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The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.
Source: Tax News
Read More here – GILTI rules address income subject to high foreign tax rate
The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.
Source: JOA News
Read More here – GILTI rules address income subject to high foreign tax rate
In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.
Source: JOA News
Read More here – AICPA urges Congress to act on PPP issues, other topics in pandemic legislation
The Institute of Internal Auditors issued a major update to the Three Lines of Defense model that has been popular in risk management and governance processes for years.
Source: JOA News
Read More here – Three Lines Model for risk management gets major update
Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.
Source: JOA News
Read More here – New AICPA tool automates PPP loan forgiveness process
The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
Source: JOA News
Read More here – Fed expands Main Street Lending Program to more not-for-profits
The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
Source: Tax News
Read More here – IRS updates annual Dirty Dozen tax schemes for 2020
The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
Source: JOA News
Read More here – IRS updates annual Dirty Dozen tax schemes for 2020
The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.
Source: JOA News
Read More here – The 10 elements of financial statements, according to FASB
The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.
Source: Tax News
Read More here – IRS reinstates PTIN user fees
