In this episode of Talking Tax Siri Bulusu talks with Bruce Fort, counsel to the Multistate Tax Commission about GILTI and what the state-level implications are for multinational businesses.

The U.S. audit regulator, with new management and new goals, will need more time to right the ship, one of the agency’s leaders said during a public appearance in New York on Oct. 17. Jim Kaiser, who serves on the Public Company Accounting Oversight Board, briefly addressed concerns about internal struggles at the agency during public remarks at a SIFMA AICPA conference in New York.

Gary Scanlon, a former attorney-adviser at the Treasury Department, has joined the international tax group at KPMG LLP’s Washington National Tax practice, the firm announced Oct. 17.

The Federal Reserve and other U.S. banking agencies are seeking public comment on a policy statement for how banks implement the Financial Accounting Standards Board’s approach known as current expected credit losses, or CECL.

U.S. and international accounting rules for goodwill— a measurement of intangible assets that roiled the financials at companies like Kraft Heinz Co. and General Electric Co.—need to stay the same, the chiefs of the accounting rulemaking bodies said

The Internal Revenue Service has that preparer tax identification number applications and renewals are now being processed. That’s good news for tax professionals who are gearing up for next season—but there could be some changes on the horizon.