ThomsonReuters
NOVEMBER 30, 2020
The new Thomson Reuters podcast, Tax & Tech Talks explores the evolving inter section of tax and technology. Each episode explores current issue s or topic s , giving listeners an opportunity to gain a deeper understanding and new perspectives in tax and tech. We chat with top subject matter experts and industry leaders as we break down these top-of-mind topics. .
GCF Value
NOVEMBER 18, 2020
Business Valuations are critical for sale, transition, and business planning. Steve Mize, ASA, November 18, 2020. If you are an entrepreneur or business owner, understanding business valuation, why, and when you need one is essential. Here’s a quick rundown of what you need to know about valuation, and the process you might expect to encounter in order to get one.
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Quantive
NOVEMBER 17, 2020
Last Call! Register Here… I’ll just go ahead and skip all the trite pleasantries about how we are in the “new normal” and get right to it: are you curious what is going on with M&A deals? I mean… it’s been quite a year, right?
Simply Treasury
NOVEMBER 2, 2020
When we address the issue of the appropriate level of the USD/EUR currency pairs, it is difficult to assess the right level it should reach. However, at the moment, for COVID crisis reasons, we believe, USD is weaker. Does it help the European economies also facing tough times? I guess not…. A weak(er) Dollar strengthens abnormally a EUR that intrinsically seems weak as well.
Speaker: Susan Spencer, Principal of Spencer Communications
Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.
Cooley M&A
NOVEMBER 25, 2020
The Internal Revenue Service (IRS) has issued several items of new guidance relating to loans under the Paycheck Protection Program (PPP), including two new FAQs addressing the interaction of PPP loans and employee retention tax credits (ERTCs) in M&A transactions, a Revenue Ruling holding that expenses funded by PPP loans that are expected to be forgiven in a subsequent taxable year are not deductible, and a Revenue Procedure covering how to claim deductions if such a PPP loan subsequently
Appraisal Rights
NOVEMBER 12, 2020
Does Washington state offer appraisal rights (also known as dissenters rights)? Yes it does – according to this post from the Jacob Freeman Law Firm in Seattle. And unlike Delaware (indeed, unlike the majority of US states ), Washington does not have a “market out exception”. We’ve covered before that the somewhat maligned “market out exception” can prevent appraisal rights when a minority shareholder can sell their shares into a market, making Washington a potentially favorable state for app
Business Valuation Zone brings together the best content for business valuation professionals from the widest variety of industry thought leaders.
ThomsonReuters
NOVEMBER 25, 2020
Due to the unfortunate circumstances revolving around COVID-19, firms are now dealing with the need to advise accounting clients through bankruptcy. There have been regulation changes around bankruptcy, and as small to medium size businesses face shutdowns and various other factors, indebtedness is a real issue that several businesses are facing. In this episode of Pulse of Practice “Let’s talk bankruptcy” Paul Miller, CPA from Business by Design , and I are joined by Steve Nickles, Law Professo
ThomsonReuters
NOVEMBER 19, 2020
IRS Information Letter 2020-0024 (Sept. 8, 2020). Available at [link]. The IRS has released an information letter responding to an inquiry from a qualified transportation plan participant with unused transit benefits. Explaining that he was now driving to work instead of taking public transportation due to the COVID-19 pandemic, the participant asked whether his unused benefits could be rolled over to a parking account.
ThomsonReuters
NOVEMBER 5, 2020
Final Rule: Financial Factors in Selecting Plan Investments, 29 CFR Parts 2509 and 2550, 85 Fed. Reg. __ ( __, 2020). Final Rule. DOL Fact Sheet. DOL News Release. The DOL has released the final version of its amended rules regarding the investment duties of ERISA plan fiduciaries. The amended rules respond to growth in the market for investments that consider environmental, social, corporate governance (ESG), and similar nonfinancial factors.
ThomsonReuters
NOVEMBER 30, 2020
The new Thomson Reuters podcast, Tax & Tech Talks explores the evolving inter section of tax and technology. Each episode explores current issue s or topic s , giving listeners an opportunity to gain a deeper understanding and new perspectives in tax and tech. We chat with top subject matter experts and industry leaders as we break down these top-of-mind topics. .
Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker
The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l
ThomsonReuters
NOVEMBER 25, 2020
QUESTION: Our company is thinking about implementing a debit card program for participants in our health FSA. We understand that IRS guidance restricts use of these cards to certain merchants. Where can our health FSA participants use debit cards to pay for medical care expenses? ANSWER: You are correct that IRS guidance restricts the locations at which health FSA debit cards can be used.
ThomsonReuters
NOVEMBER 25, 2020
IRS Notice 2020-83 (Nov. 20, 2020). Available at [link]. The IRS has issued its 2020 Required Amendments List (RA List) for individually designed qualified retirement plans (including 401(k) plans) and 403(b) plans. RA Lists are issued annually to identify changes in the Code’s qualification requirements that may result in “disqualifying provisions” and require a remedial amendment (see our Checkpoint article ).
ThomsonReuters
NOVEMBER 25, 2020
Wit v. United Behavioral Health, 2020 WL 6479273 (N.D. Cal. 2020). Available at [link]. Following last year’s ruling that an insurer breached its fiduciary duty to health plan participants by using overly restrictive claim guidelines in its administration of mental health and substance use disorder benefits (see our Checkpoint article ), a federal court has granted extensive relief to a class of plan participants.
ThomsonReuters
NOVEMBER 25, 2020
Schmidt v. Overland Xpress, LLC, 2020 WL 5760651 (S.D. Ohio 2020). Available at [link]. This case arose when an employee on a medical leave of absence was denied continued coverage under her company’s medical plan. While the company’s employee handbook limited eligibility for benefits to full-time employees working at least 28 hours per week, the plan provided that an employee was deemed actively employed if an absence from work was due to sickness or bodily injury.
Speaker: Joe Apfelbaum, CEO of Ajax Union
In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.
ThomsonReuters
NOVEMBER 25, 2020
Due to the unfortunate circumstances revolving around COVID-19, firms are now dealing with the need to advise accounting clients through bankruptcy. There have been regulation changes around bankruptcy, and as small to medium size businesses face shutdowns and various other factors, indebtedness is a real issue that several businesses are facing. In this episode of Pulse of Practice “Let’s talk bankruptcy” Paul Miller, CPA from Business by Design , and I are joined by Steve Nickles, Law Professo
ThomsonReuters
NOVEMBER 25, 2020
QUESTION: Our company is thinking about implementing a debit card program for participants in our health FSA. We understand that IRS guidance restricts use of these cards to certain merchants. Where can our health FSA participants use debit cards to pay for medical care expenses? ANSWER: You are correct that IRS guidance restricts the locations at which health FSA debit cards can be used.
ThomsonReuters
NOVEMBER 25, 2020
IRS Notice 2020-83 (Nov. 20, 2020). Available at [link]. The IRS has issued its 2020 Required Amendments List (RA List) for individually designed qualified retirement plans (including 401(k) plans) and 403(b) plans. RA Lists are issued annually to identify changes in the Code’s qualification requirements that may result in “disqualifying provisions” and require a remedial amendment (see our Checkpoint article ).
ThomsonReuters
NOVEMBER 25, 2020
Wit v. United Behavioral Health, 2020 WL 6479273 (N.D. Cal. 2020). Available at [link]. Following last year’s ruling that an insurer breached its fiduciary duty to health plan participants by using overly restrictive claim guidelines in its administration of mental health and substance use disorder benefits (see our Checkpoint article ), a federal court has granted extensive relief to a class of plan participants.
ThomsonReuters
NOVEMBER 25, 2020
Schmidt v. Overland Xpress, LLC, 2020 WL 5760651 (S.D. Ohio 2020). Available at [link]. This case arose when an employee on a medical leave of absence was denied continued coverage under her company’s medical plan. While the company’s employee handbook limited eligibility for benefits to full-time employees working at least 28 hours per week, the plan provided that an employee was deemed actively employed if an absence from work was due to sickness or bodily injury.
ThomsonReuters
NOVEMBER 25, 2020
In April, I published a post, The Coronavirus pandemic: Executive pay cuts a sign of the times , highlighting companies across multiple industries that were making downward adjustments to the compensation of their executives and board members to help stay afloat in response to the crisis. The burning question is how will companies approach executive pay after the crisis?
ThomsonReuters
NOVEMBER 19, 2020
HHS Resolution Agreements: City of New Haven (Oct. 13, 2020); Aetna Life Ins. Co. (Oct. 1, 2020); HHS News Releases: City of New Haven (Oct. 30, 2020); Aetna Life Ins. Co. (Oct. 28, 2020). New Haven. Aetna. HHS’s Office for Civil Rights (OCR) has announced two settlements resolving alleged violations of HIPAA’s privacy and security rules. The first settlement involved a health insurer that reported three separate breaches affecting protected health information (PHI) of more than 18,000 individua
ThomsonReuters
NOVEMBER 19, 2020
QUESTION: Our company has a qualified transportation plan that allows employees to purchase parking and transit benefits with pre-tax compensation reductions. Because of the COVID-19 pandemic, many of the plan’s participants are now working remotely or have been laid off. How can we help those employees avoid losing amounts they have set aside to purchase transportation benefits?
ThomsonReuters
NOVEMBER 19, 2020
Registration Requirements for Pooled Plan Providers, 29 CFR 2510, 85 Fed. Reg. 72934 (Nov. 16, 2020). Regulations. News Release. The DOL has issued final regulations establishing the registration requirements for pooled plan providers (PPPs) who offer and operate pooled employer plans (PEPs). PEPs are individual account plans (including 401(k) plans) established or maintained for the purpose of providing benefits to the employees of two or more employers that do not have a common interest other
ThomsonReuters
NOVEMBER 19, 2020
HHS Resolution Agreements: City of New Haven (Oct. 13, 2020); Aetna Life Ins. Co. (Oct. 1, 2020); HHS News Releases: City of New Haven (Oct. 30, 2020); Aetna Life Ins. Co. (Oct. 28, 2020). New Haven. Aetna. HHS’s Office for Civil Rights (OCR) has announced two settlements resolving alleged violations of HIPAA’s privacy and security rules. The first settlement involved a health insurer that reported three separate breaches affecting protected health information (PHI) of more than 18,000 individua
ThomsonReuters
NOVEMBER 19, 2020
IRS Information Letter 2020-0024 (Sept. 8, 2020). Available at [link]. The IRS has released an information letter responding to an inquiry from a qualified transportation plan participant with unused transit benefits. Explaining that he was now driving to work instead of taking public transportation due to the COVID-19 pandemic, the participant asked whether his unused benefits could be rolled over to a parking account.
ThomsonReuters
NOVEMBER 16, 2020
In looking forward to your 2021 audit planning, the peer review process is often met with many fears or uncertainties. Peer reviews have become increasingly cha llenging as the years progress. H ow can your firm stay ahead of the challenges to ensure a successful year? . I n this November 2020 webcast , “ Peer Review Insights: How to be Better Prepared and Spot Common Audit Deficiencies ”, Shawn O’Brien , Principal Consultant at Thomson Reuters, leads the discussion on peer review pl
ThomsonReuters
NOVEMBER 12, 2020
Back in November 1919, President Woodrow Wilson first proclaimed November 11 as “Armistice Day.” He noted that: “To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country’s service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations.̶
ThomsonReuters
NOVEMBER 12, 2020
QUESTION: Our company, which is operating remotely during the COVID-19 pandemic, recently learned that an employee failed to inform us of his divorce, which occurred four months ago. Because our health plan does not cover divorced spouses except through COBRA, we would like to retroactively cancel the former spouse’s coverage back to the date of the divorce.
ThomsonReuters
NOVEMBER 12, 2020
Hampton v. Nat’l Union Fire Ins. Co., 2020 WL 5946967 (N.D. Ill. 2020). This case considered whether a benefits committee had properly delegated discretionary authority to a service representative to make an adverse benefit determination for accidental death benefits, so that the court could apply a deferential standard of review. It was undisputed that the committee (and named fiduciary) was granted complete administrative and discretionary authority over the plan.
ThomsonReuters
NOVEMBER 11, 2020
As a leader in your firm, you are persistently looking for the key to strengthen your CPA advisory relationships and build those long-term clients. However, advisory services can often be met with certain resistance and fears. In this episode of Pulse of Practice “A Conversation with Angie Grissom”, Paul Miller, CPA from Business by Design , and I are joined by Angie Grissom, Owner and Chief Relationship Officer of The Rainmaker Companies.
ThomsonReuters
NOVEMBER 11, 2020
Financial Reporting in the COVID-19 Era: Technology Can Help Accounting Professionals Ask—and Answer—the Right Questions. To address the many accounting and financial reporting challenges triggered by COVID-19, accounting professionals must know what to watch for when preparing financial disclosure statements this year—and how technology can guide and empower them in the process.
ThomsonReuters
NOVEMBER 10, 2020
Are you owed a tax refund? The importance of modeling the GILTI High Tax Exclusion. . On July 20, 2020, the U.S. Department of the Treasury and the Internal Revenue Service issued the final regulations regarding the election to exclude high-tax Global Intangible Low-Taxed Income (GILTI) from a U.S. shareholder’s gross income. The final guidance includes elements similar to the proposed regulations with adjustments that make the election retroactive to prior tax years.
ThomsonReuters
NOVEMBER 10, 2020
Get Ahead of Shifting Global Compliance Deadlines with ONESOURCE Calendar. No matter the size of the organization they serve, tax and accounting professionals are continuously challenged to keep track of changing corporate compliance deadlines and due dates. This includes deadlines for jurisdictions across the globe, as well as a variety of tax types and business filings including income tax, VAT, and statutory reporting.
ThomsonReuters
NOVEMBER 5, 2020
IRS Information Letter 2020-0023 (July 30, 2020). Available at [link]. The IRS has released an information letter responding to an inquiry regarding unused amounts in a participant’s dependent care assistance program (DCAP) (also referred to as a dependent care flexible spending arrangement) because her children’s summer camp was closed due to COVID-19.
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