New IRS Rules on International Tax Reporting

The IRS continues its efforts to increase financial transparency, especially in the context of cross-border transactions. This time, pursuant to new regulations, they are treating disregarded entities wholly owned, directly, or indirectly, by foreign persons as domestic corporations, but solely for the purpose of making such entities subject to the reporting requirements of Internal Revenue[ … ]

Proposed Changes to Not-for-Profit Financial Reporting

The Financial Accounting Standards Board (FASB), the organization that sets accounting standards, is in the process of evaluating the current accounting and reporting requirements for not-for-profit organizations. FASB expects to issue an exposure draft with proposed changes to the existing required presentation of net assets and cash flows and current disclosures related to liquidity and[ … ]