The Financial Accounting Standards Board (FASB) has voted to propose deferring the effective date for the new revenue recognition standard established by Accounting Standards Update (ASU) 2014-09. This deferral would apply to both public and nonpublic entities.
This week the Supreme Court heard arguments in King v. Burwell, a case centered on the issue of the constitutionality/legality of insurance premium subsidies received by individuals purchasing health insurance on the federally run health insurance exchange.
The Final Tangible Property Regulations address a broad range of
capitalization and deduction issues related to tangible property that
will impact almost all industries with tangible property, whether owned
or leased, including manufacturing and distribution. Specifically, the
new rules may provide state and local tax planning opportunities to the
manufacturing and distribution industry.
The IRS recently issued guidance and transition relief with Notice 2015-13 for those employers claiming the WOTC through December 31, 2014. The WOTC is a Federal credit for employers that hire individuals from specific targeted groups.