• Deadlines approaching for Foreign Account Tax Compliance Act registration

    The Foreign Account Tax Compliance Act (FATCA) mandates information reporting and withholding provisions to ensure that US persons (citizens, residents, and entities created or organized in the US or under the laws of the US) invested in or with non-US entities are identified with the US Internal Revenue Service (IRS). Foreign financial institutions (FFIs) must register with the IRS and comply with investor due diligence and verification procedures to identify US account holders.
  • 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.