Section 965 Transition Tax Forms and Instructions

In late January, the IRS issued a series of forms and instructions regarding the Internal Revenue Code Section 965 transition tax provision, which was added by the Tax Cuts and Jobs Act. Here’s an overview… Read More »

IRS determines correct functional currency to calculate foreign currency exchange gain or loss

In a Technical Advice Memorandum (TAM) issued in February, the IRS determined which of two currencies was the correct functional currency to calculate any foreign currency exchange gain or loss under Internal… Read More »

What are the benefits of XBLR?

Investors and accounting professionals have warned the Securities and Exchange Commission (SEC) against exempting small companies from the requirement to add interactive data to their financial statements… Read More »

Best Practices for Audit Committees

In January 2019, the board of the International Organization of Securities Commissions (IOSCO) published a report intended to promote audit quality. It outlines best practices for audit committees. Although… Read More »

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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