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If you answered “yes” to any of these questions, the final Tangible Property Regulations that were issued by the IRS on September 13, 2013 will apply to you and/or your business.  We have shared the ongoing development of these rules with our readers in previous BNN Briefing articles, most recently summarized in a September 2013 Tax Advisory.

The Defense of Marriage Act (“DOMA”) was passed into law in 1996. In 2013, the U.S. Supreme Court struck down Section 3 of the law which prevented the federal government from recognizing any marriage between same-sex couples for the purpose of federal laws or programs, even if the couple was considered legally married under the laws of their home state.

Over the last few years, we’ve seen more and more companies realizing the importance of risk management. However, most of the time, it is only in the areas of regulatory and financial risks. But when it comes to business, companies need to work to prevent losing valuable time and money.

On Monday, December 2 (ironically – “Cyber Monday”), the U.S. Supreme Court decided not to hear the sales tax case filed by Amazon.com.  The Court’s decision allows New York to continue taxing internet sales made by retailers that do not have a business location or employees in the State, but do make internet sales resulting from referral agreements with in-state residents (known as “click through nexus”).  The decision will encourage states like Maine that have enacted similar laws, and may lead other states to follow suit.

In July 2010, the Financial Accounting Standards Board (FASB) issued new guidance requiring significant additional financial statement disclosures relating to the credit quality of financing receivables and the allowance for credit losses.

The federal financial institution regulatory agencies issued Financial Institution Letter (FIL) 50-2013 on October 24, 2013 related to troubled debt restructuring loans (TDRs) and impaired loans. While the letter doesn’t substantively change any current guidance or rules, there are several clarifications which are worth noting.

A joint project of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), the new revenue recognition standard aims to “both improve and substantially converge guidance on how revenue is recognized in financial statements.” At the November 2013 FASB meeting, it was voted to move forward with preparation on the standard, which is expected to be issued during the first quarter of 2014. The project just passed the “technical discussion” phase, and now the FASB will begin preparation of the ballot draft of the standard.