Insights
Update on the Single Sales Factor in Louisiana
Louisiana Governor John Bel Edwards signed legislation on June 28, 2016, to adopt changes to the Louisiana corporate income tax apportionment formulas for certain businesses and to provide rules for the sourcing of income relating to certain sales. These corporate...
A New Perspective on Treating Cloud Computing Costs
Most companies use cloud-based applications. The accounting profession has formulated new guidance on how to treat the cost of cloud-based applications. The Financial Accounting Standards Board (FASB) recently issued Accounting Standard Update (ASU) 2015-05 to...
When Does an Employee Benefit Plan Require an Audit?
The July 31 Form 5500 filing deadline for employee benefit plans will be here before you know it. To avoid late fees and penalties, it’s important for plan sponsors to understand the compliance rules that trigger the audit requirement before it’s time to file with...
Success-based Fees Being Allowed Administrative Relief
The IRS has recently issued relief for companies that failed to fully and completely make affirmative elections in order to deduct very large portions of success-based fees that were incurred during acquisitive transactions. There are several requirements that must...
Lower of Cost or Market
Lower of Cost or Market is the approach to valuing inventory. Recent events, particularly in the energy industry are causing economic uncertainty. This economic uncertainty is affecting the entire supply chain in the energy industry. Many companies are experiencing...
Like-Kind Exchanges Involving Oil & Gas Real and Tangible Property
What is it? A like-kind exchange, also known as a 1031 Exchange because it is governed by Internal Revenue Code Section 1031, is an often overlooked tax benefit that allows a taxpayer to postpone the recognition of gain on the sale of property when the proceeds...
