November 17, 2010
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FASB Clarifies Troubled Debt Restructuring
The standard setter releases new proposed accounting guidance to better define what is – and is not – a troubled debt restructuring. Last month the Financial Accounting Standards Board issued a proposed guidance related to troubled debt restructuring that included several important clarifications for both debtors and creditors. The proposed accounting standards update (ASU), Clarifications […]
Read more- November 16, 2010
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What Every Tax Return Preparer Needs to Know about Applying for a PTIN
New regulations require all paid tax return preparers to apply for a Preparer Tax Identification Number — even those who already have one — before preparing any federal tax returns in 2011. The PTIN requirement is one of the first provisions being implemented in a new oversight program to help regulate the tax preparation industry. […]
Read more- November 15, 2010
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Senate Finance Expected to Consider Tax-Exempt Qualifications Next Year
The Senate Finance Committee will be looking at some of the qualifications for tax-exempt status when the 112th Congress convenes in January, Patricia Read, senior vice president at Independent Sector, said Nov. 9. “The definitions about who and what should be exempt from taxation, who and what should be eligible to receive tax deductible contributions, […]
Read more- November 12, 2010
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November 10, 2010—Summary of Board Decisions—FASB Board Meeting
Going concern. The Board discussed a summary of key issues raised by external reviewers on a preliminary staff draft of a proposed Accounting Standards Update for this project. The Board decided that those issues should be deliberated at a future meeting and the staff draft revised based on the deliberations. Because this project may overlap […]
Read more- November 11, 2010
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U.S. Debt Proposal Would Cut Social Security, Taxes, Medicare
A presidential commission’s leaders proposed a $3.8 trillion deficit-cutting plan that would cut Social Security and Medicare, reduce income-tax rates and eliminate tax breaks including the mortgage-interest deduction. The co-chairmen of the panel appointed by President Barack Obama suggested reducing Social Security spending by raising the retirement age to 68 in about 2050 and 69 […]
Read more- November 05, 2010
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Read more- November 05, 2010
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Intuit Wins QuickBooks Add-on Awards
Two of Intuit’s add-ons for its QuickBooks software received Awesome QuickBooks Add-on awards from the Sleeter Group. ViewMyPaycheck is a free offering for QuickBooks Payroll subscribers and allows users to upload paycheck information to the cloud so employees can access pay stubs, vacation and sick time balances, and W-2 forms securely. Employees can also view, […]
Read more- November 05, 2010
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Tip: Take Full Advantage of Tax Breaks in Small Business Jobs Act
The Small Business Jobs Act of 2010 is intended to provide some welcome tax relief to businesses, with the hope of spurring growth and job creation. Many of these provisions are set to expire after 2011. It is important for business owners not to overlook any of these newly minted tax breaks because most will […]
Read more- November 05, 2010
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Technology: Boost Customer Traffic with Geolocation Technology
Smart phone users have become comfortable with using programs such as iWant and Yelp to find nearby restaurants, gas stations and almost everything else. Now, savvy small businesses are using geolocation technology to market directly to potential and existing customers. Geolocation services represent an inexpensive valuable marketing tool, especially for small businesses that rely on […]
Read more- November 05, 2010
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Reverse Mortgages: Easy to get, but worth the price?
Every so often, the topic du jour for financial planning is the reverse mortgage, especially when interest rates are low and older people find themselves in need of easily attainable sources of cash. Reverse mortgages – also known as lifetime mortgages – are completely legitimate; however, seniors and the family members who look after them […]
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