The FASB issued ASU 2018-02 to provide entities an option to reclassify certain “stranded tax effects” resulting from the recent U.S. tax reform from accumulated other comprehensive income to retained earnings. This new standard will take effect for all entities in fiscal years beginning after December 15, 2018.
On March 1, 2018, the IRS issued Notice 2018-18 announcing that forthcoming regulations will provide that the term “corporation” as used in Section 1061 does not include an S corporation.
Planning sessions often start when executives gather in a room and ask the big question: What do we want to accomplish next year? Sound familiar? It wouldn’t surprise us if your business has operated in a similar fashion for years. Yet, the challenge is that this approach may not be driven by analytical insight—or for that matter, the right analytics.
The new revenue recognition standard will be adopted by private companies for periods beginning after Dec. 15, 2018. The implication for private companies that utilize a calendar year end is that the upcoming year should ideally be spent preparing for this transition.
The $1.5 trillion new tax law represents the most sweeping change to tax code in a generation. Tax reform of this magnitude will have broad implications for businesses of all sizes and in all industries. While accountants and tax departments wade through the 185-page legislation, here are the top 10 things companies need to know.
The Tax Cuts and Jobs Act of 2017 is the most sweeping tax reform to the U.S. tax code in more than three decades. Both individuals and business owners will be affected by the changes, therefore we provide a quick overview of the most significant changes.
Business owners should take notice of a substantial new tax deduction created by the recently enacted Tax Cuts and Jobs Act.
It is vital that CEOs establish the appropriate cybersecurity “tone at the top” for their respective organization, regarding the importance of information security and how cybersecurity is everyone’s shared responsibility in a truly digital world. Establishing an organizational “culture of cybersecurity” has proven to be one of the best defenses against cyber adversaries.
The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the Senate, 51 to 48, in the early morning hours of December 20, followed by House approval, 224 to 201, later the same day. President Trump signed the bill into law at the White House on December 22, 2017.
Year-end 2017 presents a unique set of challenges for taxpayers. At the top of the list are the uncertainties created by the possibilities within proposed tax reform legislation – what changes might be made, and whether those changes would be retroactive for 2017.