News & Analysis as of

Income Taxes › Accounting

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
White and Williams LLP

Virtual Currency Ventures: Navigating Tax and Accounting Waters for Success

White and Williams LLP on

Step into the fascinating world of virtual currencies, where digital marvels like Bitcoin and Dogecoin, have captured the attention of adventurers and investors alike. As you venture into this dynamic realm, it's important to...more

Skadden, Arps, Slate, Meagher & Flom LLP

IRS Makes Permanent Its Fast-Track Corporate Private Letter Rulings

Skadden, Arps, Slate, Meagher & Flom LLP on

On July 26, 2023, the Internal Revenue Service (IRS) Chief Counsel’s Office announced that it would make permanent its pilot program of issuing “fast-track” private letter rulings for requests solely or primarily under the...more

Miller Canfield

Pending Legislation Would Recover Tax Paid by New Car Dealers

Miller Canfield on

Key Takeaways - ..New motor vehicle dealers should consider including a tax-saving contingency in their cash plans for pending federal income tax legislation affecting inventory accounting. ..If enacted, dealers using...more

Tucker Arensberg, P.C.

Pennsylvania Personal Income Tax Will Follow Federal Rules for Like Kind Exchanges under Internal Revenue Code Section 1031 for...

Tucker Arensberg, P.C. on

The accounting rules for the Pennsylvania Personal Income Tax do not follow the Federal Tax Code. Instead, they follow generally accepted accounting principles....more

Holland & Knight LLP

En Colombia la contabilidad es prueba válida salvo que sea desvirtuada por las Autoridades

Holland & Knight LLP on

En Sentencia de 30 de junio de 2022 (#25997) en Colombia, la Sección Cuarta del Consejo de Estado reiteró que el artículo 772 ET establece la contabilidad "llevada en debida forma" como prueba a favor del contribuyente y que...more

McDermott Will & Emery

Contracting in Anticipation of Tax Reform—Can a Tax Transaction Really Be Rescinded?

McDermott Will & Emery on

Tax reform is on the horizon. It’s in the press every day, but until US Congress can get together and make a final decision, it’s all conjecture. So what can taxpayers do to prepare for the inevitable? One idea is to enter...more

Freeman Law

What is a Kovel Accountant? A Deep Dive.

Freeman Law on

Kovel Agreement - The Internal Revenue Service (IRS) has broad statutory authority to investigate and audit taxpayers. In many cases, the IRS attempts to fulfill this statutory authority through seeking communications made...more

Foley & Lardner LLP

Introduction to Family Offices

Foley & Lardner LLP on

Each family office we work with is unique to the situation and needs of the family it serves. The key to success is identifying the right business and tax objectives—we take a very client specific approach. In working with...more

Seyfarth Shaw LLP

An Electing Real Property Trade or Business can Revoke its Election on Account of the Change to Qualified Improvement Property...

Seyfarth Shaw LLP on

On April 10, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-22 (the “Revenue Procedure”), which (1) permits an “electing real property trade or business” that elected not to be subject to the...more

Schwabe, Williamson & Wyatt PC

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Transportation, Ports and Maritime Industry?

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The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Schwabe, Williamson & Wyatt PC

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Technology Industry?

Schwabe, Williamson & Wyatt PC on

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Alston & Bird

SEC Staff Provides Guidance on the Tax Accounting Implications of the Tax Cuts and Jobs Act

Alston & Bird on

Our Securities Group analyzes the Securities and Exchange Commission’s new staff guidance on the accounting impacts U.S. tax reform will have on publicly traded companies and their financial statement disclosures. ...more

Schwabe, Williamson & Wyatt PC

Summary of Tax Cuts and Jobs Act

Schwabe, Williamson & Wyatt PC on

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Stinson - Corporate & Securities Law Blog

SEC Guidance on Accounting for the Tax Cuts and Jobs Act and Form 8-K Obligations

Stinson - Corporate & Securities Law Blog on

As Christmas Eve approached with vacations and holiday shopping in full swing, President Trump signed the Tax Cut and Jobs Act and the SEC promptly issued guidance to public companies on related accounting matters. Perhaps...more

Parker Poe Adams & Bernstein LLP

FASB Improves Employee Share-Based Payment Accounting

Parker Poe Adams & Bernstein LLP on

As part of an ongoing Simplification Initiative, the Financial Accounting Standards Board (the “Board”) recently issued an Update to Accounting Standards Codification (ASC) Topic 718, which deals with stock-based...more

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