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The IRS recently issued guidance that provides a safe harbor allowing professional sports teams to treat certain player and staff member contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade of a player or staff member contract or draft pick.
View MoreAs part of its efforts to provide greater security to the employer identification number (EIN) application process, the IRS recently announced that starting May 13 only individual taxpayers with either a Social Security or individual taxpayer identification number will be able to obtain EINs as the “responsible party” on the application.
View MoreGeneral Motors has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018, triggering a phaseout of the tax credit available for purchasers of the vehicles.
View MoreThe Financial Accounting Standards Board recently issued a revised proposed Accounting Standards Update intended to improve the relevance of current income tax disclosure requirements to financial statement users.
View MoreThe IRS recently provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
View MoreCertain life insurance contracts may have reporting requirement changes under the Tax Cuts and Jobs Act.
View MoreThe IRS recently issued Revenue Ruling 2019-08 that provides various prescribed rates for federal income tax purposes.
View MoreThe Financial Accounting Standards Board recently announced that the U.S. Securities and Exchange Commission has accepted the 2019 GAAP Financial Reporting Taxonomy. The Board also announced that the SEC has accepted the 2019 SEC Reporting Taxonomy.
View MoreThe IRS recently issued proposed regulations under section 250 of the Internal Revenue Code, which offers domestic corporations deductions for foreign-derived intangible income and global intangible low-taxed income.
View MoreThe Financial Accounting Standards Board recently issued an Accounting Standards Update that addresses two lessor implementation issues and clarifies that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new leases standard.
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