- GWG Life chose Baker Tilly as their new financial statement auditor based on specialized accounting and audit expertise. The company has also worked with Baker Tilly to meet their tax and Sarbanes-Oxley (SOX) internal control needs.
- The OECD releases first deliverables of its 15-item Base Erosion and Profit Shifting (BEPS) action plan, offering increased tax certainty and predictability to multinational companies.
- The New York Office of Unclaimed Funds (NYOUF) released a new policy for business-to-business transactions that has a bearing on unclaimed property holders within the state.
- Many tax-exempt organizations and employee benefit plans, such as pensions, IRAs and retirement plans, are attracted to hedge or private equity funds (Funds) as a method of realizing above-average returns on investments. Since related function or passive income is exempt from federal income tax, and many hedge or private equity investments are passive to the tax-exempt, most income generated from these entities can be generated free of federal and state income tax.
- Changes to the IRS offshore voluntary compliance programs expands reach as well as opportunities for nonwillful disclosure of offshore assets.
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