Numerous banking institutions, insurers, and financial trade organizations support the Financial Accounting Standards Board’s (“FASB”) proposed response to the Tax Cuts and Jobs Act. In comment letters on Proposed Accounting Standards Update (“ASU”) No. 2018-210, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income, groups like the American Bankers Association urged the FASB to approve its proposed amendment. Proposed ASU No. 2018-210 aims to reduce the accounting effects of complying with the new tax law and simplify financial statements for investors. Read More

As part of the Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, some important changes have been made with respect to the deductibility of business interest expense for tax years beginning after December 31, 2017. Under prior law, business interest expense was generally deductible in the year in which the interest was paid or accrued, except that corporations were subject to certain limitations under IRC Section 163(j) (“the earnings stripping rules”). TCJA created a new limitation, which replaces the “earnings stripping rules” and applies to all businesses, regardless of form, on the deductibility of net business interest expense that exceeds 30% of a taxpayer’s “adjusted taxable income.” Read More

Ron Wainright Jr, Tax Advisor

Banks holding less than $1 billion in assets could receive an exemption from the auditor attestation requirements of Section 404(b) under the Sarbanes-Oxley Act of 2002. Under S. 1962, the Community Bank Access to Capital Act of 2017, the proposed Senate bill frees smaller banks from the more complicated and expensive reforms under Sarbanes-Oxley. S. 1962 also requires public companies to hire an external auditor to attest to management’s internal controls over financial reporting. The bill’s co-sponsor, Senator Mike Rounds (R-S.D.), stated the proposed measure would promote growth among community banks and help them support their communities. Read More

TaxConnections Member Ron Wainwright

Tax Partner in the Raleigh office of Cherry Bekaert LLP with 25 years of experience in the area of taxation. As a Certified Public Accountant, Ron serves a diverse client base including multi-national, public and closely held companies.

Prior to working at Cherry Bekaert, Ron Wainwright was a tax partner with McGladrey for ten years along with a regional CPA firm and served in various National and Local leadership roles. Spent seven years in Washington, D.C. serving in a National Tax Role focusing on domestic and international tax issues, mergers and acquisitions and IRS Tax controversy matters.

A Steering Committee Tax Member with the National Association of Manufacturer’s and serves on the R&D Credit Coalition Committee. Was named to the “Who’s Who in American Business Leaders” in 2006, 2008 and 2010.

View a short video introducing tax advisor Ron Wainwright as a Presenter in the Internet Tax Summit.  See all Read More

Join us TODAY at TaxConnections Broadcast Channel:

https://www.taxconnections.com/broadcast

♦ Corporate Multinational Tax Departments Today- The Tax Provision (ASC 740/FAS 109)
Shamen Dugger, McGladrey LLP, San Francisco and San Jose, CA

♦ New And Upcoming National Nexus, The U.S. Congressional Marketplace Fairness Act
Dan Thompson, Thompson Tax, Silicon Valley, CA Read More

Introducing Tax Expert Ron Wainwright, Tax Partner, Cherry Bekaert LLP, Raleigh, North Carolina

Join Ron Wainwright at TaxConnections Internet Tax Summit as he presents information on the “Patent Innovation Box”, Tuesday, September 22nd at 11:00AM (PDT).

Ron will be discussing how this was designed to encourage companies from the United States to make their profits and establish their Research and Development Facilities specifically in the European Union.

Hear more from Ron Wainwright about the U.S. adopting the “Patent Innovation Box” at the Internet Tax Summit. (See Video Introduction Below) Read More