29% of all global patents for blockchain technology were filed by US businesses last year – ranking them second in the world – with 92 patents from a total of 314 filed with the World Intellectual Property Organisation (WIPO) in 2017, shows a new study by UHY, the international accounting and consultancy network.
The centralized partnership audit regime rules are now in effect and change the way partnerships are audited by the IRS. These new rules require the actual partnership to pay any deficiencies resulting from any audit adjustments. This means that the IRS will apply the top tax rates to any audit adjustments to calculate deficiencies, without regard to any partner level attribute that may have otherwise reduced the tax due from an audit adjustment.
We welcome Bendoraytes & Cia – Auditores Independentes, our new member firm in Brazil, to the global accountancy network UHY, extending our coverage within South America. The firm is in the process of adopting the UHY branding and will be known as UHY Bendoraytes & Cia Auditores Independentes.
We welcome, Suvod Associates, our new member firm in Nepal, to the global accountancy network UHY, extending our coverage within the Asia-Pacific region. The firm is in the process of adopting the UHY branding and will be known as UHY Suvod Associates, Chartered Accountants.
The Financial Accounting Standards Board has released Accounting Standards Update No. 2018-17, "Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities," expanding the nonpublic company alternative that allows nonpublic companies to elect not to apply VIE guidance to legal entities under common control.
2018 continued to generate a robust level of M&A activity in North America and Europe with over 15 thousand transactions completed through September representing over $2.4 trillion of deal value, according to Pitchbook, while valuation multiples rose slightly and remain above 9.0x.
With much of the rhetoric in Washington D.C. during the past couple of weeks over funding of the border wall and the current government shut down, employers still may have reporting requirements for 2018 under the Affordable Care Act (ACA). The Act requires insurers, self-insuring employers, and those employers with 50 or more full-time equivalents (FTEs) to report certain information to the IRS and Social Security Administration using forms 1095-B, 1095-C and 1094.
Businesses throughout the state are being warned by the Secretary of the State and Attorney General about an official looking "Annual Report Instruction Form" they may receive in the mail. The form stating that payment is required by CT law is being sent by "Workplace Compliance Services."
There have been sweeping changes made to the guidance for revenue accounting within ASC Topic 606 by the Financial Accounting Standards Board (FASB) as part of a convergence project with the International Accounting Standards Board (IASB). Those changes come into effect January 1, 2019 for all non-public companies including homeowners associations, condominiums and cooperatives. Because the revenue recognition standard will eliminate the transaction- and industry-specific revenue recognition guidance included in current GAAP and replace it with a principle-based approach, it is important for management companies to gain an understanding of the standard and how it may impact the entity’s revenue recognition.
The IRS issued Notice 2019-2, updating optional standard mileage rates for business use of a vehicle.