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Trump Administration and Republican Leadership Release Tax Reform Plan
Posted by Chrissy Hammond on Thu, Sep 28, 2017 @ 12:16 PM

President Trump, working with a group of six administration officials and Republican leaders from Congress (the “Big Six”), announced a 9-page framework for tax cuts on September 27 (the “Framework”), marking the most significant development since the administration’s unveiling of its tax reform outline April 26. Accompanied by a speech in Indiana from President Trump, the Framework capitalizes on many ideas previously endorsed in the President’s Tax Outline and in the House Republican Blueprint. The Framework will still require tremendous work by the Congressional tax writing committees to flesh out the concepts, but it gives us the latest thinking on where tax reform may go.

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Topics: tax planning, Taxes, Corporate Taxes, Indivdual Taxes, Tax Reform, Tax Plan, Trump Tax Plan, tax updates, tax framework, international tax

Massachusetts Passes New Internet Sales Tax Requirements
Posted by Tarra Curran on Wed, Sep 27, 2017 @ 06:26 PM

Massachusetts recently updated its sales and use tax requirements for vendors making online sales. Rules in 830 CMR 64H.1.7 clarifies which out-of-state businesses would be required to register, collect and remit state sales or use tax for their online sales to state residents. The state issued the changes in part to keep up with the changing retail landscape, which increasingly involves online transactions from businesses without brick-and-mortar locations within the state.

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Topics: Tarra Curran, Massachusetts, Taxes, nexus, tax nexus, Out-of-State Taxes

Cybersecurity Check-In: 6 Questions Boards of Directors Should Ask About Cybersecurity
Posted by Ray Gandy on Fri, Sep 22, 2017 @ 08:21 AM

Protecting information technology systems is rapidly becoming a top concern for business owners, C suite executives and boards of directors. Whether a small, middle, or large company—the size of your organization doesn’t affect your threat risk. One report of data breach incidents found that 61 percent of data breach victims in 2016 were businesses with fewer than 1,000 employees.

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Topics: cybersecurity, cyber risks, cyber attacks, Ray Gandy, cyber security, data breach, IT Security, IT Risk

Testing for Goodwill Impairment Just Got Easier for Everyone
Posted by Robert Miller on Thu, Sep 21, 2017 @ 01:58 PM

All entities—not just private companies—will soon have a streamlined process for testing for goodwill impairment. The Financial Accounting Standards Board (FASB) recently released Accounting Standards Update 2017-04, Intangibles—Goodwill and Other (Topic 350)-Simplifying the Test for Goodwill Impairment (ASU 2017-04).

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Topics: goodwill, Tests for Impairment of Goodwill, goodwill impairment, FASB, Robert Miller, Testing for Goodwill

Full Disclosure: A Guide to Revenue Recognition Disclosures under ASC Topic 606
Posted by David Lewin on Wed, Sep 20, 2017 @ 08:17 AM

Revenue recognition under ASC Topic 606 includes new and extensive disclosure requirements that will significantly impact revenue-generating companies, whether publicly traded or privately held.

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, ASC Topic 606

Tax Policy's Role in Health Care Costs
Posted by Eric Strawder on Tue, Sep 19, 2017 @ 11:24 AM

A major discussion point during the multiple attempts to repeal and replace the Affordable Care Act (ACA) was that health insurance premiums are rising too quickly, jeopardizing their affordability by many Americans. However, premiums are only one component of health care costs and a singular focus on them can be misleading in the overall health care discussion. The costs of medical expenses not covered by insurance (e.g., deductibles) and the costs of prescription medication are also important cost components of health care. But all of these items have one common thread: they represent indirect measures of the increasing cost of medical care. Once the focus is turned directly to the cost of medical services, two questions arise for those interested in tax policy. Does tax policy affect the cost of care, and can tax policy be used to decrease that cost?

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Topics: Tax Policy, Health care costs, Eric Strawder

Proposed Centralized Partnership Audit Regs Finally Released; Few Changes
Posted by Chrissy Hammond on Wed, Sep 6, 2017 @ 04:25 PM

The much-anticipated proposed regulations implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA ( Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning for 2018 tax year audits, with an earlier "opt-in" for electing partnerships. Originally issued on January 19, 2017 but delayed by a January 20, 2017 White House regulatory freeze, the re-proposed regs carry with them much of the same criticism leveled against them back in January, as well as several minor modifications

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Topics: Taxes, Audit Regulations, Partnership Audit Rules, Partnership Audit Regulations

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