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December 5, 2022

Accounting News Roundup: World Corporate Tax Police (or Something); Colorado’s Pot Taxes Haul; IRS Handing Over Lois Lerner’s Emails | 05.09.14

U.S. Ready to Join Six-Nation Tax Alliance [WSJ]
It's like an anti-corporate tax avoidance cool club or something: "The U.S. is ready to join China and four other countries in an alliance to fight efforts by multinational corporations to avoid paying taxes, according to people familiar with the matter. The alliance, an Australian initiative, will also include Japan and Britain. The U.S. could sign on this week during a two-day meeting in Tokyo on fighting corporate tax avoidance, people familiar with the U.S. position told The Wall Street Journal."

FASB Proposes ‘Pushdown Accounting’ Changes [AT]
For you M&A types: "The update would be part of the business combination standards collected under Topic 805 of the FASB Accounting Standards Codification. Under current U.S. GAAP, there is limited guidance for determining whether and when a new accounting and reporting basis, referred to as “pushdown accounting,” should be established in an acquired entity’s separate financial statements."

Colorado pot taxes boomed in March [AP]
$7.3 million in taxes collected from retail sales for the first three months. It's $12.6 million if you count licensing and medical marijuana sales.

IRS to give House panel all Lerner emails [The Hill]
This feels appropriate.
Hawaii's Top Marginal Tax Rate: 367,100% [TaxProf]
Grover Norquist just soiled himself. 
Boil Eggs in a Coffee Cup, and Other Office-Friendly Food Hacks [Lifehacker]
Eat some breakfast.

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