Newsletters

All Newsletter Articles

  • IRS “campaigns” include foreign business targets March 7, 2017 The IRS Large Business and International (LB&I) division has released its widely anticipated new audit strategy known as “campaigns.” The LB&I is moving toward issue-based examinations. “This approach makes use of ...
  • IRS instructs auditors on issuing summons to foreign-owned businesses March 7, 2017 In an International Practice Unit (IPU), the IRS outlined the steps its auditors should take when issuing a recordkeeping and reporting summons to a U.S. corporation that is 25% owned ...
  • In pursuit of global convergence in financial reporting February 15, 2017 During her four-year term, Securities and Exchange Commission (SEC) Chair Mary Jo White expressed strong support for global accounting convergence. In January, she issued a 1,600-word statement calling for her ...
  • PCAOB says its rules override Chinese regulations February 15, 2017 Today, many companies operate in more than one country, requiring them to comply with multiple sets of rules and regulations. This can sometimes be challenging for businesses and their advisors. ...
  • Are you purchasing assets or a business? February 15, 2017 On January 5, 2017, the Financial Accounting Standards Board (FASB) published guidance to clear up the existing rules for determining whether the purchase (or sale) of an asset or group ...
  • Final IRS regs kill foreign goodwill exception, limit active trade or business exception February 15, 2017 The IRS issued final regs that affect U.S. taxpayers who transfer property to foreign corporations in nonrecognition transactions. The regs are aimed at preventing taxpayers from avoiding recognition of gains or ...
  • “Google Tax” goes into effect in Russia February 15, 2017 Moscow enacted a law ordering certain foreign companies engaged in online sales of electronic content in Russia to pay the value-added tax (VAT). The law, informally known as the “Google Tax,” ...
  • CRS examines global corporate tax issues on the brink of likely reform February 15, 2017 With Donald Trump firmly in office as the U.S. president, and a Republican majority in Congress, it’s widely expected that 2017 will bring significant tax reform. The Congressional Research Service (CRS) ...
  • Hardship withdrawal programs require strict administration February 14, 2017 Although not required, most 401(k) plans feature a hardship withdrawal option. The IRS maintains strict rules surrounding these provisions and recently updated its guidance on how plan sponsors can remedy ...
  • COMPLIANCE ALERT February 14, 2017 Upcoming compliance deadlines: 2/15     Quarterly benefit statements due for defined contribution plans with calendar year plans 2/28     Deadline for filing paper 2016 Form 1099 with IRS (electronic filing deadline is March ...