For Susanna Yoo, tax law isn’t just what’s written in the Internal Revenue Code or the implementing regulations. Tax law can also be dynamic in its application and interpretation. “The same black and white words in the tax law may apply differently, depending on the facts and circumstance of the… Read more »
For many or perhaps even most of TEI’s membership, the legislative process that resulted in the Tax Reform Act of 1986 (TRA ’86) is a distant memory. Indeed, by the time I first became a head of global tax (it seems like yesterday, but it very much isn’t), the provisions… Read more »
U.S. tax reform became a reality on December 22, 2017, when President Donald Trump signed the 2017 tax reform reconciliation act (the Act) into law. The Act represents a fundamental and dramatic shift in U.S. corporate taxation, particularly concerning the taxation of foreign earnings. Since late December, companies have focused…
Cheria Coram started out college pursuing a double major in chemistry and biology but quickly became disenchanted with becoming a doctor or lab researcher and switched to business school. After two accounting classes, she found her fit and declared accounting her major. She applied for internships facing the “tax or… Read more »
In December 2017, Tax Talent released its 2018 Diversity in Tax Report, which highlights diversity trends and, specifically, pinpoints racial and gender shifts in tax employment in 2017. Using Tax Talent’s database of corporate in-house tax professionals, combined with data from the U.S. Bureau of Labor Statistics, the American Institute… Read more »
In mid-May, TEI’s international president, Robert Howren, presided at a ceremony to confer a charter to the members of the Institute’s newest chapter, its fifty-seventh, in Nevada. In welcoming the new chapter to the TEI family, Howren noted that “every new chapter represents a renewal and a reaffirmation of the… Read more »
Tax reform legislation expanded the one-million-dollar annual deduction limitation applied to certain compensation paid to top executives of publicly held companies. The result? More disallowed compensation deductions for more companies and on more employees, a higher financial statement cost of compensation, and more work to account properly for the new…
Another interim reporting period is rounding the corner, which means it is time to update the feature story in many of today’s Notes to the Financial Statements—the income tax footnote and the effects of the Tax Cuts and Jobs Act (TCJA). Believe it or not, the Financial Accounting Standards Board’s… Read more »
To meet the demands of the Public Company Accounting Oversight Board, audit firms continue to increase activity related to internal controls. So, what’s the big deal? Let’s look at some numbers: tax accounting was the second leading cause of 2016 financial restatements; in 2016, ninety-eight percent of financial restatements were…
On a beautiful June day in Huntington Beach, California, back in 2014, our lives were changed forever, and the emerging tax professionals (ETP) subcommittee (though unnamed at the time) was officially born. What an incredible four years it has been. We could never have imagined how many outstanding people we… Read more »
