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Service Organization Controls Report – Why the Decision to Get One May Add to the Bottom Line
Posted by Robert Miller on Wed, Dec 14, 2016 @ 10:10 AM

From a cost and efficiency perspective, many large user organizations are choosing to outsource functions or portions of their own service offerings to outside service organizations that specialize in performing that function or service. All signs suggest that this trend towards more outsourcing will persist and the use of service organizations will continue to increase. This has created tremendous opportunities for service organizations of all types, but it also increases user organizations’ risk and exposure.

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Topics: Service Organization Controls Report, Robert Miller, SOC Reports

Is 2017 the Year for Comprehensive Tax Reform?
Posted by David Bussius on Wed, Dec 14, 2016 @ 08:38 AM

The 2016 election has lasting ramifications for politics, but it also created a unique pathway to tax legislation. Republican presidential nominee Donald Trump took control of the White House and retained control of the House (236 seats to the Democrats’ 191) and the Senate (53-47), which could mean more coordination between the executive branch and the legislative branch than in recent years.

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Topics: David Bussius, Congress, Donald Trump, Tax Reform, 2016 election, House Republicans

Capturing the Benefits of Bonus Depreciation and the Section 179 Deduction
Posted by Bob Smith on Tue, Dec 13, 2016 @ 12:40 PM

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) created several benefits for tax planning, not the least of which was taking the uncertainty out of common tax deductions.

Several benefits that help offset the cost of improvements to tangible property had been set to expire in 2014, but the tax extension legislation renewed and in some cases enhanced the tax-saving opportunities. Among the provisions included in the PATH Act were bonus depreciation and the Section 179 expensing election. Both apply to similar types of projects and situations, but each provision has its nuances. As businesses can only take one or the other for the same asset, careful consideration is critical to maximizing their benefits.

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Topics: Bob Smith, Bonus Depreciation, Section 179, PATH Act, Protecting Americans from Tax Hikes Act of 2015

5 Considerations for Year End Tax Planning
Posted by Michael Corrente on Fri, Dec 9, 2016 @ 08:32 AM

For the first time in several years, the fate of several federal tax provisions will not be a factor in making year-end tax planning more complicated. Numerous popular provisions that had previously been left to expire each year received a permanent extension in 2015 with the passage of the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”). Others were renewed for several years.

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Topics: tax planning, Taxes, Year End Taxes

Tax Implications for U.S. Employees Working Offshore
Posted by Marc Lovell on Thu, Dec 8, 2016 @ 03:15 PM

With the strengthening U.S. economy, tax planning and reporting is on the rise for companies who have employees working outside the U.S. for an extended period of time. The typical scenario is a U.S. citizen-employee of a U.S. parent corporation who is transferred to work for a foreign subsidiary.

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Topics: tax planning, Taxes, U.S. Tax Laws, Offshore, Marc Lovell

Revenue Recognition Step 6 – Revenue Recognition and Licensing Arrangements
Posted by David Lewin on Thu, Dec 8, 2016 @ 08:03 AM

Topic 606 introduces a 5-step process for the recognition of revenue that applies to all entities that have contracts with customers within its scope. Entities that license intellectual property (licenses) through contracts with customers also apply the 5 steps but have some special considerations that are applicable to the unique nature of licenses.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, Licensing Arrangements

Understanding the Leasing Standard: Sale and Leaseback and Other Types of Lease Transactions
Posted by Larry Kaplan on Mon, Dec 5, 2016 @ 05:02 PM

The leasing standard changes unveiled with the Financial Accounting Standards Board (FASB) Accounting Standards Update No. 2016-02, Leases (Topic 842) will change the way many organizations account for their leases. In addition to modifying the lessee and lessor accounting models, the new standard also introduces changes to the accounting model for sale-leaseback transactions, as well as other leasing concepts. Organizations with leasing arrangements should take note of how the changes will affect their lease accounting processes.

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Topics: Larry Kaplan, lease accounting changes, Lease Standards, Leasing, Leaseback Accounting, leasing standard

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