Searching Content indexed under Accounting and Audit by Grant Thornton LLP ordered by Published Date Descending.
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Proposed Regulations Lay Out Framework For Future Partnership Audits And Collection
Treasury and the IRS released proposed regulations (REG-136118-15) implementing the new centralized partnership audit regime enacted as part of the Bipartisan Budget Act of 2015 (BBA)...
United States
27 Jun 2017
Taxpayer Ineligible To Use The Completed Contract Method, Court Rules
In Basic Engineering v. Commissioner, T.C Memo 2017-26 (Feb. 1, 2017), the Tax Court ruled that an engineering company was ineligible to use the completed contract method and was liable for an accuracy-related penalty.
United States
21 Apr 2017
IRS Previews Proposed Automatic Method Change Procedures For Revenue
The IRS is requesting comments on a proposed revenue procedure, which, if finalized, would provide automatic consent to certain tax accounting method changes for revenue...
United States
20 Apr 2017
IRS Releases Proposed Regulations For BBA Partnership Audits
The proposed regulations also provide guidance on how a partnership may designate a partnership representative.
United States
10 Feb 2017
IRS Advice Confirms Taxpayers Have Broad Discretion In Grouping Decisions
The IRS ruled that a doctor could treat his medical practice and ownership interest in an outpatient surgery center as separate activities for the passive activity rules under Section 469.
United States
5 Sep 2016
Taxpayer Cannot Avoid Section 457A Deadline By Changing Method Of Accounting
The IRS concluded that a service provider cannot avoid the Dec. 31, 2017, transition relief deadline for including deferred compensation in income under Section 457A by changing its method of accounting.
United States
5 Sep 2016
U.S. District Court Finds Delaware Unclaimed Property Audit Procedures Unconstitutional
On June 28, 2016, the United States District Court for the District of Delaware determined that Delaware's unclaimed property audit procedures violated substantive due process.
United States
25 Aug 2016
FASB Proposes Improvements To Income Tax Disclosures
Multinational companies should evaluate how these proposals will affect their financial statements and evaluate their preparedness if the proposal become required.
United States
24 Aug 2016
Temporary Regulations Allow For Early Opt-In To New Partnership Audit Regime
Treasury and the IRS on Aug. 4 issued highly anticipated temporary and proposed regulations that allow certain partnerships to elect into the new partnership audit regime upon an examination...
United States
11 Aug 2016
Due Diligence Can Avert Issues With Retirement Plans
Employers who run retirement plans should periodically do system-wide due diligence to make corrections. Errors happen, from simple clerical mistakes to systematic failures in the record-keeping system.
United States
8 Aug 2016
IRS Small Business Division To Shift Examination Focus To S Corporations
The IRS Small Business/Self-Employed (SB/SE) Division will likely move toward examining more business return categories, such as subchapter S corporations, and away from Form 1040 audits, a senior IRS official said May 6 in Washington.
United States
26 May 2016
IRS Updates List Of Automatic Method Changes
The IRS issued a revenue procedure on May 5 that replaces Rev. Proc. 2015-14 and provides a new comprehensive list of automatic method changes that may be made under procedures for changes in method of accounting in Rev. Proc. 2015-13.
United States
16 May 2016
Simplifying The Adoption Of PCC Alternatives - ASU 2016-03 Eliminates Effective Dates And Indefinitely Extends Transition Guidance For Adoption Of PCC Alternatives
ASU 2016-03, Effective Date and Transition Guidance – a consensus of the Private Company Council, amends all existing Private Company Council (PCC) alternatives...
United States
4 Apr 2016
New Developments Summary - Accounting For Financial Instruments
The guidance in ASU 2016-01 is effective for "public business entities," as defined, for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.
United States
31 Mar 2016
Audit Committee Spotlight: The Audit Committee Has A Role In Influencing Data Analytics Usage
Incorporating data analytics into the internal audit function makes tremendous sense given the increased regulation on businesses, especially in banking, health care, insurance and financial services organizations.
United States
31 Mar 2016
FASB Issues New Lease Accounting Standard
On February 25, the FASB released ASU 2016-02, Leases, completing its project to overhaul lease accounting. The ASU codifies ASC 842, Leases, which will replace the guidance in ASC 840.
United States
15 Mar 2016
Improving Presentation And Disclosure For Defined Benefit Plan Sponsors
The FASB recently issued a proposed ASU, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost...
United States
10 Feb 2016
Highlights Of The 2015 AICPA Conference On Current SEC And PCAOB Developments
The 2015 AICPA Conference on Current SEC and PCAOB Developments, held in Washington, D.C., December 9–11, featured representatives from the SEC, PCAOB, FASB, IASB, and AICPA...
United States
10 Feb 2016
IRS Releases Newly Revised Form 3115 And Instructions
The IRS recently released a new version of the Form 3115, "Application for Change in Accounting Method," along with 23 pages of instructions.
United States
9 Feb 2016
Budget Deal Rewrites Partnership Audit Rules
The president on Nov. 2 signed a sweeping budget compromise into law that will replace the current partnership audit procedures with a new process that dramatically increases the payment and reporting responsibilities for partnerships.
United States
16 Nov 2015
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