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1. Are You Prepared for a New Tax on Net Investment Income?
Field of Study: Taxes
2. Little GAAP: On the Threshold of Simplified Accounting
Field of Study: Accounting
3. More M&A = More DueDiligence
Field of Study: Auditing
4. Repairs vs. Improvements: FinalIRS Regulations
Field of Study: Taxes
There's a lot for your clients to know, and for you to explain, when it comes to the new tax on net investment income, which takes effect this year. On our opening segment, Tim Barry, a principal in the firm of Blum Shapiro, outlines how you can start planning now to minimize the impact, as well as the agony, of this new 3.8% tax.
The Private Company Council recently approved its first-ever GAAP modifications for private companies, and is forwarding them to the FASB for final endorsement. In our next segment, Loscalzo Associates' John Fleming explains the significance - both to you and to your clients - of these likely exceptions to GAAP for private companies.
Recent surveys predict a sharp uptick for corporate mergers and acquisitions for the remainder of this year, based on healthy cash balances and pent-up demand. Marks Paneth LLP's David Greenberg and Ashleigh Wessing explain why it's necessary, for due diligence purposes, to inquire into all relevant aspects of the past, present, and predictable future of the business your client may be purchasing.
Just last month, the IRS issued the final, and long-awaited, tangible property regulations that affect virtually all your clients - or, at least, those that acquire, maintain, improve or replace tangible property. Eric Lucas, a principal in KPMG's Washington national tax practice, tells us if these rules finally resolve the "capitalization versus expense" conundrum that has befuddled tax advisers for years.
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