February 04, 2011
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SUMMARY OF FASB BOARD DECISIONS January 2011
February 1st, 2011 Revenue recognition. The FASB and the IASB continued their deliberations of the Exposure Draft, Revenue from Contracts with Customers, by discussing the accounting for warranties. The Boards decided that an entity should account for some warranties as a warranty obligation (that is, as a cost accrual) in accordance with IAS 37, Provisions, […]
Read more- February 03, 2011
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Small Business Health Care Tax Credit: Frequently Asked Questions
The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it applies for 2010-2013, including information on transition relief for 2010. Additional guidance on the credit […]
Read more- February 02, 2011
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IRS provides relief for tax return preparers with pending PTINs
The IRS has provided relief for tax return preparers who have pending PTIN applications but have not yet received a PTIN. The relief provided applies only during the 2011 filing season and does not apply to individuals who engage in conduct that constitutes a willful violation of the applicable duties and restrictions or disreputable conduct […]
Read more- February 01, 2011
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PTIN Relief Is Welcome, Practitioners Say, Although Problems Remain
The Internal Revenue Service’s announcement that it will allow tax preparers who have been unable to get a preparer tax identification number to use alternative means of identifying themselves came as welcome relief, tax practitioners told BNA Jan. 27. However, some of the core issues that have been raised in relation to the IRS preparer […]
Read more- January 31, 2011
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Standards Overseer to Consider Proposal for Private Company Financial Reporting
FASB’s parent organization, the Financial Accounting Foundation (FAF), this month is expected to discuss a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. This discussion follows the culmination of a year’s worth of work by a blue-ribbon panel, formed in December 2009 as part of a […]
Read more- January 28, 2011
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Tax Redo to Seek ‘Level Playing Field’
In his State of the Union address, President Barack Obama called on Congress to embark on a major revamp of corporate taxes: “[S]implify the system. Get rid of the loopholes. And use the savings to lower the corporate tax rate for the first time in 25 years—without adding to our deficit.” On Wednesday, Treasury Secretary […]
Read more- January 27, 2011
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Summary of FASB Board decisions – January 2011
Accounting for financial instruments: classification and measurement. In response to the overwhelming feedback received on the proposed Accounting Standards Update, the Board continued its discussion about whether to measure certain financial assets at amortized cost. Additional information is available in the summary of feedback received on the classification and measurement model in the proposed Accounting […]
Read more- January 26, 2011
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Relief provided for Tax Return Preparers with pending PTIN Applications
The IRS has provided relief for tax return preparers who have pending PTIN applications but have not yet received a PTIN. The relief provided applies only during the 2011 filing season and does not apply to individuals who engage in conduct that constitutes a willful violation of the applicable duties and restrictions or disreputable conduct […]
Read more- January 25, 2011
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U.S. GAAP Financial Reporting Taxonomy Now Available
The Financial Accounting Foundation (FAF) today announced the availability of the 2011 U.S. GAAP Financial Reporting Taxonomy pending final acceptance by the U.S. Securities and Exchange Commission (SEC). The FAF is responsible for the ongoing development and maintenance of the taxonomy applicable to public issuers registered with the SEC. The 2011 U.S. GAAP Financial Reporting […]
Read more- January 24, 2011
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IRS has set a tax-filing date of Feb. 14 for itemizers
Taxpayers who claim itemized deductions will be able to file their federal tax returns starting Feb. 14, the IRS said Thursday. While the tax-filing season began on Jan. 4, the IRS announced last year that taxpayers who itemize — which includes just about everyone who has a mortgage — would have to wait until at […]
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