In an era of globalization and continued growth of international trade, inter-company pricing has become an everyday necessity for many businesses. But why has transfer pricing become such a hot tax issue?
On August 2, 2016, the U.S. Department of the Treasury released proposed regulations under Code Sections 2701 and 2704. The proposals would reduce the availability of certain discounts used in valuing assets for wealth transfer tax purposes. The intra-family transfer of closely held business interests are for estate, gift, and generation-skipping transfer (GST) tax purposes often valued by the taxpayer at an amount lower than full fair market value.
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) referred to in our Issues of Interest published on Monday. The ASU requires timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations.
The Affordable Care Act Section 6101 has directed the Centers for Medicare and Medicaid Services to roll out the submission of “Payroll Based Journals” for Skilled Nursing Facilities and Nursing Facilities effective July 1, 2016.
Tax legislation that makes New Hampshire’s so-called “step-up” tax elective and increases the amount deductible under Section 179 of the Internal Revenue Code (IRC) has been approved by the New Hampshire Legislature. Senate Bill 239, relative to application of the IRC to provisions of the business profits tax, and Senate Bill 342, relative to the sale or exchange of an interest in a business organization under the business profits tax, were passed by the New Hampshire House of Representatives and Senate on June 1. Both bills are headed to the Governor’s office for Governor Hassan’s expected signature in the coming weeks.
The United States life expectancy has increased drastically over the last 100 years. Living longer comes with a myriad of benefits, but it also means handling the physical and health difficulties that accompany an extended period of aging. Many Americans—particularly the baby boomer generation—are reaching retirement and beyond, only to realize they are in need of long-term care.
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, “Leases (Topic 842).” The accounting guidance applied by a lessor (generally the owner) is largely unchanged from that applied under previous generally accepted accounting principles (GAAP). The following summary applies mainly to the lessee.