Newsletters

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  • IRS outlines penalty for not filing international information return November 13, 2017 In a recently updated international practice unit (IPU), the IRS explained the penalty for U.S. taxpayers who fail in their obligations to file Form 5471, “Information Return of U.S. Persons ...
  • Introducing the new-and-improved hedge accounting rules October 18, 2017 The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The updated standard makes ...
  • Assets and liabilities: Will FASB redefine the basics? October 18, 2017 A recent Financial Accounting Standards Board (FASB) meeting addressed updating the so-called “building blocks” of financial statements. Board members want to simplify the definitions of assets and liabilities and make ...
  • Balancing the needs of private businesses vs. financial statement users October 18, 2017 The formation of the Private Company Council (PCC) has created “cultural evolution” at the Financial Accounting Standards Board (FASB). The FASB has found that balancing the needs of private companies ...
  • Court bars tax deduction on sham transaction October 18, 2017 A U.S. District court has determined that a United States–based bank, having been denied foreign tax credits for UK taxes paid in connection with a Structured Trust Advantaged Repackaged Securities ...
  • Global NewsBits October 18, 2017 EU Commission wants tech companies to pay fair share of taxes Digital companies in the European Union (EU) pay less than half the amount of tax that other companies pay, the ...
  • Commercial pilot fails tests for foreign earned income exclusion October 18, 2017 The U.S. Tax Court has held that a commercial airline pilot stationed in South Korea failed both the “tax home” and the “bona fide residence” tests that determine whether a ...
  • COMPLIANCE ALERT October 10, 2017 Upcoming compliance deadlines: 12/1     Deadline for 401(k) and (m) safe harbor notice, annual qualified default investment alternative (QDIA) notice, and qualified automatic contribution arrangement (QACA) notice (can be made up to ...
  • Why adding a Roth 401(k) option could boost employee savings October 10, 2017 A decade after they first became available, Roth 401(k) plans are now offered by many employers. Employees are also getting on board — particularly the younger ones — even without ...
  • Reimbursement road map for sponsor services October 10, 2017 When retirement plan sponsors perform administrative services on behalf of the plan, they can be reimbursed by the plan for those services. However, meticulous expense documentation is essential, as a ...