Federal

FASB’S
Revenue Recognition Standard Takes Center Stage

The Financial Accounting Standard Board’s (FASB) long-anticipated new standard on revenue recognition is clearly one of the most important developments in US GAAP accounting in the last several years. John Hepp, partner in Grant Thornton’s National Professional Standards Group, calls the new revenue standard, issued in May 2014, “the most… Read more »

VIEW MORE


Creative Approaches to Large-Case Tax Administration
IRS Budgetary Limitations Don’t Deter IRS from Precision, Speed, Transparency Goals

Despite budgetary and resource constraints at the Internal Revenue Service, corporate boards, securities regulators, and even the IRS are pressing to see increased transparency, greater speed, and enhanced precision on the part of large business taxpayers, according to KPMG tax professionals Mike Dolan and Tom Greenaway. Dolan is national director… Read more »

VIEW MORE


LB&I Audits: Old Lessons, New Approach
Transparency, Collaboration, Fair and Efficient Resolution: No Argument with Goals, but the Devil Is in the Implementation Details

Those who ignore history are doomed to repeat it. That adage is true in all walks of life, but it is particularly appropriate as the IRS prepares to implement its most recent initiative for examinations by the Large Business & International division (LB&I), as described in the draft release of… Read more »

VIEW MORE