- Since the Tax Cuts and Jobs Act was passed, many state and local officials, as well as commentators, have suggested prepaying such taxes by year-end to obtain a federal deduction prior to the limitation becoming effective.
- The IASB is mulling changes to the test for determining if goodwill has dropped in value. The board has yet to determine what changes it will make, but at its most recent meeting it ruled out reverting to the old standard allowed companies to amortize goodwill.
- The FASB plans to release in February a proposal to add a fifth benchmark interest rate to the acceptable rates for hedge accounting. The proposed benchmark rate is being considered by the Federal Reserve as an alternative to the London Interbank Offered Rate (LIBOR), which was tarnished by the 2012 rate-rigging scandal.
- The Tax Cuts and Jobs Act will have implications for the preservation and rehabilitation of our existing buildings across the country.
- The final Republican tax bill repealed the Affordable Care Act’s (ACA) individual mandate, further weakening the ACA.
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