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Amended Sec. 965 May Provide a Sec. 382 Benefit: Deemed Repatriation and RBIG

The legislation known as the Tax Cuts and Jobs Act of 2017 (TCJA), P.L. 115-97, imposes a "toll charge" on the mandatory deemed repatriation of certain deferred foreign earnings. As part of the transition to a territorial tax system, amended Sec. 965 uses the mechanics of the current Subpart F provisions to impose a one-time toll tax on the undistributed, non-previously taxed, post-1986 foreign earnings and ...

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With SEC Vote, More Companies Qualify for Scaled Disclosure

The Securities and Exchange Commission on Thursday voted to change the definition of “smaller reporting company” in an effort to expand the number of companies that qualify for scaled disclosure accommodations. To read the full article in Journal of Accountancy, click: With SEC Vote, More Companies Qualify for Scaled Disclosure. ...

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Empowering the Human Element in Automation

At Flint Hills Resources, robotic process automation is supercharging, not eliminating, finance professionals.  The Koch Industries subsidiary shows us how. To read the full article in Financial Management, click: Empowering the Human Element in Automation. ...

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Alternative Ways to Structure Your Accounting Practice

As the case for an alternative business model for accounting firms becomes more compelling, traditional partnership arrangements in public practices are being challenged. To read the full article in In The Black, click: Alternative Ways to Structure Your Accounting Practice. ...

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Draft 2019 Form W-4 and Instructions Posted

The IRS issued a draft version of the 2019 Form W-4, Employee’s Withholding Allowance Certificate, and instructions for the form, in an attempt to further simplify the task of determining income tax withholding for individual taxpayers after the passage of P.L. 115-97, known as the Tax Cuts and Jobs Act of 2017 (TCJA). The TCJA eliminated personal exemptions, increased the standard deduction, increased the ...

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SEC Accuses Advisor of $5M Ponzi Scheme

The SEC has charged an advisor and his wholly-owned RIA firm with operating a nearly $5-million Ponzi scheme that defrauded scores of investors over almost a decade, according to the regulator’s complaint filed in federal court. To read the full article in Financial Planning, click: SEC Accuses Advisor of $5M Ponzi Scheme. ...

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Strategies for Quality Work in Single Audits

Like many members of the CPA profession, single audit practitioners will be managing a change process while maintaining an intense focus on quality. To read the full article in Journal of Accountancy, click: Strategies for Quality Work in Single Audits. ...

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OECD Publishes 77 Comments on Transfer Pricing Guidelines for Intra-Group Services, Dispute Resolution

Writing on behalf of BIAC, Will Morris said that many MNEs that have centralized intra-group services centers expend significant sums supporting audits for intra-group payments. He said the goal for this project should be to create clear, simplified, rules and safe harbors, where possible. Existing guidance should be clarified, not expanded, he said. To read the full article in MNE Tax, click: OECD Publishe ...

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FP&A Meets Artificial Intelligence

One purpose of artificial intelligence (AI) is to capture, manage, and analyze amounts of data too large for less advanced technology to handle, and to produce insights faster and more accurately than people can. While AI promises to help businesses prepare better for potential opportunities and risks, the technology presents a challenge for management accountants in financial planning and analysis (FP& ...

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Add Value to Audits with Client-Focused Analytics

Accounting services are rapidly becoming commoditized, and when clients don’t perceive a clear difference between service providers, they may choose the least expensive option. This is especially true for audit services, where clients—as well as auditors themselves—may see little difference between the work of competing firms. To read the full article in Journal of Accountancy, click: Add Value to Audits wi ...

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Failure to Abandon U.S. Residency Leads to Tax Liability

People planning to expatriate can do a number of things to avoid this result.  German citizen's failure to establish that he was a resident of Germany meant that he was a "covered expatriate" for Sec. 877A purposes and therefore liable for tax on stock sale gains that would otherwise have been exempt under the United States–Germany tax treaty. To read the full article in The Tax Advisor, click: Failure to A ...

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How to Speak up More at Work

Assertiveness can help improve your productivity and career opportunities.  No one can hear your idea if you're only thinking it.  Many people are content to stay in a comfortably passive nest in the workplace, rather than assert themselves.  But even reserved people have good reason to speak up, for both themselves and the companies they work for. To read the full article in the Journal of Accountancy, cli ...

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The Supreme Court Reaffirms the Reach and Force of the Federal Arbitration Act, This Time in Employment Cases

On May 21, 2018, the Supreme Court issued its long-awaited decision in the consolidated cases Epic Systems Corp. v. Lewis, No. 16-285; Ernst & Young LLP v. Morris, No. 16-300; and NLRB v. Murphy Oil USA, No. 16-307.  In a 5–4 opinion by Justice Gorsuch, the Court held that courts must enforce arbitration agreements requiring employees to bring employment-related claims in individualized arbitration proc ...

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Construction Price Escalations: How Not to Be Left Holding the Bag

In March, the federal government imposed a twenty-five percent tariff on imported steel and a ten percent tax on imported aluminum.  The resulting increased costs will likely be passed on to the construction industry.  General contractors typically increase their bid price to account for anticipated cost escalations.  For those projects already under contract, however, the pending increases pose a dire thre ...

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Congress Upends CFPB’s Indirect Auto Lending Guidance, Spares Payday Lending Rule

On May 21, 2018, President Trump signed into law a resolution disapproving the Consumer Financial Protection Bureau’s (CFPB) guidance on Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.  In that Guidance, the CFPB expressed the view that certain indirect auto lenders—that is, lenders that coordinate with dealerships to provide auto loans to consumers—are subject to the Equal Credi ...

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Draft 2019 Form W-4 and Instructions Posted

The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019. To read the full article in The Tax Adviser, click: Draft 2019 Form W-4 and Instructions Posted. ...

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Sec. 965 Transition Tax Penalty Relief Issued

The IRS announced relief from late-payment penalties and that it will allow late elections for taxpayers subject to the new Sec. 965 transition tax on deemed repatriated foreign earnings. To read the full article in The Tax Adviser, click: Sec. 965 Transition Tax Penalty Relief Issued. ...

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Is Diversity the Key to the Succession Plan Challenge?

Some wealth management firms are finding that solutions to two of the industry’s big stumbling blocks—succession planning and diversity—may be intertwined.  Indeed, a link between the two emerged when firms began to diversify their advisor staffs, according to executives. To read the full article in FinancialPlanning, click: Is Diversity the Key to the Succession Plan Challenge? ...

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