Five Ways To Freeze Out Uncle Sam

For those who dare to think ahead, today’s down market and low interest rates offer great tax saving opportunities. Low interest rates are a bummer for investors, but if you’re serious about doing some estate planning right now, your heirs could reap a bonanza. Although the estate tax was repealed for one year at the […]

Fees Still Falling, but Not as Dramatically

A three-year slide in audit fees may be beginning to bottom out. Fees have been dropping for several years now, first as Sarbanes-Oxley work became more routine and then as companies scrutinized expenses in response to the economic crisis. But a recent CFO analysis of audit and audit-related fees paid last year suggests that the […]

Maximizing the Section 199 Deduction

Every business in the manufacturing sector, whether small or large, should consider the manufacturing deduction under IRC § 199. While section 199 comes with a complex set of rules, it nonetheless represents a valuable tax break for businesses that perform domestic manufacturing and certain other production activities. However, businesses should weigh its benefit against the […]

IRS Unveils Comprehensive Guidance on FATCA Reporting, Disclosure

The Internal Revenue Service Aug. 27 unveiled eagerly awaited guidance on the implementation of the Foreign Account Tax Compliance Act (FATCA), which imposed a host of new requirements on foreign banks to report and disclose accounts with U.S. owners, garnering measured praise from practitioners. In Notice 2010-60, IRS addressed a wide range of priority issues […]

Best Practices for Exempt Organizations and Form 990

New questions provide the opportunity for CPAs to guide and educate nonprofit directors and officers. Tax-exempt organizations required to file federal Form 990, Return of Organization Exempt From Income Tax, which was expanded and revised beginning in 2008 tax years, now have some experience with the new requirements. They may have experienced much anxiety as […]

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 […]

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 […]

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 […]

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 […]

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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Blog

Five Ways To Freeze Out Uncle Sam

Fees Still Falling, but Not as Dramatically

Maximizing the Section 199 Deduction

IRS Unveils Comprehensive Guidance on FATCA Reporting, Disclosure

Best Practices for Exempt Organizations and Form 990

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

AICPA Seeks Break for Nonsigning Preparers; Others Call Fees Valid

IRS: What’s in Your Reserve?

IRS Addresses Interaction Between Two NOL Carryback Provisions

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

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