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 »

How to determine foreign-derived intangible income (FDII)

In March, the IRS issued proposed regulations that cover determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). The regs also… Read More »

Proposed Regulations on the foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI)

An overview of the proposed regs on the FDII and GILTI deduction In March, the IRS issued proposed regulations that cover determining the amount of the deduction for foreign-derived intangible income… Read More »

Materiality: International vs U.S. Standards

Close-up on materiality The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) has been discussing options to amend its definition of the term “materiality.” In… Read More »

Proposed IRS regs for hardship 401(k) withdrawals

How hard should a hardship be to justify a hardship withdrawal from a 401(k) plan? There are more rules than you might think. However, proposed IRS regulations could, according to the agency itself, enable… Read More »

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