News

Over the past several months, we’ve digested the many tax law changes brought by the Tax Cuts and Jobs Act (TCJA). These changes bring a host of uncertainties as well as planning opportunities. From lower tax rates to a new deduction for pass-through income, the new tax law may mean more cash in your pocket.

In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed regulations that taxpayers can rely on until final regs are released. The proposed

In August, President Trump tweeted in favor of a six-month reporting system to replace the three-month quarterly and annual filing requirements that U.S. public companies have followed for years. He has tasked the Securities and Exchange Commission (SEC) to review this contentious issue, which pits public companies against their investors and market analysts. SEC research

On Halloween, the Financial Accounting Standards Board (FASB) gave private companies a special treat: long-awaited relief from the variable interest entity (VIE) guidance. Over the years, private companies have described Accounting Standards Codification (ASC) Topic 810, Consolidation, as one of the most complicated areas of U.S. Generally Accepted Accounting Principles (GAAP). Now there’s an easier

The Securities and Exchange Commission (SEC) will soon require auditors to issue expanded reports for public companies. Some companies are having their accounting firms conduct dry runs on previous years’ financial statements to ensure compliance with the new-and-improved auditor’s report. By testing the standard before the effective date, auditors and companies can understand what the

Interpretive guidance from the Securities and Exchange Commission (SEC) temporarily lets public companies use good faith estimates to adjust for the income tax effects of the Tax Cuts and Jobs Act (TCJA). The Financial Accounting Standards Board (FASB) followed the SEC’s lead and also is allowing private companies to use good faith estimates. But the

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here’s what auditors look for during fraud-risk interviews and why face-to-face meetings are essential. Fraud inquiries Entities being audited sometimes feel fraud-related questions are probing and invasive, but they’re

The disclosure requirements under U.S. Generally Accepted Accounting Principles (GAAP) have gotten a bad rap for being overly burdensome and containing too much boilerplate language. In recent years, the Financial Accounting Standards Board (FASB) has responded by attempting to cut back on so-called “disclosure overload.” Its most recent effort is an update to its Conceptual

The Tax Cuts and Jobs Act (TCJA) lowered corporate income taxes overall and established new categories for foreign income subject to taxation. But the fine print also contains a narrow section that U.S. companies should pay attention to — a provision requiring them to recognize revenue for tax purposes no later than when it’s recognized

The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on the horizon, new year-end tax planning strategies are emerging. Meanwhile, some of the old tried-and-true strategies have changed and others remain viable. Fresh opportunities The