Searching Content indexed under 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
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
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
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
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
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
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
Audit Committees Spotlight: What Audit Committees Can Do To Stay On Top Of Tax Risk
Audit committees have significant responsibility over a company’s tax and reputational issues. At stake are the potential for a financial restatement or tarnish on the company’s reputation.
United States
12 Feb 2015
Audit Committees Spotlight: Work Now To Adopt New Revenue Recognition Standard
It is indeed time for audit committees to begin work on implementing this wide-ranging, extraordinarily significant accounting standard.
United States
23 Dec 2014
Illinois Department Of Revenue Releases Rulings Addressing Sales And Use Tax Issues
The Illinois Department of Revenue recently has released several private letter rulings (PLRs) and general information letters (GILs) which provide taxpayers with guidance on a variety of sales and use tax issues.
United States
25 Nov 2014
Keep Your Receipts, Logs And Data Intact — You’ll Need Them In An Audit
One of the easiest ways for taxpayers to lose an audit with the IRS is to fail to substantiate their expenses or time.
United States
24 Jan 2014
On The Horizon - July 9, 2013
The Board recently issued Accounting Standards Update 2013-09, "Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04".
United States
30 Jul 2013
New Mexico Supreme Court Holds Online Retailer Has Substantial Nexus For Gross Receipts Tax Due To In-State Retailer’s Activities
On June 3, the New Mexico Supreme Court held that an out-of-state online bookseller, LLC (B&N), had substantial nexus for purposes of the New Mexico gross receipts tax based on the in-state activities of its related entity.
United States
15 Jul 2013
On The Horizon - June 25, 2013
The FASB has recently discussed aspects of its disclosure framework project, including forward-looking disclosures, feedback from comment letters, the disclosure framework itself, and revisions to the technical plan.
United States
9 Jul 2013
On The Horizon For IFRS - June 25, 2013
The International Accounting Standards Board has issued an "IASB Update", which summarizes the joint IASB / FASB meeting that was held on May 21-24, 2013.
United States
9 Jul 2013
On The Horizon - June 4, 2013
All decisions reached at Board meetings are tentative and may be changed at future meetings. Decisions are included in an Exposure Draft only after a formal written ballot.
United States
13 Jun 2013
On the Horizon - May 28, 2013
The FASB met on May 23 to discuss its projects on revenue recognition, insurance contracts, and repurchase agreements and similar transactions.
United States
7 Jun 2013
Evaluating Embedded Conversion Features: How To Determine Whether Conversion Options Require Derivative Accounting - May 2013
A step by step description of the process for evaluating a conversion feature embedded in a debt or equity instrument, in order to determine the appropriate accounting.
United States
21 May 2013
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