SAS 136: The communication of reportable findings
SAS 136 includes requirements to communicate reportable findings identified as a result of testing relevant plan provisions.
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SAS 136: The ERISA Section 103(a)(3)(C) audit election
Plan administrators should consider all implications of an ERISA Section 103(a)(3)(C) election before the election is made.
Updated practice aid: Accounting for digital assets
The AICPA Digital Assets Working Group has updated a practice aid regarding the accounting for and auditing of digital assets.
Senate Finance releases Build Back Better text
Senate Finance Committee Build Back Better language largely leaves House Bill unchanged. SALT language omitted as well as billionaires’ tax.
IRS releases guidance on Q4 removal of employee retention credit
Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
Financial institutions and the phase out of LIBOR
We have updated our white paper regarding the fundamentals of LIBOR phase out and transition for financial institutions.
Build Back Better Act – What is in and what is out?
After intense negotiations, some provisions were eliminated while others were rewritten in an effort to appease all Democratic members.
House Bill limits losses of real estate pro’s and other active losses
Proposed Excess Business Loss limits could hurt real estate pro’s, others with active losses, including cash losses.
House proposed changes – What should wealthy individuals consider?
What are the proposed tax changes affecting individual taxpayers and what should you consider today to limit your exposure to these changes?
House Ways and Means releases reconciliation tax payfors
House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.
Senator Wyden’s draft proposals target partnership tax rules
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.
Updates to SBA’s PPP loan FAQ for borrowers and lenders
We have updated two of our white papers to reflect an update in the SBA’s PPP loan FAQ for borrowers and lenders.
Strategies for streamlining the grant management process
Careful grant management planning can help organizations reduce paperwork, save time, ensure compliance and lead to increased grant awards.
IRS issues employee retention credit gross receipt exclusion procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.