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.

Tax Update: August 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.

Failure to obtain true ownership led to huge tax on sale-leaseback
Exelon’s power plant sale-leasebacks treated as loans, not as ownership of the property, so the tax deferral Exelon sought was denied.

Are you taking full advantage of the tooling R&D tax credit?
Automotive manufacturers and suppliers have opportunities to increase their R&D credit thanks to some misunderstood R&D credit provisions.

More improvement categories bring more confusion and more opportunity
Confusion around the specific treatment of qualified improvement property could lead to lost opportunities for tax savings.

IRS Partnership Audit Rules
Listen to Don Susswein and tax law specialist Fred Witt discuss why the private capital industry should expect major changes to the way the IRS audits.

North Carolina General Assembly overrides veto of two-year budget bill
Budget bill provides rate reductions for both the corporate income tax and personal income tax, increases the personal deduction.

California guidance on the Other State Tax Credit and deductions
Analyzing recent FTB guidance on determining whether a taxpayer can take a credit or deduction for taxes “paid” to another state.

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: July 25, 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: Lessons learned from an early adopter
Our brief case study provides a high-level overview of how one company reported the financial impact of adopting ASC 606.

Some PBEs may use private company effective dates for ASC 606 and 842
The SEC will allow certain public business entities to use the private company effective dates for FASB ASC 606 and ASC 842.

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.

Audit & Accounting Update: June 27, 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.

Changes to revenue recognition in the life sciences industry
Our white paper explains how a life sciences entity could be significantly affected by the FASB’s new revenue recognition guidance.

Update to long-lived asset impairment snapshot for ASU 2017-04
Our white paper has been updated to reflect the goodwill impairment model simplification introduced by ASU 2017-04.

Expected issuance of anticipated new standard on hedge accounting
The FASB recently voted to proceed with the new standard that is intended to improve and simplify hedge accounting.

Form AP tool for audit committees
The Center for Audit Quality recently issued a tool to help audit committees understand the Form AP requirements.

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.

Audit & Accounting Update: June 13, 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.

Quarterly accounting update webcast – Summer 2017
Our Quarterly accounting update webcast will cover recently issued guidance and developments in standard-setting projects.
Read more

Accounting for debt and equity instruments in financing transactions
Our guide is a resource for understanding relevant accounting guidance for debt and equity instruments issued in financing transactions.
Read more

Changes to revenue recognition for not-for-profit organizations
Our white paper discusses changes to the accounting for exchange transactions entered into by not-for-profit organizations.
Read more

PCAOB adopts auditor reporting standard
A new standard requires auditors to provide additional information in their reports on audits of financial statements.
Read more

PCAOB proposes standard for auditing accounting estimates
A PCAOB proposal would replace existing standards on auditing accounting estimates and fair value measurements with a single standard.
Read more

Proposal: Auditor’s use of the work of specialists
The PCAOB recently proposed amendments to auditing standards for the auditor’s use of the work of specialists.
Read more

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: June 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 is likely to curtail some credits and incentives
Businesses should understand how they may be affected by the elimination of some credits and incentives and the expansion of others.

Canadian Revenue Agency issues statement on US partnership taxation
CRA representatives shed light on Canadian compliance issues related to US LLPs and LLLPs, specifically mentioning Florida and Delaware.

Exorcise your ghost assets: Stop paying unnecessary property tax
Fully-depreciated fixed assets can haunt your property taxes for years. Identify and fully dispense ghost assets to avoid excess taxation.

Nebraska sales tax leaves contractors with questions
Construction contractors must be well-versed on the state’s classifications options to avoid over or under payment of sales and use tax.

Tax consequences of mergers and acquisitions
Tax planning is vital in an acquisition. Learn six federal, state and international M&A tax considerations that may shape your transaction.

The long-term care insurance decision – a very complex one indeed
Individuals who would like to explore how to cover the cost of long-term care can set the agenda for a productive discussion with an agent.

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.

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