Insights

New York to increase income tax rates; enact SALT workaround

New York to increase income tax rates; enact SALT workaround

Budget bill increases personal and corporate tax rates, enacts a SALT deduction workaround and makes other changes to the tax code.
PCAOB staff outlook for 2021 inspections

PCAOB staff outlook for 2021 inspections

The PCAOB staff recently issued an overview of its planned inspection focus areas and an accompanying audit committee resource.
Virginia unitary businesses must submit informational report by July 1

Virginia unitary businesses must submit informational report by July 1

Findings will be used by the legislature to determine whether Virginia should adopt mandatory unitary combined filing.
Accounting for warrants and other instruments issued by SPACs

Accounting for warrants and other instruments issued by SPACs

On April 12, 2021, the SEC issued a Staff Statement on Accounting and Reporting Considerations for Warrants Issued by SPACs.
Opportunities related to Medicare bad debt reimbursement

Opportunities related to Medicare bad debt reimbursement

In order to identify and report Medicare bad debts, learn the steps skilled nursing facilities (SNFs) should take.
Treasury removes United Arab Emirates from international boycott list

Treasury removes United Arab Emirates from international boycott list

The Treasury has removed the United Arab Emirates from the list of countries requiring cooperation with an international boycott.
Massachusetts requires sales tax advance payment; changes filing date

Massachusetts requires sales tax advance payment; changes filing date

Beginning for the April tax period, certain taxpayers are subject to advance payment requirements despite a longer return filing period.
Being deemed essential doesn’t preclude ERTC eligibility

Being deemed essential doesn’t preclude ERTC eligibility

Construction firms forced to reduce or cancel operations by jurisdictional order may meet employee retention credit eligibility requirements
Transfer Pricing Myth Busters

Transfer Pricing Myth Busters

As business models grow more complex, we’re debunking some commonly held misconceptions about how companies think about transfer pricing.
Increased compliance burden with new foreign tax redetermination rules

Increased compliance burden with new foreign tax redetermination rules

2020 regulations expand the scope of the foreign tax redetermination rules, increasing compliance burdens in many cases.
IRS provides guidance on deductions for food or beverages

IRS provides guidance on deductions for food or beverages

Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.
RSM US Middle Market Business Index Sees Impressive Increase in March as Leaders Prepare for an Economic Boom

RSM US Middle Market Business Index Sees Impressive Increase in March as Leaders Prepare for an Economic Boom

RSM recently announced results of the March 2021 reading for its RSM US Middle Market Business Index (MMBI).
Defense supply chain for government contractors is under microscope

Defense supply chain for government contractors is under microscope

Government contractors should be prepared to comply with new regulations after two executive orders early in the Biden administration.
RSM Middle Market Business Index: March 2021

RSM Middle Market Business Index: March 2021

If there is one major takeaway from the March monthly survey, it is that middle market hiring and investment are set to accelerate.
IRS TE/GE division releases new compliance initiatives

IRS TE/GE division releases new compliance initiatives

Eight new initiatives, affecting exempt orgs, employee plans and tax-exempt bonds, added to IRS Compliance Programs and Priorities website.