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IRS Issues Proposed Section 199A Regulations

August 8, 2018 The Internal Revenue Service issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.

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GASB Proposes Improvements to Reporting of Conduit Debt Obligations

August 6, 2018 The Governmental Accounting Standards Board (GASB) has proposed revised guidance that would provide a single method for government issuers to report conduit debt obligations and related obligations. This proposed guidance would eliminate diversity in practice associated with these issues.

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IRS and Treasury Issue Proposed Regulations Implementing Section 965

August 2, 2018 The Internal Revenue Service and the Department of the Treasury have issued proposed regulations on section 965 of the Internal Revenue Code. The proposed regulations affect United States shareholders, as defined under section 951(b) of the Code, with direct or indirect ownership in certain specified foreign corporations, as defined under section 965(e) of the Code.

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FASB Adds Transition Option and Practical Expedient for Lessors to New Leases Standard

July 31, 2018 The FASB added a transition option to the new leases standard that allows entities to not apply the new guidance in the comparative periods they present in their financial statements in the year of adoption. The FASB also provided a practical expedient that gives lessors an option to combine non-lease and associated lease components when certain criteria are met and requires a lessor to account for the combined component in accordance with the new revenue standard if the associated non-lease components are the predominant component.

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IRS Offers Guidance on Recent 529 Education Savings Plan Changes

July 30, 2018 Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) Act, and two changes included in the 2017 Tax Cuts and Jobs Act (TCJA). Taxpayers, beneficiaries, and administrators of 529 and Achieving a Better Life Experience (ABLE) programs can rely on the rules described in this notice until the Treasury Department and IRS issue regulations clarifying these three changes.

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GAO Updates "Yellow Book" Standards for Government Auditing

July 17, 2018 The U.S. Government Accountability Office (GAO) issued a new revision of Generally Accepted Government Auditing Standards, also known as the “Yellow Book.” Last revised in 2011, the Yellow Book is designed to help government auditors at the federal, state and local levels produce high-quality audits.

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Wayfair Decision to have a Dramatic Impact

June 21, 2018 The U.S. Supreme Court’s June 21 decision that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state is expected to have a major impact on U.S. retail business.

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