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SEC Staff Issues Guidance on Recognition and Disclosure of “Spring Loaded” Awards to Executives

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On Nov. 29, 2021, the staff of the U.S. Securities and Exchange Commission (SEC)’s Office of the Chief Accountant and the Division of Corporation Finance released Staff Accounting Bulletin No. 120 (SAB 120), which is effective immediately and provides guidance on how to properly recognize and disclose the compensation cost for “spring-loaded” awards made to executives of public companies subject to reporting requirements under US securities laws. SAB 120 describes spring-loaded awards as share-based compensation…

California Proposes to Tax Nonresident, Non-Employee Director Compensation based on Corporation’s Domicile

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California nonresident board members of companies based in California may soon be subject to income tax in California, regardless of whether they perform services within the state, if a newly proposed tax regulation is adopted. The proposed regulation — new section 17951-8 of Title 18 of the California Code of Regulations — released by the Franchise Tax Board of California on September 24, 2020, treats the compensation of a California nonresident, non-employee director of a…

US Tax Reform: Tax Cuts and Jobs Act Expected to Come Into Effect in 2018

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As of December 20, 2017, both the House of Representatives and the Senate have voted to approve the final version of the Tax Cuts and Jobs Act, in substantially the form released by the Conference Committee on December 15th. The bill is expected to be presented to the President for signature before Christmas, making US tax reform a reality for 2018.