Tax & Accounting Blog

U.S. Treasury and Internal Revenue Service Delay Application of Documentation Regulations under Section 385

U.S. Treasury and Internal Revenue Service Delay Application of Documentation Regulations under Section 385

U.S. Internal Revenue Code (IRC) section 385 authorizes the Secretary of the Treasury to prescribe rules to determine whether an interest in a corporation is treated for purposes of the IRC as stock or indebtedness (or as in part stock and in part indebtedness) by providing factors to be taken into account with respect … Read More

What Do Moore’s Law, Smartphones and Bacon-Wrapped Jalapeño Poppers Have in Common?

What Do Moore’s Law, Smartphones and Bacon-Wrapped Jalapeño Poppers Have in Common?

One of my favorite activities in the summer is meeting up with friends, family and neighbors over a barbeque or fish fry. Generally, I can be counted on to provide my favorite treat, bacon-wrapped stuffed jalapeño peppers (known as poppers, and seriously, they’re life-changing). My neighbor Blake has a different favorite activity that he enjoys … Read More

Improving Predictability in Logistics Costs

Improving Predictability in Logistics Costs

More and more we are seeing companies introduce themselves to the world of international trade, looking for opportunities to commercialize products outside their territories, and taking advantage of shortages or market gaps where they can capitalize. Getting into the foreign trade business can bring certain challenges, ranging from the basic language and cultural barriers, to … Read More

Poland Issues Draft Amendment on Public Disclosure of Country-by-Country Reporting Information

Poland Issues Draft Amendment on Public Disclosure of Country-by-Country Reporting Information

On June 26, 2017, Poland issued a new amendment (new article 27b) to the Corporate Income Tax Act (CITA), which would require public disclosure of tax information for large taxpayers. The information disclosed would include the taxpayer’s name and tax identification number; relevant tax year; revenue; incurred expenses; earned income or loss; and … Read More

U.S. Congress Urges FASB to Require Public Disclosure of Country-by-Country Reporting Information

U.S. Congress Urges FASB to Require Public Disclosure of Country-by-Country Reporting Information

On July 18, 2017, Members of the U.S. Congress sent a letter to the Financial Accounting Standards Board (FASB) with respect to FASB’s proposed Accounting Standards Update regarding the Disclosure Framework project on income taxes. The Disclosure Framework project is intended to improve the effectiveness of disclosures in the notes to financial statements. … Read More