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Andrew Presti

NFL franchise values drop, but still way ahead of other leagues

Stung by the economic recession and looming possibility of a players lockout in 2011, the average team value of an NFL franchise has dropped for the first time in 12 years, according to Forbes magazine. The average worth of NFL teams fell 2% to $1.02 billion in 2010 from $1.04 billion last year, according to […]

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Andrew Presti

AICPA Seeks Break for Nonsigning Preparers; Others Call Fees Valid

The National Society of Accountants Aug. 24 opposed any break from tax preparer identification proposed rules (REG-139343-08), for those who are licensed at the state level, while the American Institute of Certified Public Accountants argued that only tax preparers who sign a return should be forced to meet the Internal Revenue Service’s new requirements. Tax […]

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Andrew Presti

IRS: What’s in Your Reserve?

Tax law and accounting collide as the IRS prepares to dig deeper into uncertain tax positions. The Internal Revenue Service is headed down the home stretch with respect to uncertain tax positions. Since June, it has been reviewing public comments on its controversial proposal to require more-detailed disclosures around tax deductions and credits that may […]

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Andrew Presti

IRS Addresses Interaction Between Two NOL Carryback Provisions

The Internal Revenue Service Aug. 20 issued guidance addressing taxpayer questions on the interplay between the two different five-year net operating loss (NOL) carryback provisions Congress enacted in 2009, one targeted at small businesses and a subsequent one providing the NOL carryback relief to most businesses. In Notice 2010-58, IRS unveiled 20 questions and answers […]

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Andrew Presti

Stimulus and tax cuts now, smaller economy later, CBO report says

The Congressional Budget Office released an improved outlook for the federal budget deficit this year, but the report also amounted to a warning to President Obama and Congress about the limits of policies designed to stimulate the economy. On the positive side, the 2010 budget deficit – though gargantuan – is now forecast at $1.3 […]

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