The U.S. Treasury and the Internal Revenue Service (IRS) have announced their Priority Guidance Plan for 2014–2015. This plan includes 41 separate projects concerning international issues. The international issues covered are transfer pricing, Subpart F income, inbound transactions, outbound transactions, foreign tax credits, sourcing and expense allocation, treaties, and other general topics.
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U.S. Treasury and IRS Identify 2014-2015 International Tax Priorities
Posted by celliott on Sep 26, 2014 10:35:02 AM
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Topics: Tax Policy, Transfer Pricing, Foreign Tax Credits, International Tax, Priority Guidance Plan, Tax, U.S. Tax Treaties, Uncategorized
Worker classification – categorizing a worker as either an employee or independent contractor – varies from organization to organization and can be confusing. The IRS has begun to focus on classification of workers by an organization, conducting employment tax audits and compiling data about employers’ compliance with IRS rules involving employee versus independent contractor reporting.
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Topics: 1099, Payroll Taxes, Independent Contractor, Uncategorized, W-2, Worker Classification
Workplace fraud is a legitimate threat around the country. Recent estimates of the cost of employee theft and fraud to U.S. businesses range from $20 billion to $50 billion a year. No business, regardless of size or nature, appears immune.
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Topics: Red Flag Reporting, Fraud, Fraud Prevention, Theft, Uncategorized
Contributed by: Sean Spitzer, Partner
Since 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working on converging U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). There’ve been successes and failures along the way, but now the convergence effort appears to have run its course. Going forward, U.S. standard setters propose an informal, collaborative model that will minimize differences in financial reporting, in lieu of the IASB’s one-size-fits-all approach. Here’s an overview of global accounting standards — past, present and future.
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Topics: AICPA, FASB, GAAP, IASB, Revenue Recognition, Uncategorized
Whether you are clergy member or are responsible for payroll for clergy, the following information will be of particular interest. A complete understanding of these tax rules may keep you in compliance.
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Topics: clergy, Nonprofit, Tax, Uncategorized
U.S. Tax Court Denies Amazon Summary Judgment in Transfer Pricing Case
Posted by celliott on Sep 22, 2014 11:30:54 AM
The U.S. Tax Court denied Amazon’s motion for a partial summary judgment related to a cost-sharing arrangement (CSA) under the transfer pricing provisions of the U.S. Internal Revenue Code. In Amazon.com, Inc. & Subsidiaries v. Commissioner of Internal Revenue, the court, finding a genuine dispute of material fact, held that Amazon must establish that costs are mixed before applying an allocation method to them.
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Topics: Amazon, Amazon.com Inc. & Subsidiaries v. Commissioner, International Tax, Tax, U.S. Tax Court, Uncategorized
U.S. Expats Launch Constitutional Challenge Against Canada Over FATCA
Posted by celliott on Sep 22, 2014 11:24:21 AM
A group representing American expatriates is taking legal action against the Canadian government for implementing the Foreign Account Tax Compliance Act (FATCA), a U.S. law designed to clamp down on tax evasion.
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Topics: Expats, FATCA, International Tax, Tax, Uncategorized
OECD Releases New Information Exchange Standard Intended to Thwart Tax Evasion
Posted by celliott on Sep 22, 2014 10:51:20 AM
The Organisation for Economic Cooperation and Development (OECD) released the full version of a new consolidated global Standard for Automatic Exchange of Financial Account Information in Tax Matters. It’s aimed at stopping tax evasion by helping governments around the world share information.
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Topics: OECD, International Tax, OECD Model Tax Convention, Tax, Tax Evasion, Uncategorized
Start planning now for revenue recognition changes
Note: This article, originally published September 2014 has been updated to reflect a FASB notification issued March 2015.
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Topics: FASB, Revenue Recognition, Uncategorized
Going Concern Disclosure Issues Clarified in Newly Issued FASB Standards
Posted by celliott on Sep 3, 2014 1:56:31 PM
Audit professionals, CFOs and CEOs and other stakeholders of all companies should find long-awaited clarity and guidance in newly issued standards surrounding going concern disclosures in financial statement footnotes. Smith & Howard’s Assurance Services group reports that the Financial Accounting Standards Board (FASB) recently updated U.S. Generally Accepted Accounting Principles (GAAP) to clarify going concern disclosures.
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Topics: ASU 2014-15, Business Continuity, disclosures, FASB, financial statement disclosures, GAAP, Going Concern, Uncategorized