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State tax law changes for the third quarter of 2021

State tax law changes for the third quarter of 2021

A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending Sept. 30, 2021.
ASC 740: Q3 2021 provision considerations

ASC 740: Q3 2021 provision considerations

A roundup of recent tax law changes and other income tax provision considerations for the quarter ending Sept. 30, 2021.
CIC and Ryan win preliminary injunction against enforcement of notice

CIC and Ryan win preliminary injunction against enforcement of notice

Micro-captive insurance managers win preliminary injunction against enforcement of IRS Notice 2016-66’s reporting requirements.
The IRS hired more than 1,000 new assisters to staff phone lines

The IRS hired more than 1,000 new assisters to staff phone lines

The IRS foresees better phone service for taxpayers by hiring more than 1,000 new phone assisters across all call lines.
Ways and Means proposed IRA changes – what to keep an eye on

Ways and Means proposed IRA changes – what to keep an eye on

Several provisions would tighten IRA rules for high-income individuals, and some other changes apply regardless of income level.
RSM submits comment letter regarding Sec. 174 R&D Tax

RSM submits comment letter regarding Sec. 174 R&D Tax

RSM has submitted to U.S. Congressional leaders comments addressing the upcoming requirement to experimental expenditures
SAS 136: Changes for employee benefit plans and their auditors

SAS 136: Changes for employee benefit plans and their auditors

SAS 136 will affect audits of employee benefit plans subject to ERISA effective for periods ending on or after December 15, 2021.
SEC comments on companies’ climate-change disclosures

SEC comments on companies’ climate-change disclosures

The SEC recently released a sample letter illustrating comments it may issue regarding climate-change disclosures.
The Benefits of Outsourcing Your Accounting

The Benefits of Outsourcing Your Accounting

Thanks to the cloud and automation, outsourcing has never been a more viable option than it is today. Quite often, outsourcing can be more efficient and less expensive than hiring dedicated staff. In this video, we'll cover the benefits of outsourcing your accounting.
IRS launches new website for Joint Committee on Taxation refund cases

IRS launches new website for Joint Committee on Taxation refund cases

The IRS launched a new webpage to guide individual taxpayers and C corporations with large refunds of more than $2 million.
IRS takes skeptical view of agency argument to avoid income inclusion

IRS takes skeptical view of agency argument to avoid income inclusion

In an agent/principal relationship, the expenditures must inure primarily to the principal in order to avoid income to the agent.
Discount rate for lessees that are not PBEs

Discount rate for lessees that are not PBEs

The FASB tentatively decided to allow lessees that are not PBEs to make the risk-free rate election by class of underlying asset.
Green energy credits and excise tax proposals in Build Back Better Act

Green energy credits and excise tax proposals in Build Back Better Act

House Ways; Means reconciliation bill contains significant changes to renewable energy credits as well as new excise taxes.
REITs must be aware of the unique tax rules for hedging instruments

REITs must be aware of the unique tax rules for hedging instruments

Income derived from certain hedges is excluded from the REITs income tests while income derived from others is included as bad REIT income.
Complex Media Tax Court case

Complex Media Tax Court case

The Complex Media Tax Court case and its applicability to section 351 transactions and the step-transaction doctrine.