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New Mexico Advises on Gross Receipts Tax Liability for Marketplace Providers
By Lisa Lopata, Esq., Checkpoint The New Mexico Taxation and Revenue Department (TRD) issued a ruling to a marketplace provider discussing gross receipts tax liability for various fees it receives. The marketplace provider offers products
Retirement Plan Automatic Enrollment, Catch-up Contribution Rules Proposed
By Federal Tax Update Staff Treasury and the IRS have proposed regulations on retirement plan automatic enrollment and catch-up contributions, incorporating changes under the 2022 SECURE 2.0 Act. (Preamble to Prop Reg REG-100669-24; IR 2025-09, 1/10/2025;Preamble to Prop Reg
Watch Out for These Common Financial Statement Errors
Each year, Thomson Reuters editors and outside authors review dozens of sets of financial statements while updating our products. We look to ensure they comply with accounting principles generally accepted in the United States (GAAP).
Don’t Let Technology Be a M&A Spoiler!
It seems every time you open an accounting journal, there’s another round of Mergers and Acquisitions (M&A) announcements being featured. While growth through M&A has always been part of the accounting landscape, the influx of
GOVERNMENTAL UPDATE: Implementing Guidance on Uniform Guidance Revisions
Background The Council on Federal Financial Assistance (COFFA) was established in August 2023 by the U.S. Office of Management and Budget (OMB) under Memorandum M-23-19. The OMB’s intent was to create an interagency forum to
What Is a Significant Audit Area and Why Is It Important?
When performing an audit, auditors are required to determine the client’s significant classes of transactions, account balances, and disclosures. Using the PPC approach, as outlined in our various audit guides, such as PPC’s Guide to Nonpublic
