Standards Update: Auditing the use of estimates and specialists

Business transactions have grown more complicated in recent years, leading companies to make a significant number of subjective estimates and rely more heavily on outside parties to bring in specialized knowledge. For more than a decade, the Public Company Accounting...

Business Briefs: Need a Silver Lining? Try the NOL Deduction

The year’s not half over. But if your company is off to a rough start, know that a silver lining may exist in the net operating loss (NOL) deduction. The rules A net operating loss occurs when a business’s operating expenses and other deductions for the year exceed...

IRS Issues Audit Tips on Adjustments Made in Transfer Pricing Deals

In a new International Practice Unit (IPU), the IRS provides audit tips to its examiners on a taxpayer’s affirmative use of Internal Revenue Code Section 482, “Allocation of Income and Deductions.” That section of tax law gives the IRS the authority to make...