- Examples of how the Section 1248 rules apply in the context of distributions by a CFC
- On June 26, the Supreme Court issued a landmark decision in United States v. Windsor, ruling that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional.
- Currently, there is no guidance in US GAAP about management’s responsibilities for evaluating or disclosing going concern uncertainties. There is also no guidance in US GAAP about when and how going concern uncertainties should be disclosed in an entity’s financial statement footnotes.
- Proposed amendments to certain PCAOB auditing standards regarding significant unusual transactions and other proposed amendments to PCAOB auditing standards. On May 7, 2013 the Public Company Accounting Oversight Board (PCAOB) reproposed the Proposed Auditing Standard – Related Parties; Proposed Amendments to Certain PCAOB Auditing Standards Regarding Significant Unusual Transactions; and Other Proposed Amendments to PCAOB Auditing Standards.
- US multi-national corporations doing business in foreign countries (and foreign based multi-national corporations doing business inside the US or foreign countries other than their own) are typically subject to the domestic tax laws of the countries where they engaged in business activities.
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