A Practical CPD Planning Guide for Accountants in Cross-Border Practice
A practical guide to planning relevant and verifiable CPD across accounting, audit, ethics, regulation and technology for accountants working in cross-border practice.
Regulation
IRS Final Regulations on Section 752: Key Updates for Partner’s Share of Recourse Liability
REGULATION 12/22/2024 On December 2, 2024, the IRS issued final regulations (TD 10014) under Section 752, providing long-awaited clarity on how to determine a partner’s share of recourse liabilities in partnerships. These regulations address three critical areas: These updates resolve ambiguities in prior rules, particularly around the allocation of economic risk of loss among related …
If Your Business Has Co-owners, You Probably Need a Buy-sell Agreement
REGULATION | 10/01/2024 Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes …
Bartering Is a Taxable Transaction—Even Without Cash
REGULATION | 04/05/2024 If your small business is looking to conserve cash or make the most of excess inventory, bartering for goods or services can be an effective solution. While bartering—the world’s oldest form of trade—has been revolutionized by the internet, it remains subject to specific tax rules. Whether you’re trading goods or exchanging services, …
Employee or Independent Contractor A Guide to the New Rule
REGULATION | 01/01/2024 Earlier this week, the U.S. Department of Labor (DOL) finalized its ruling on determining employee versus independent contractor status under the Fair Labor Standards Act (FLSA). This decision follows the proposed regulations released in October, with the final ruling largely aligning with the earlier draft. The updated regulations mark a return to …
