October 19, 2010
Andrew Presti
Blog Posts
0 CommentsGiving companies enough time to carefully prepare for a move from U.S. GAAP to IFRS is critical, the AICPA told the SEC in a comment letter filed Thursday. The AICPA assembled members from business and industry with public company backgrounds to discuss questions the SEC posed in a recent request for comment about a potential […]
Read moreOctober 18, 2010Andrew PrestiBlog Posts0 CommentsThe prospect of another round of state decoupling from recently enacted federal tax breaks feeds a growing concern about the apparent indifference of federal policymakers to state fiscal problems, several state tax specialists told BNA. “Every time the federal government acts to expand or contract the tax base, the states must react by increasing their […]
Read moreOctober 15, 2010Andrew PrestiBlog Posts0 CommentsPresident Obama recently announced a series of tax breaks designed to specifically help small businesses, it is known as the Small Business Jobs Act. Along with the recently advertised tax breaks for capital improvements another piece to the legislation has been tacked onto to the H.R. 5297 bill. This new law will require that all […]
Read moreOctober 14, 2010Andrew PrestiBlog Posts0 CommentsThe American Institute of Certified Public Accountants Oct. 8 faced tough questioning from Internal Revenue Service officials at a hearing on proposed rules (REG-138637-07) that would incorporate unenrolled tax preparers into Circular 230. An AICPA representative was one of a dozen speakers who made their case for various revisions to the service’s proposed plan for […]
Read moreOctober 13, 2010Andrew PrestiBlog Posts0 CommentsA blue-ribbon panel on private-company accounting standards recommends a separate GAAP for private companies. A blue-ribbon panel has recommended that a new set of accounting standards be drawn up for private companies based on U.S. generally accepted accounting principles. The panel also recommended that a private-company rulemaking board be established, separate from the Financial Accounting […]
Read moreOctober 12, 2010Andrew PrestiBlog Posts0 CommentsThe Treasury Department is reviewing complaints by Republicans that White House adviser Austan Goolsbee may have broken confidentiality laws by commenting on the tax structure of Koch Industries Inc., a political foe of President Barack Obama. Russell George, the Treasury inspector general for tax administration, told Iowa Senator Charles Grassley, the top Republican on the […]
Read moreOctober 11, 2010Andrew PrestiBlog Posts0 CommentsThe Small Business Jobs Act of 2010 (H.R. 5297) was signed into law on September 27, 2010. With the understanding that for small businesses to be able to expand, they need both tax cuts and greater access to loans, the Act creates new and expanded tax incentives and a $30 billion loan fund. The Act […]
Read moreOctober 01, 2010Andrew PrestiBlog Posts0 CommentsIn mid-September, President Obama proposed expanding the research and development of a tax credit that was first enacted in 1981 – and making the benefit permanent. The provision, which has been extended some 13 times since 1981, provides companies that perform technological research with tax breaks on the cost of payroll, supplies for research workers […]
Read moreOctober 01, 2010Andrew PrestiBlog Posts0 CommentsOnline tracking devices – commonly referred to as cookies – and the industries involved in their proliferation are attracting increased attention from lawmakers in response to an upswing in consumer complaints and litigation. As a result of recent public scrutiny and ensuing litigation, the Federal Trade Commission is expected to review its current privacy guidelines […]
Read moreOctober 01, 2010Andrew PrestiBlog Posts0 CommentsAlthough no one likes to think about end-of-life issues, it’s always best to educate yourself on the fine points of estate planning to ensure a smooth transition for your beneficiaries. Given the current economy, how are credit cards and other loans paid off if a person dies and leaves outstanding debt? Are they paid from […]
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