News

California has authorized an unclaimed property voluntary disclosure program allowing eligible holders to eliminate the 12% interest rate typically charged for non-compliance.

On July 27, 2022, the Financial Accounting Standards Board (FASB) voted 5 to 2 to issue a proposal to revise segment reporting. The underlying objective would be to provide investors with more insight into how companies manage their businesses and how management evaluates performance. Here are the details. What changes will be included in the

Private companies comprise the largest business demographic in the United States. For the last ten years, the Private Company Council (PCC) has been working with the Financial Accounting Standards Board (FASB) to develop simpler rules for private companies. History lesson The PCC was established in 2012. At that time, a blue-ribbon panel ruled that it

The nature of sell-side tax due diligence continues to evolve. Learn more about important state and local tax considerations before selling a business.

While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020

Tax changes in the Inflation Reduction Act could affect middle market businesses despite targeting large corporations and high-income individuals.

The Inflation Reduction Act of 2022 imposed a new 15% alternative minimum tax on large corporations. Notably, the tax is based on a corporation’s financial statement income (with adjustments).