016, the Financial Accounting Standards Board (FASB) issued its controversial lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02,… Read More »

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