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Virginia unitary business report applies to some exempt organizations

Virginia unitary business report applies to some exempt organizations

Some exempt organizations will be subject to Virginia’s informational reporting requirement for unitary businesses, due July 1, 2021.
Surfacing real estate tax insights

Surfacing real estate tax insights

RSM US LLP real estate professionals discuss the future of tax and technology automation, and how it can help real estate firms.
The economic index from RSM shines a light on the middle market

The economic index from RSM shines a light on the middle market

Five years ago, RSM launched an innovative economic indicator called the RSM US Middle Market Business Index.
IRS will audit more LLCs claiming self-employment tax exemption

IRS will audit more LLCs claiming self-employment tax exemption

IRS warns taxpayers claiming self-employment tax exemption under IRC section 1402(a)(13) to be mindful of adverse Tax Court precedent.
IRS temporarily waives penalty for using dyed diesel fuel in Southeast

IRS temporarily waives penalty for using dyed diesel fuel in Southeast

IRS temporarily waives penalty for using dyed diesel fuel on highways in Southeast due to Colonial Pipeline shutdown through May 21, 2021.
Implementing GASB 87: Government entities learn from public companies

Implementing GASB 87: Government entities learn from public companies

Government entities are finding GASB 87 compliance, the Government Accounting Standards Board’s new standard on lease accounting, complex.
IFRS amendments to accounting for deferred tax

IFRS amendments to accounting for deferred tax

The IASB has issued amendments that will result in companies recognizing deferred tax on leases and decommissioning obligations.
Industrial companies are at high risk of a cyberattack

Industrial companies are at high risk of a cyberattack

The Colonial Pipeline ransomware attack has proven the industrials sector is at high risk for cyberattacks.
FASB proposes to expand hedge accounting

FASB proposes to expand hedge accounting

A recent proposed ASU presents a portfolio layer method to allow multiple layers of a single closed portfolio to be hedged.
New IRS guidance on health FSAs and dependent care assistance programs

New IRS guidance on health FSAs and dependent care assistance programs

IRS provides guidance on dependent care assistance program enhancements made due to COVID-19-related legislation.
DOL withdraws Trump-era FLSA employee classification rule

DOL withdraws Trump-era FLSA employee classification rule

White House closes the door on DOL classification of gig workers as independent contractors; reinstalls prior multi-factor test.
IRS issues guidance for changing CFC depreciation methods

IRS issues guidance for changing CFC depreciation methods

IRS issues procedures for certain foreign corporations to implement required or optional ADS depreciation changes.
As income tax rates increase, beware of certain deferral strategies

As income tax rates increase, beware of certain deferral strategies

Tax-deferral techniques—possibly spurred by a potential increase to capital gains rates—must be scrutinized, as evidenced by this IRS memo
Are higher costs hampering corporate profits?

Are higher costs hampering corporate profits?

Investors are watching earnings to gauge the extent to which corporate profits are being impacted by supply chain issues and more.
Georgia continues trend of SALT deduction workarounds in 2021

Georgia continues trend of SALT deduction workarounds in 2021

Georgia becomes the latest state to adopt an entity-level tax establishing a workaround to the federal SALT deduction limitation.