News & Analysis as of

Audits Controlled Foreign Corporations

Schwabe, Williamson & Wyatt PC

Application of Single Audit Act to ANCs and Extension of Single Audit Deadline

On July 5, 2022, the U.S. Department of Treasury issued updated guidance that confirmed that Alaska Native Corporations are subject to the requirements of the Single Audit Act and its implementing regulations...more

Eversheds Sutherland (US) LLP

Rev. Proc. 2021-26 provides accounting method change procedures for CFCs seeking to use the alternative depreciation system

Recently released Revenue Procedure 2021-26 (the Revenue Procedure) provides taxpayers with guidance regarding accounting method changes made on behalf of foreign corporations. The Revenue Procedure: ..Allows controlled...more

Eversheds Sutherland (US) LLP

Congress passes bipartisan legislation requiring Chinese and other firms listed on US exchanges to meet US audit standards

In near lightning speed, Congress now has passed, and the President is expected to imminently sign into law, the Holding Foreign Companies Accountable Act (HFCAA), a bipartisan piece of legislation that, while applicable more...more

Chambliss, Bahner & Stophel, P.C.

Five Important Tax Highlights from 2018

2018 was a very active year for tax developments. The big story was the application of the substantial reforms of the Tax Cuts and Jobs Act of 2017, which took initial effect in 2018. But there were several other developments...more

Alston & Bird

Proposed Tax Regulations Address International Aspects of the New Partnership Audit Regime

Alston & Bird on

We are about to witness an almost unprecedented centralized partnership audit regime that takes full effect for taxable years starting on or after January 1, 2018, as adopted in late 2015 by Section 1101 of the Bipartisan...more

McDermott Will & Emery

Focus on Tax Controversy - Spring 2015

McDermott Will & Emery on

In This Issue: - Fifth Circuit Ruling in BMC Software, Inc. v. Comm’r. Is Good News for Taxpayers - When Is a Second Inspection Not a Second Inspection? - Captive Insurance Litigation: Key 2014 Cases ...more

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