The One Big Beautiful Bill Act (OBBBA) will have widespread impact for almost every taxpayer. Visit our OBBBA Resource Center regularly for continuing updates and guidance on the tax impact of this legislation to you and your industry.
Learn MoreIn this installment of our “M&A Essentials” series — offering a fundamental understanding of the concepts, issues and processes every business owner should be familiar with when considering and conducting the sale of a business — we focus on the main people you’ll encounter and need throughout the...
Read MoreGenerally Accepted Government Auditing Standards, commonly referred to as the “Yellow Book,” were revised and issued in July 2018 by the U.S. Government Accountability Office. The 2018 Yellow Book is effective for financial audits, attestation engagements, and reviews of financial statements for...
Read MoreOn August 19, 2019, the American Institute of Certified Public Accountants (AICPA) issued valuation guidance for investment companies on how to value their portfolio company investments. The guide, titled “Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and...
Read MoreMany companies pay interest on variable rate loans, based on the London Interbank Offered Rate (LIBOR). But, by 2021, LIBOR will have been phased out in response to a series of scandals, where regulators uncovered collusion between banks to manipulate LIBOR to profit on the financial instruments...
Read MoreWith the many types of loans available to borrowers, nonrecourse loans remain popular because they can shield borrowers from personal liability. But lenders will try to add “carveouts” to minimize that protection. If borrowers violate carveouts in the loan document, they may be left with full...
Read MoreThe U.S. Department of Labor (DOL) has released a final rule that should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that...
Read MoreIn November 2016, the Financial Accounting Standards Board issued ASU 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash. Although previously available for early adoption, this standard is required to be implemented by non-public companies with fiscal year-ends beginning after December...
Read MoreIn early August, the IRS began issuing Notice CP2000 to advise taxpayers owning virtual currency that the income or payment information the IRS received from independent third-party sources does not match the virtual currency income information reported on taxpayers’ federal income tax returns....
Read MoreHave you personally ever listened to a song and immediately felt warm and safe, like being wrapped in a blanket? Business owners often seek that same feeling of assurance and comfort about the “safety” of a potential business partner, especially in today’s environment of Big Data and cybersecurity...
Read MoreAs always, there is a lot going on in the tax world that impacts businesses and their owners, this year in particular due to the Tax Cuts and Jobs Act. It was my privilege to again serve as editor of the AICPA’s Tax Adviser August Tax Clinic, a special section in the professional journal that brings...
Read MoreInformation Release 2019-132, issued on July 26, 2019, advises virtual currency owners to expect a letter providing information on how to pay back taxes through filing amended returns. Virtual currency investors were identified through ongoing enforcement actions, including the summons on the...
Read MoreCybersecurity threats, data breaches and email fraud have become part of the daily headlines, impacting businesses and organizations of all sizes and from all industries. During 2018, an estimated 5 billion records were breached world-wide, costing companies an average of $3.86 million per breach....
Read MoreSo, you have piloted a robotic process automation (RPA) program and like what you’ve seen so far. Now what? Beyond simply deploying additional automations (the selection and management of which could be a discussion all its own), how can the RPA platform be extended to enhance value? As powerful as...
Read MoreIn this installment of our “M&A Essentials” series — offering a fundamental understanding of the concepts, issues and processes every business owner should be familiar with when considering and conducting the sale of a business — we talk about key areas to address when preparing a company for...
Read MoreOn Thursday, July 18, 2019, Governor Mike DeWine signed Am. Sub. House Bill 166 into law, which brought to close a longer than expected budgeting process. Below is a summary of the more significant changes that will impact Ohio taxpayers. 1. Individual Income Tax Reductions Ohio income tax has...
Read MoreThe internal rate of return (IRR) waterfall arrangement has gained popularity in recent years as a way to shift risk from equity investors, while rewarding developers for strong results. But no one should enter into such an arrangement without a firm grasp of how it works. How Profits Are Handled...
Read MoreH.B. 7424, signed by Governor Lamont on June 26, 2019, has made numerous tax law changes for those doing business in Connecticut. Key changes relate to the: Reduction of the pass-through entity tax credit, Extension of the 10% corporate surcharge and phase out of the capital stock...
Read MoreAfter months of reviewing and considering thousands of comments on the exposure draft of the 2020 Global Investment Performance Standards (GIPS®) for firms, asset owners and verifiers, the final standards are here. The GIPS technical and executive committees released the final guidance on June 28,...
Read MoreScaling a business isn’t easy whether you’re the founder, who “raised” the business from a fledgling entrepreneurial operation to an established company looking for growth opportunities, or the CEO charged with taking the company to the next level. Regardless of how you got here, the fact that you...
Read MoreThe Tax Cuts and Jobs Act (TCJA) created a significant new tax deduction for qualified business income (QBI) for so-called “pass-through” entities for 2018 through 2025. But it also created uncertainty about whether owners of rental real estate were eligible for the deduction. Recent IRS guidance...
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