Insights
The power of our industry experience is in the perspective we bring to help you leverage your capabilities and resources.
The BDO GovCon Week Ahead - April 2023
April 7, 2023Check out the latest issue of The BDO GovCon Week Ahead.
Accounting For Investments in Tax Credit Structures Using The Proportional Amortization Method
April 7, 2023More equity investors that are involved with projects to receive income tax credits and other income tax benefits might be able to use the proportional amortization method (PAM) to account for their investments.
Best Practices in Subrecipient Risk Assessments and Monitoring for Federal Grant Recipients
April 7, 2023This article will delve into common pitfalls around performing subrecipient risk assessments and monitoring, and the best practices for organizations looking to improve their processes in these areas.
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3 Reasons Why Banks Should Lean into Digital Transformation in 2023
April 5, 2023In this insight, we assess these three key reasons and discuss how banks can innovate in the year ahead.
Events & Webcasts
U.S. Tax Court Rules IRS Lacks Statutory Authority to Assess Penalties for Failure to File Form 5471
April 5, 2023The U.S. Tax Court held on April 3, 2023, in Farhy v. Commissioner, 160 T.C. No. 6 (April 3, 2023), that the Internal Revenue Code does not provide authority for the Internal Revenue Service to assess penalties imposed under IRC Sec. 6038(b)(1) or (2) for failure to file Form 5471.
Texas Amends Rule for Sourcing Gross Receipts From Services
April 4, 2023Texas amends rule for sourcing gross receipts from services. A taxpayer that used the receipts-producing, end-product act test should consider how the recent amendments would change the service sourcing.
Virginia Governor Signs Several Tax Bills, Including a PTE Election Update With Retroactive Effect
April 4, 2023It has been a busy 2023 legislative session in Virginia, with a number of tax bills being enacted. This alert addresses several bills passed by the General Assembly and signed by Gov. Glenn Youngkin (R), including retroactive amendments to the Virginia passthrough entity (PTE) tax election.
IRS Denies Basis Step-up for Assets of Irrevocable Grantor Trust Not Included in Grantor’s Estate
April 4, 2023REV. Rul. 2023-2 released on March 29 confirms that the assets of an irrevocable grantor trust not includable in the grantor’s gross estate do not receive a basis adjustment under Internal Revenue Code Section 1014.
Nonprofit Standard
60-second Retail Podcast - Episode 126: Retail in the Red 2H 2022
April 3, 2023Tune into this episode to hear what David Berliner, Partner & National Leader of Business Restructuring at BDO USA, thinks is in store for the industry as we move full steam ahead into 2023.
Selections
Optimizing SOX Compliance Using Digital Tools
April 3, 2023Organizations that incorporate analytics and automation technology into their SOX compliance program are well-positioned to maximize ROI and staffing initiatives for greater efficiency and resiliency.
FASB Addresses Lease Accounting Issues Associated With Common Control Arrangements
March 31, 2023Accounting for leases between entities under common control is changing. Read more about the new guidance, including terms and conditions to be considered.
Global Real Estate Trends for 2023
March 30, 2023Six global real estate trends to watch in 2023.
Treasury Issues Guidance Treating Members of Consolidated Group as Single U.S. Shareholder for Subpart F, GILTI Purposes
March 30, 2023The Department of the Treasury, on February 23, 2023, issued T.D. 9973 finalizing regulations that treat members of a consolidated group as a single U.S. shareholder for purposes of determining subpart F and GILTI inclusions from controlled foreign corporations (CFCs)
Demystifying Nonprofit Cost Allocations
March 30, 2023Effective cost allocation strategies are essential to organizations’ understanding of how their resources are deployed. Here we discuss cost allocation methods that can be applied to nonprofits’ shared expenses.
BDO's Legal Tech Talk Podcast - Episode 4: Impacts of New Tech and Ephemeral Data on E-Discovery
March 30, 2023Judge Andrew Peck (Retired) served for 23 years as a U.S. Magistrate Judge for the Southern District of New York. In this episode of BDO’s Legal Tech Talk Podcast, Judge Peck talks about the impacts of new technology and ephemeral data on E-Discovery with hosts Jared Crafton, BDO’s Forensic Technology Practice Leader, and Daniel Gold, BDO’s Managing Director of the Enterprise E-Discovery Managed Services practice.
Maryland Comptroller Says PTE Tax Election Must Be Made With Q1 Estimated Payment
March 30, 2023Eligible PTEs interested in making the PTE tax election for the 2023 tax year - the election must be made by April 17, 2023
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