Navigating the New Tax Terrain: How Pillar Two Impacts Your Business
OECD launched a comprehensive initiative to modernize international tax rules, promote transparency, and create a level playing field for businesses worldwide.
OECD launched a comprehensive initiative to modernize international tax rules, promote transparency, and create a level playing field for businesses worldwide.
LIBOR ends due to rigging allegations; SOFR becomes alternative. Transition impacts companies, requiring contract updates and posing challenges in accounting and hedging. Extension granted till Dec 2024 for necessary preparations.
Contributions are critical to NPOs, and in-kind items like products and services are also valuable. However, recent concerns about the overstatement of their value have led to changes in accounting standards. The ASU 2020-07 provides more transparent and credible presentations and disclosures of nonfinancial asset contributions.
The purpose of this (ASU) 2019-12 update is to reduce complexity, minimize cost, and improve the quality of information provided to financial statement users. This update aims to ease the difficulties that business professionals often encounter when dealing with accounting for income taxes.
A new year typically brings new or updated tax laws that can have a big impact on your business. Even if you’re knee-deep in preparing for your 2021 tax year filing, it’s not too soon to start thinking about the changes that could affect your… Read More »What’s New for Business Taxes in 2022?
On December 27, 2020, a second major economic relief package was signed into law. The Consolidated Appropriations Act of 2021 (the “Act”) included Additional Coronavirus Response and Relief (“ACCR”) provisions that modified the Small Business Administration’s (“SBA”) Paycheck Protection Program. Below are the relevant changes… Read More »PPP Version 2.0: Updates on Paycheck Protection Program (“PPP”) Under the Consolidated Appropriations Act of 2021