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FASB's Proposal for Going Concern Uncertainties
Posted by Patrick Quinn on Mon, Jan 27, 2014 @ 09:05 AM

The FASB's latest proposal on going concern uncertainties introduces a new layer of accounting guidance that adds to the existing requirements set by auditing standards and SEC regulations. The proposed new guidance responds to a wave of unwelcome surprises, as scores of companies faced unexpected liquidity problems during an economic downturn that adversely affected businesses while the FASB's previous (2008) proposal was sidetracked by other priorities. The added guidance may not eliminate these kinds of surprises altogether, but it provides a more systematic approach that is designed to promote more consistency in the nature and timing of disclosures about an entity's ability to continue as a going concern.

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Topics: FASB, Patrick Quinn

Getting Into Tax Compliance with the Affordable Care Act
Posted by Bernard Kaplan on Mon, Jan 20, 2014 @ 09:16 AM

Despite a one-year delay in the effective date of the shared-responsibility provisions of the Affordable Care Act (ACA) to January 1, 2015, employers should begin planning now.

Employers providing group health coverage for employees should begin to assess their existing policies now to determine whether they comply with current ACA regulations and those to be enacted in 2015. If the policies do not comply, organizations must decide whether—and how—to redesign their plans to comply or formulate a plan of action if they choose not to comply.
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Topics: Bernard Kaplan, tax compliance, Affordable Care Act

IRS Issues Final Section 382 Regulations for Loss Corporations with Small Shareholders
Posted by Robert Kerr on Fri, Jan 17, 2014 @ 09:31 AM

The Treasury Department and IRS recently issued final regulations (T.D. 9638) under Section 382, which relate to the application of segregation rules to certain transactions involving public groups of small shareholders. These groups are comprised of shareholders who each own, directly or indirectly, less than five percent of the stock of the loss corporation.

The final regulations were published in the Federal Register on October 22, 2013 and generally follow the temporary regulations issued in 2011.

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Topics: Robert Kerr, IRS, IRS Updates

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