Audit & Accounting Update: November 30, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Questions regarding the definition of a PBE
The AICPA recently issued answers to questions regarding matters related to the definition of a public business entity.

Revenue recognition: Industry insights
To assist in the ASC 606 implementation process, we have provided industry-specific white papers and webcasts.

Revenue recognition: Key considerations for the manufacturing industry
Those in the manufacturing industry are invited to join us for our Nov. 29 webcast on revenue recognition matters.

Revenue recognition: Key considerations for the technology industry
Those in the technology industry are invited to join us for our Nov. 30 webcast on revenue recognition matters.

Revenue recognition: Key considerations for the consumer products industry
Those in the consumer products industry are invited to join us for our Dec. 5 webcast on revenue recognition matters.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Not-for-Profit Update: November/December 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Exempt organization-specific provisions in the House Bill H.R. 1
The tax reform legislative process was formally kicked off Nov. 2, 2017, with the release of H.R. 1, the Tax Cuts and Jobs Act.
Read more

Going global: How to plan strategy and building local relationships
Nonprofit organizations can successfully expand operations around the world with strategic planning and cultivation of local relationships.
Read more

Nonprofit webcast series: Optimizing your nonprofit’s outsourcing strategy
Join us for this informative two-part webcast series as we discuss the importance of evaluating whether your outsourcing provider’s capabilities are meeting your needs and expectations.
Register now

On-demand webcast: Annual tax update for nonprofit organizations
Miss our webcast on Tuesday, Oct. 31? View the annual tax update on-demand, answer polling questions and complete the final exam to be eligible for CPE credit for this course.
View on demand now

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Audit & Accounting Update: November 9, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Business combinations: Clarifying the definition of a business
Our white paper provides information and examples on the new implementation guidance for the definition of a business.

Actuarial valuation: New mortality improvement scale released
On October 20, 2017, the Society of Actuaries released an updated new mortality improvement scale, Scale MP-2017.

SEC approves auditor reporting standard
On October 23, the SEC approved the Public Company Accounting Oversight Board’s new auditor reporting standard.

SEC guidance on pay ratio disclosure
The SEC has provided guidance to assist registrants in preparing their disclosures pursuant to Regulation S-K Item 402(u).

Proposed amendments to modernize and simplify Regulation S-K
The SEC recently proposed amendments to modernize and simplify Regulation S-K so as to reduce burdens on registrants.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: November 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

TAX REFORM

House Ways and Means Committee unveils long awaited tax bill
House Republicans have released their much anticipated tax bill, providing key insights into the details of their tax reform plan.

States push forward as Congress considers tax reform
How and when Federal tax reform is enacted could dictate state responses.

Trump administration, Congress publish framework for tax reform
Can a divided D.C. enact sweeping tax reform?

TRENDING IN TAX

Five considerations when offering nonqualified compensation plans
How can you design a plan that attracts and retains highly compensated employees? There are several opportunities in nonqualified plans.

Global value added tax for electronically supplied services (Audiocast)
Providing services electronically can trigger significant VAT collection and reporting in multiple jurisdictions.

IRS allows leave-based donation programs for Hurricane Maria relief
Employer leave-based donation programs let employees forgo personal leave in exchange for cash payments to charities for hurricane relief.

The big challenges for global real estate investors (Video)
In this Privcap video, specialists discuss the challenges of structuring investment deals with offshore investors.

Proposed bill would expand casualty loss expensing for citrus growers
H.R. 112 would expand the ability of joint or minority citrus plant owners to expense replacement crops damaged in hurricanes.

Ohio Supreme Court rules on supplemental executive retirement plans
Ohio decision is reminder to understand tax implications of supplemental executive retirement plan income at the local jurisdiction level.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: October 26, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Revenue recognition: 5 key considerations for implementation
Our article highlights a few important aspects of implementing FASB Accounting Standards Codification Topic 606.

Revenue recognition: Key considerations for the construction industry
Our webcast will discuss how FASB Accounting Standards Codification Topic 606 affects the construction industry.

Proposed clarifications to land easements application guidance
The FASB recently issued a proposed ASU to address concerns regarding the application of Topic 842 to land easements.

Proposed technical amendments to recently issued standards
Recent FASB proposals provide narrow-scope amendments to accounting standards for financial instruments and leases.

Proposed Codification improvements
The FASB recently proposed changes to clarify the Codification and correct unintended application of guidance.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: October 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

New tax reform plan from Trump and Congressional Republicans
A new tax reform plan was announced by the White House and House Republicans, including rate cuts and limitations on deductions.

How could tax reform affect your business?
An online estimator tool to evaluate the impact from tax reform.

Disaster relief and recovery
Controlling your business when circumstances are beyond your control.

Global value added tax – Gulf Cooperation Council
Learn more about the introduction of VAT in middle east and practical next steps you can take to ensure your organization is ready.

IRS Audit Survival Guide
What to do when faced with an IRS notice? Keep calm and call your tax advisor. But first, download our guide to the IRS exam process.

Manifest injustice: More than a moldy old doctrine
New Jersey has highlighted and extended a doctrine that may benefit taxpayers when states retroactively apply new laws.

Virginia issues tax amnesty program guidance
Department of Taxation provides details on amnesty-eligible taxes, periods and disqualifications; explains payment procedures.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: October 12, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Webcast: Health care industry revenue recognition
Our webcast will address health care industry matters that are relevant when implementing the new revenue recognition guidance.

Short-duration contract disclosures: An overview of ASU 2015-09
Our whitepaper discusses the disclosure requirements of ASU 2015-09 and certain related key implementation considerations.

Proposed reorganization of consolidation guidance
The FASB has proposed to reorganize, and clarify certain areas of, Accounting Standards Codification Topic 810, “Consolidation.”

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Not-for-Profit Update: September/October 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

What your nonprofit board members need to know about Form 990
The first in a two-part series to help board members develop a better understanding of why the IRS asks for the information contained in the Form 990.
Read more

5 things to know about managing third-party relationship risks
Enforcement is scheduled to start on May 25, 2018. What do U.S. organizations need to do now? Here are five key considerations.
Read more

Do you know how managed IT services can help overcome your challenges?
A managed IT services agreement can provide peace of mind that you are making technology decisions to align with your strategy and goals.
Read more

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Tax Update: September 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

2017-18 Tax Planning Guide
With the possibility of significant tax reform legislation this year, tax planning is more complicated yet more important than ever. Refer to this resource for up-to-date tax information pertaining to individual taxpayers, business owners and executives.

MTC nexus program offers limited-time amnesty for Amazon retailers
Retailers using “fulfilled by Amazon” distribution channel should be aware of the limited-time amnesty program.

Aligning executive plans with traditional employee plans
Anne Bushman and Mary Draayer address audience questions from the latest episode of our retirement plan issues webcast series.

New German bill combats harmful use of preferential IP regimes
As part of Germany’s efforts to implement the OECD’s BEPS Action Plan, expense deductions will be limited for payments after Dec. 31, 2017.

IRS issues updated return due dates and extended due dates
Regulations, effective July 20, 2017, reflect statutory requirements set by the Surface Transportation Act and the PATH Act.

Rhode Island enacts tax amnesty program
Amnesty period begins this winter, benefits include complete waiver of penalties, and partial waiver of interest.

IRS appeals Tax Court decision in Medtronic
IRS arguments on appeal provide useful insight for taxpayers into IRS consideration of transfer pricing cases.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: August 24, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Revenue recognition resources updated for recent developments
We have updated our revenue recognition resources for recent developments related to the new revenue recognition guidance.

Proposed clarifying guidance for contributions received and made
To clarify the accounting guidance for contributions received and contributions made, the FASB recently issued a proposed ASU.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

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