- On Jan. 24, 2014, the IRS issued Revenue Procedure 2014-16, which allows banks to automatically change their accounting method from capitalizing to currently deducting certain costs of acquiring and holding other real estate owned (OREO).
- The Internal Revenue Service Office of Chief Counsel recently issued a chief counsel advice (CCA) memorandum, updating a previous memo on biodiesel blender excise credits.
- If you have incurred costs with respect to the development of a waste treatment facility before the end of 2013 or engaged or contracted for any on-site construction, evaluate your project’s status as it may pertain to investment tax credit eligibility.
- The AICPA recently issued an update to the Trust Services Principles impacting SOC 2.
- Recent ruling affects how Illinois businesses allocate local sales tax.
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