Tag Archives: entities

Understanding the HIPAA Security Rule

If your company handles protected health care information (PHI), chances are that you’ve heard of HIPAA. Although discussions about HIPAA colloquially involve privacy, the HIPAA Security Rule is much more important and translates directly to IT systems.

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C Corp or S Corp: Which is Best for Your Company?

Do you understand the advantages and disadvantages of filing your taxes as a C corporation versus an S corporation? It may be worth your time to consider the differences and to determine which is best for you and your business.

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IRS Issues New Rules Regarding Partnership Audits

On June 13, 2017, the IRS issued proposed regulations with new procedures for partnership audits.

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Asset vs. Stock Deals for Pass-Through Entities

There is a significant amount of flexibility afforded to buyers and sellers in an acquisition when the target company is a pass-through entity. While there are still differences in the proceeds that a seller will receive depending upon whether a transaction is structured as an asset deal or stock deal, this impact is often significantly less than if the selling company was a C Corporation.

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Are You in Compliance with FATCA?

Enacted in 2000 and effective July 1, 2014, the intent of FATCA is to prevent U.S. taxpayers from hiding assets overseas. The Act requires foreign financial institutions and other foreign entities to file reports with the IRS identifying their U.S. account holders or major investors.

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Annual Audit and Compliance in China 2016

All foreign invested entities in China are required to fully comply with the country’s statutory annual audit procedures. While the way in which China’s audit process functions in now more closely aligned with Western practices than in the past, there are still a number of differences and idiosyncrasies that can quite easily trip up a foreign firm.

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FASB Votes to Defer Effective Date of the New Revenue Recognition Standard

The FASB has voted for a one-year deferral of the effective date of the new revenue recognition standard in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) for both public and private entities. The FASB will issue an exposure draft with a 30 day comment period. The proposal would require public entities to apply the […]

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