The Financial Accounting Standards Board released an accounting standards update Wednesday to help companies deal with the stranded income tax effects in accumulated other comprehensive income stemming from the Tax Cuts and Jobs Act.
The Financial Accounting Standards Board is moving forward with a proposed accounting standards update to reclassify the stranded tax effects from the Tax Cuts and Jobs Act of 2017, although at least one investor group has some concerns.
The Internal Revenue Service and the Treasury Department announced changes Tuesday in the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders subject to the transition tax under the Tax Cuts and Jobs Act.
The Trump administration has no formal proposal on the table for a so-called reciprocal tax on imports, according to a U.S. official who sought to clarify whether a levy that risks escalating tensions with key trading partners would be enacted.
The American Institute of CPAs is asking the Internal Revenue Service to provide relief from tax penalties to taxpayers who are required for the first time to file information returns related to Controlled Foreign Corporations.
An ex-math teacher turned Marseilles piano-bar manager who claimed links to Corsica’s underworld allegedly spearheaded a 385 million-euro ($478 million) tax scam and spent part of the proceeds on Beverly Hills real estate.
SAP SE Chief Executive Officer Bill McDermott has backed U.S. President Donald Trump’s tax plan, and revealed a $2.4 billion deal for Callidus Software Inc., its biggest acquisition in more than three years.