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Access to information is one of the keys to managing risk in an M&A transaction. Investigative due diligence should be placed alongside legal and financial diligence as a critical component of a buyer’s diligence process.
Going through an audit for the first time can be a daunting task. Your auditor will ask for information you might expect, such as employee census and payroll data, plan documents, plan financial statements, contribution deposit history, and more. What you might not expect is getting requests for that information from previous years, or for a sample of participants over a certain timeframe to check for past errors. It’s a lot of data to supply, so keeping good records and planning ahead is paramount.
On September 13, the House Ways and Means Committee approved the Republican Tax Reform 2.0 package. The measure, consisting of three separate bills, is expected to reach the House floor for a full chamber vote during the week of September 24.
When the Financial Accounting Standards Board finally revealed its new revenue recognition standard back in 2014, the standard was beyond complex. As a result, the FASB formed 16 industry task groups to clarify and explain the standard, and issued five related standards. The new standard includes a comprehensive five-step process that an entity should consider when assessing revenue recognition on its contracts.
Can states issues tax credits through taxpayers’ charitable contributions to offset new state and local tax (SALT) limitations under tax reform? Several states have been creative in finding ways to work around the new limitation.
The Supreme Court’s recent decision in South Dakota v. Wayfair spurred many e-commerce companies to reevaluate their tax structures. Yet the Court’s decision will also alter the tax processes of an industry equally dependent on online sales: technology. In this article, we unpack what this tax development means for the high-tech world in what is likely the Court’s most significant state tax decision since 1992.
Defined contribution plan sponsors face numerous challenges when workers change jobs, and the Department of Labor is paying close attention to how employers are dealing with these situations.
In 2018, the Financial Accounting Standards Board (FASB) issued ASC-606, Revenue from Contracts with Customers, a new revenue recognition accounting standard. This new guidance is intended to improve the overall comparability and consistency of financial statements, as well as to provide users of financial statements with more useful information.
The use of representations and warranties (R&W) insurance in mergers and acquisitions has grown significantly over the past several years and has become an increasingly integral component of the transaction process. Buyers and sellers can use R&W insurance for both strategic and risk management purposes.
Lately, it seems like everyone has jumped on the bandwagon in an attempt to combine a limited liability company’s coolness and flexibility with an S corporation’s simplicity and fragility to create the delicate flower known as the LLC taxed as an S corporation. However, trendiness often comes with a cost, and in the case of an LLC electing to be taxed as an S corporation, that cost could be corporate-level taxes.

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