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Are You GILTI of Not Paying Enough Tax on Global Income?

The 2017 Tax Cuts and Jobs Act (TCJA) created a new framework for international taxes, including the concept of global intangible low-taxed income (GILTI), that affects U.S. taxpayers who own stock in foreign corporations, either directly or through domestic partnerships.

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FASB Considers Changing Acquired Goodwill Accounting

Goodwill is an acquired intangible asset which, if it decreases in value, can affect earnings. Currently, the Financial Accounting Standards Board (FASB) is considering whether to alter the subsequent public company accounting of goodwill and other acquired intangible assets, as well as soliciting…

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PCI and the Tale of Alphabet Soup

If you are asked by your payment card processor to complete an SAQ, you may think, “SA what?” (It’s a “self-assessment questionnaire.”) Even worse, your processor may inform you that, unless you complete an SAQ by year end, you’ll be charged thousands of dollars in penalties for every month you…

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How Experts Use Data Analysis to Detect Fraud

Data analytics is changing the way many businesses operate. It’s also changing how forensic accountants do their jobs, providing fraud experts with the means to mine massive mounds of data like never before.

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Health Care Fraud Still Stings Americans

Even if you haven’t heard much about it lately, know this: Health care fraud is alive and well in the United States. Here’s a roundup of recent stats, law enforcement initiatives, common fraud schemes and how you can help prevent these crimes.

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The Tax Implications of a Company Car

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even…

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The New Lease Accounting Rules Are Here, Are You Ready?

Operating leases will move onto the balance sheet with the new lease accounting rules implementation. At the beginning of this year, public companies started using Accounting Standards Update No. 2016-02, Leases. Private companies must apply the updated guidance for fiscal years beginning after…

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Should You Elect S Corporation Status?

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses…

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