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Income Tax Changes Coming for Select Intra-Entity Asset Transfers
Posted by Brad Jolie on Fri, Nov 18, 2016 @ 04:56 PM

Companies that exchange assets other than inventory between related parties will be facing changes to the timing of the recognition of the income tax effect of the transfer.

On October 24, 2016, the Financial Accounting Standards Board (FASB) released an accounting standards update that will require entities to recognize the income tax consequences for a non-inventory asset transfer on the date the transfer occurs. Accounting Standards Update 2016-16, Accounting for Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory will take effect for public business entities in annual periods, including interim periods within those annual periods, beginning after December 15, 2017 (i.e., 2018 calendar year). Non-public entities will adopt for annual periods beginning after December 15, 2018 (i.e., 2019 calendar year) and interim periods beginning after December 15, 2019 (i.e., 2020 calendar year).

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Topics: tax, Taxes, Income tax changes, Income Tax, Brad Jolie, Intra-Entity Asset Transfers

The Votes Are In: Introducing the New President's Tax Plan
Posted by Chrissy Hammond on Thu, Nov 10, 2016 @ 03:23 PM

Taxes may not be in the forefront of the public mind in the aftermath of the 2016 presidential election, but the outcome of November 8, 2016 could have a significant effect on taxes as we know them.

Newly elected president Donald Trump spoke about his tax plan throughout his campaign. Now that he’ll be taking the Oval Office, he has a chance to make his plans a reality. Here are 10 key provisions from Trump’s campaign tax plan that he endorses:

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Topics: Taxes, Donald Trump, Corporate Taxes, Trump, POTUS, Indivdual Taxes

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