New edition: Accounting for debt modifications and restructurings
We have published a new edition of our guide regarding the accounting for debt modifications, restructurings and exchanges.
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FASB to propose goodwill impairment triggering event alternative
The FASB will propose an ASU that would provide a goodwill impairment triggering event alternative for certain entities.
Policy snapshot: Real estate
Based on Biden’s campaign platform, long-term capital gains, currently taxed at 20%, would be taxed at ordinary income rates.
Policy snapshot: Manufacturing
We expect Biden to be more supportive of free trade, even though Biden’s “Buy American” proposal does reflect protectionism.
Policy snapshot: Health care
Biden will want to strengthen and expand the Affordable Care Act; however, he could face Senate opposition.
IRS issues additional PPP deductibility guidance with safe harbor
IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.
Policy snapshot: Private equity
It remains to be seen whether the transition to the Biden administration will have a significant impact on the private equity industry.
Policy snapshot: Energy
Companies should assess Biden's pledge to invest $1.7 trillion over the next 10 years toward the goal of achieving 100% clean energy.
Audit committee resource: Auditing estimates and use of specialists
A PCAOB resource provides information for audit committees about new requirements for auditing estimates and use of specialists.
2020 Year-End Tax Planning for Individuals
As the end of the year approaches, it is important to consider strategies to lower your tax liabilities for 2020. In this video, we'll cover ten strategies that may help in reducing your tax bill.
2020 Year-End Tax Planning for Businesses
As the end of the year approaches, it is important to consider strategies to lower your tax liabilities for 2020. In this video, we'll cover strategies that may help you reduce taxes on business income.
Proposed updates to ASC 842
The FASB recently proposed amendments to address certain issues arising from the adoption of the leases standard.
FASB Codification improvements
A recent FASB ASU makes minor technical corrections and clarifications to the Accounting Standards Codification.
2020 Effective Date Reminder
Our annual Effective Date Reminder lists pronouncements issued as of Nov. 1, 2020, which became effective on or after Jan. 1, 2020.
Pairing a Pour-Over Will With Your Trust
Does your estate plan include a trust? If so, you should know about an estate planning tool called a Pour-Over Will which helps ensure that all assets are moved into a Trust after an individual's death.
Temporary relief for FDIC Part 363 audit and reporting requirements
The FDIC recently issued an Interim Final Rule providing temporary relief for Part 363 audit and reporting requirements.