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Tax Law Under Trump

While on the campaign trail, President Trump proposed changes to the tax law that would have a significant impact on both individual and business taxpayers, including changes to tax rates, deductions, and repeals of existing tax law. As his proposed policies evolve, we keep a pulse on how they might affect you and your business.

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All Resources

Combining technical expertise with our keen understanding of our clients' businesses, we offer knowledgeable commentary on a broad spectrum of accounting, tax, finance, and business operations issues.

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On May 10, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2017-09 to clarify which changes to the terms or conditions of a share-based payment award are required to be accounted for as modifications.Prior to this update, the FASB ...

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The Office of Management and Budget (OMB) is updating guidance for the procurement grace period available to nonfederal entities under the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (or uniform guidance).The update, as annou...

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On Wednesday, April 26, 2017, the Trump administration revealed an outline of a proposed tax reform package that aims to simplify the tax code, lower the business tax rate, and grow the economy. The outline highlights principles for tax reform that are largely similar to state...

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The micropurchase threshold for procurement under the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (or uniform guidance) increased from $3,500 to $10,000 for fiscal year 2017 under Section 217(b) of the National Defense Author...

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On March 20, 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 85, Omnibus 2017, to address various practice issues identified during the implementation and application of certain GASB statements.The provisions of Statement No. 85 amend and clarify ...

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Each year, the Washington State Department of Revenue (DOR) requires taxpayers who participated in one or more of the state’s tax incentive programs to complete and file a survey or report regarding the programs’ use. These filings are due by May 31 following the y...

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In February 2017, the Franchise Tax Board (FTB) announced in FTB Notice 2017-01 that it wouldn’t appeal the Court of Appeal’s decision in Swart Enterprises, Inc. v. Franchise Tax Board.The court ruled that the taxpayer, a corporation, wasn’t “doing busi...

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Service organizations planning to engage a service auditor to issue Service Organization Controls (SOC) reports will find a change in 2017 resulting from clarified and updated attestation standards under which their accountants perform SOC examinations.Statements on Standards ...

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On March 10, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-07 to improve the reporting of net periodic benefit cost from defined benefit pension plans and other postretirement benefit plans in the financial statements of al...

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On February 22, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update® (ASU) 2017-05 to clarify the scope of asset derecognition guidance and provide new guidance on the accounting for partial sales of nonfinancial assets.The update provi...

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As businesses prepare their 2016 state and local tax returns, they should review their potential liability for the Tennessee business tax (TBT). While the TBT has existed for many years, Tennessee’s adoption of the Revenue Modernization Act creates new economic nexus sta...

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On January 24, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update® (ASU) 2017-03, which amends certain SEC paragraphs to incorporate SEC staff announcements made at the September 22, 2016, and November 17, 2016, Emerging Issues Task Fo...

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Qualified machinery and equipment (M&E) placed in service in Oregon during the 2016 calendar year may be eligible for a five-year property tax exemption, applicable to tax years beginning on or after July 1, 2017.Real and personal property utilized in business—includ...

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The US Department of Interior (DOI) recently issued the DOI Indian Affairs Manual for 2017, which includes the final revised policy for determining tribes’ contract support costs (CSC) under self-determination contracts and self-governance funding agreements.A revised po...

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The California Governor’s Office of Business and Economic Development (GO-Biz) is authorized to negotiate its remaining $80 million-plus in tax credits for the 2016–2017 fiscal year via the California Competes Tax Credit (CCTC).Any company with plans to grow can ap...

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On January 26, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-04, which simplifies the test for goodwill impairment and amends US generally accepted accounting principles (GAAP) ASC Topic 350, Intangibles—Goodwill and ...

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In September 2015, the Governmental Accounting Standards Board (GASB) added a major project to its agenda to re-examine the financial reporting model used to prepare governmental financial statements. The objective of the project is twofold:Enhance the effectiveness of the fin...

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Nevada’s implementation plan for its commerce tax included a special grace period for the first year’s payment and return that were due last summer. To be eligible for this one-time grace period waiver, a business must:File and pay its commerce tax by February 15, ...

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After two years of delays, Arizona implemented centralized licensing and reporting of its Transaction Privilege Tax (TPT)—an excise tax that functions similar to a sales tax. At first glance, this might seem like a simplification of the state’s complicated sales ta...

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On January 5, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-01, which clarifies the definition of a business and amends US generally accepted accounting principles (GAAP) ASC Topic 805, Business Combinations.The main object...

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