Insights

It is not uncommon for family offices and individual tax clients to create best practices related to various types of tax preparation support and document retention.

“Should I stay or should I go?” sang The Clash years ago. Residents of New York, Connecticut, New Jersey, Rhode Island, California and other high tax states are now singing a similar song.

Many private foundations were established using the founder’s securities. These securities may have appreciated in value over the years.

In our continuing efforts to cover tax matters of interest to businesses with global connections, the October 2019 edition of International Tax Insights contains the following articles:

The Financial Accounting Standards Board (FASB) voted to delay the effective dates for changes to accounting for leases for most not-for-profits, private companies and small reporting companies.

The latest PKF Worldwide Tax Update provides recent tax developments from around the globe. 

A year ago this month, states began enacting remote seller sales tax nexus legislation. The legislation mirrored ‒ or at least rhymed with ‒ the test case legislation upheld in the United States Supreme Court’s South Dakota v. Wayfair decision.

he London Interbank Offered Rate (LIBOR) is one of the most commonly used benchmark interest rates for derivative and other commercial agreements; however, after 2021, financial institutions that currently report the information used to set LIBOR will no longer be required to do so.

As the year-end fast approaches, the implementation requirements of FASB ASU 2018-13, Fair Value Measurement (Topic 820), become effective for all entities for fiscal years beginning after December 15, 2019