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Retirement Report: Second Quarter 2021

Retirement Report: Second Quarter 2021

In this issue, we discuss updates to regulations that may affect you and your retirement plan. Learn more now.
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.
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.
Beware the knock-on effects of IT cost-cutting

Beware the knock-on effects of IT cost-cutting

With IT often viewed as expensive, it can be a quick target for cost-cutting. Learn how unplanned reductions can be harmful to the business.
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.
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).
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.