• FASB accounting standards offer GAAP relief for private companies

    Since May 2012, the Financial Accounting Standards Board (FASB) has been working with the Private Company Council (PCC) to determine whether alternatives to existing US Generally Accepted Accounting Principles (GAAP) standards are appropriate for private company financial statements. Two new accounting standard updates mark the first concrete steps toward providing relief from burdensome and costly requirements for private companies that need or are required to have financial statements prepared in accordance with GAAP.
  • State and local tax due diligence: What’s the exposure?

    As the owners of a company contemplate selling, the historic state and local tax filings and activities will be a focus of a sophisticated buyer. It’s important for both the buyer and the seller to take into consideration all material state and local filing positions before concluding a sale.