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Unclaimed Property Audit Fallacies and Myths
Despite the strong economy and their fuller coffers, states across the nation continue to take an aggressive approach in administering their unclaimed property statutes. Illinois, for example, has eliminated its business-to-business exemption. And Delaware, the domicile for many U.S. companies and unquestionably the most aggressive state in this area, has once again begun issuing audit notices. Every U.S. state, the ...
Read MoreIRS Finalizes Rules for 100% Depreciation Deduction
The Internal Revenue Service and the Treasury Department released the final regulations for the new 100 percent additional first year depreciation deduction included as part of the Tax Cuts and Jobs Act, allowing businesses to write off most depreciable business assets in the year they are placed in service, along with a new set of proposed regulations on the tax break. The deduction generally applies to depreciable business assets with a ...
Read MoreIRS Updates Per Diem Rates for Lodging and Meal Expenses When Traveling
The Internal Revenue Service issued new per diem rates for business travelers to use for lodging, meals and incidental expenses, effective Oct. 1, 2019. Notice 2019-55 provides the annual update to the rates that taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. The notice also includes the special transportation industry rate, the rate for the incidental expenses ...
Read MoreFASB Proposes Relief for the Transition Away from LIBOR and Certain Other Feference Rates
The FASB proposed providing temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting in light of the expected market transition from LIBOR and other reference interest rates to alternatives, such as SOFR. Under the proposal, an entity could choose not to apply certain modification accounting requirements in US GAAP to contracts affected by what the proposal calls reference ...
Read MoreFASB Makes a Second Effort to Improve Balance Sheet Debt cCassification
After considering comments on a previous proposal for improving balance sheet debt classification, FASB issued a re-proposal on the issue. FASB is attempting to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet. The board issued its first proposal on the issue in January 2017. The initial proposal contained provisions to ...
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