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Accounting Firms

Deferred tax liabilities and assets classified as noncurrent in update to U.S. GAAP

Deferred tax liabilities and assets classified as noncurrent in update to U.S. GAAP

The FASB published an update to U.S. GAAP that requires businesses to classify deferred tax liabilities and assets on their balance sheets as noncurrent. Under existing accounting, a business must separate deferred income tax liabilities and assets into current and noncurrent, which critics told the board was a costly exercise that yielded little benefit to […]

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House Subcommittee examines potential impact of BEPS project on U.S. companies

House Subcommittee examines potential impact of BEPS project on U.S. companies

House Ways and Means Committee press release, “Chairman Boustany Opening Statement: Examining the OECD Base Erosion and Profit Shifting (BEPS) Project” (Dec. 1, 2015). Written testimony of Robert Stack, Deputy Assistant Secretary for International Tax Affairs, U.S. Department of the Treasury. Written testimony of Barbara Angus, Principal, Ernst & Young. Written testimony of Gary Sprague, […]

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Exxon withholds tax data from global transparency group

Exxon withholds tax data from global transparency group

WASHINGTON (Reuters) – Exxon Mobil Corp has not shared information about its U.S. taxes with a global transparency effort that the company has endorsed and that President Barack Obama has backed, the project’s organizers said on Wednesday. Exxon was one of several energy companies that failed to share U.S.-specific tax information for a report released […]

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Sharing CPA’s tax memos with lender didn’t waive practitioner-client privilege

Sharing CPA’s tax memos with lender didn’t waive practitioner-client privilege

Schaeffler, (CA 2 11/10/2015) 116 AFTR 2d ¶ 2015-5407 The Court of Appeals for the Second Circuit, vacating and remanding a district court decision, has held that where a financially troubled corporate group shared memos prepared by its CPA on a potential restructuring and refinancing plan, with its major lender, the group didn’t waive practitioner-client […]

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Proposal Offers Clarification of Definition of a Business for U.S. GAAP

Proposal Offers Clarification of Definition of a Business for U.S. GAAP

A FASB proposal offers a clarification of the definition of a business by adding guidance to help determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The accounting board said it has received complaints that the current definition of a business is applied too broadly and requires many transactions […]

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Proposal Calls for Information on Government Tax Breaks, Other Incentives

Proposal Calls for Information on Government Tax Breaks, Other Incentives

The FASB has released a proposal aiming to give investors, analysts, and taxpayers a better idea of the types of economic incentives companies receive from all levels of government. The plan calls for new footnote disclosures describing the nature of the assistance, the significant terms and conditions, and how the assistance affects line items in […]

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Circuit court reverses; AICPA has standing to challenge IRS return preparer program

Circuit court reverses; AICPA has standing to challenge IRS return preparer program

American Institute of Certified Public Accountants v. IRS, (CA DC 10/30/2015) 116 AFTR 2d ¶ 2015-5377 The Court of Appeals for the District Columbia, reversing a district court’s holding, has held that the American Institute of Certified Public Accountants (AICPA) has standing to challenge IRS’s Annual Filing Season Program (AFSP), i.e., the program under which […]

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IBM says SEC investigating company’s accounts

IBM says SEC investigating company’s accounts

(Reuters) – International Business Machines Corp said the U.S. Securities and Exchange Commission was investigating the company’s accounts. The investigation relates to revenue recognition with respect to certain deals in the United States, Britain and Ireland, IBM said on Tuesday. The company said it learned of the investigation in August and was cooperating with the SEC, […]

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EU rules Starbucks, Fiat tax deals illegal, rocking system

EU rules Starbucks, Fiat tax deals illegal, rocking system

BRUSSELS (Reuters) – The European Commission ruled on Wednesday that Starbucks Corp and Fiat Chrysler Automobiles NV benefited from illegal tax deals with the Dutch and Luxembourg authorities, dealing a heavy blow to profit-shielding arrangements used by many multinationals. Antitrust commissioner Margrethe Vestager said all firms must pay a “fair share” and ordered the Netherlands […]

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G20 finance ministers endorse final BEPS package for international tax reform

G20 finance ministers endorse final BEPS package for international tax reform

U.S. Treasury Secretary Jacob Lew has recently announced that the G20 finance ministers have formally endorsed the deliverables from the G20/Organization for Economic Co-operation and Development’s (OECD’s) base erosion and profit shifting (BEPS) project, which the OECD released earlier the week before. “We are already engaged in the process of BEPS implementation, including country by […]

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Leading economies agree plan to fight corporate tax avoidance

Leading economies agree plan to fight corporate tax avoidance

LIMA (Reuters) – The Group of 20 major economies have endorsed a package of measures to tackle corporate tax avoidance, but questions remain about whether countries will follow through on the plans or leave loopholes multinationals can exploit. G20 finance ministers agreed to back proposals drawn up by the Organisation for Economic Co-operation and Development […]

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UBS charged with disclosure violations in sales of structured notes

UBS charged with disclosure violations in sales of structured notes

UBS AG will pay $19.5 million to settle an SEC complaint that it misled investors in its sales of structured notes, marking the first such charges to be brought by the commission. The Swiss bank is one of the largest issuers of structured notes, which are hybrid financial products that include both a debt security […]

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New global tax proposals target corporate tax dodging

New global tax proposals target corporate tax dodging

LONDON (Reuters) – The body that advises industrial nations on economic policy published proposals on Monday to overhaul the way international companies are taxed in an effort to tackle avoidance. Tight government finances and media reports on the tax structuring used by companies including Starbucks and Google have spurred significant public anger in Europe and […]

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Proposed regs require hospital & physician coverage to satisfy minimum value requirement

Proposed regs require hospital & physician coverage to satisfy minimum value requirement

Preamble to Prop Reg 08/31/2015; Prop Reg § 1.36B-6 As previewed in a Notice issued in November of 2014, IRS has partially withdrawn a portion of earlier proposed regs on the health insurance premium tax credit under Code Sec. 36B and issued new proposed regs under which an employer-sponsored health plan would provide minimum value […]

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Fair value disclosures may have to cover doubts about some measurements

Fair value disclosures may have to cover doubts about some measurements

As part of its review of existing fair value measurement disclosures, the FASB is considering requiring businesses to disclose more information about the uncertainties they have when they measure some hard-to-value assets. The board wants to give investors and analysts a clearer picture of the estimates and assumptions that produce the values. The FASB is […]

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EITF proposals on hedge accounting, employee benefit plans approved as final amendments to U.S. GAAP

EITF proposals on hedge accounting, employee benefit plans approved as final amendments to U.S. GAAP

The FASB affirmed two proposals from its Emerging Issues Task Force (EITF) and agreed to publish them as final updates to U.S. GAAP.The first amendment allows some specialized contracts for delivering electricity to qualify for an exception to hedge accounting.The second provides a simplified method for measuring employee benefit plans. The FASB on July 9, […]

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Disclosure Rule For Audit Firm Tenure May Resurface In Audit Committee Reports

Disclosure Rule For Audit Firm Tenure May Resurface In Audit Committee Reports

The PCAOB wants to provide investors information about how long an audit firm has served a particular client, but it’s not clear how much support the regulatory board can gain for issuing a final rule. Audit firms and companies believe the information should be in a proxy statement’s audit committee report, which is part of […]

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Amendments Planned For Revenue Standards’ Guidance On Licenses, Royalties

Amendments Planned For Revenue Standards’ Guidance On Licenses, Royalties

The FASB and IASB agreed to clarify some parts of their revenue recognition standards that have raised persistent questions. The boards plan draft separate proposals for public comment on accounting for licenses of intellectual property, royalties, and how to separate different performances in a contract with a customer. The FASB and IASB said they will […]

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Principal versus agent guidance in revenue standards to be clarified

Principal versus agent guidance in revenue standards to be clarified

The FASB and IASB are poised to change their sweeping revenue recognition standards to clarify instances where it is unclear when a partner in a business transaction is a primary supplier of a good or service as opposed to an agent that arranges a sale and receives a smaller portion of the transaction price. The […]

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Court says reportable transaction reg is irrelevant to applying statute of limitations

Court says reportable transaction reg is irrelevant to applying statute of limitations

May, (DC AZ 6/15/2015) 115 AFTR 2d ¶ 2015-827 A district court has criticized portions of Reg. § 1.6011-4, the reg requiring disclosure of reportable transactions, as being tautological, and has said they are irrelevant to whether the statute of limitations (SOL) for assessing the listed transaction penalty applies. It also found that the taxpayer’s […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney