August 26, 2011
Andrew Presti
Blog Posts
0 CommentsAugust 23,2011 When Warren Buffett called for higher taxes on the wealthy in a New York Times op-ed last week, the billionaire investor argued that he and wealthy people like him face lower federal rates than the rest of us. Low rates on long-term capital gains and qualified dividends and limited exposure to payroll taxes […]
Read moreAugust 25, 2011Andrew PrestiBlog Posts0 CommentsAugust 23,2011 The U.S. Court of Appeals for the First Circuit Aug. 19 upheld a Treasury regulation barring the Internal Revenue Service from granting an executor a second extension of time for filing an estate tax return unless he qualifies for one of the good cause exceptions laid out in the regulation (Dickow v. United […]
Read moreAugust 24, 2011Andrew PrestiBlog Posts0 CommentsAugust 22,2011 The Internal Revenue Service issued final regulations Aug. 19 explaining the general rules for suspension of interest, penalties, additions to tax, or additional amounts under Section 6404(g). The final rules (T.D. 9545) incorporate a special rule from Notice 2007-93 about the effective date of changes to Section 6404(g) that were made by the […]
Read moreAugust 23, 2011Andrew PrestiBlog Posts0 CommentsAugust 19,2011 With more states passing or considering legislation legalizing same-sex marriage, tax practitioners are paying close attention to the growing complexities and discrepancies between state and federal tax laws involving marriage. The problem stems from the Defense of Marriage Act (Pub. L. No. 104-199), which defines marriage as between a man and a woman […]
Read moreAugust 22, 2011Andrew PrestiBlog Posts0 CommentsAugust 18,2011 The Internal Revenue Service, the Employee Benefits Security Administration, and the Centers for Medicare and Medicaid Services Aug. 17 released a proposed rule (Reg-140038-10) that would require insurers to make available to consumers a standardized summary of the benefits and coverage for each plan they offer. The goal of the proposed rule is […]
Read moreAugust 19, 2011Andrew PrestiBlog Posts0 CommentsAugust 17,2011 The number of federal individual income tax returns examined by the Internal Revenue Service has continuously increased over the past five years, with 1 out of every 90 taxpayers examined in fiscal year 2010, according to a statistical report released today by the Treasury Inspector General for Tax Administration. That’s up 23 percent […]
Read moreAugust 18, 2011Andrew PrestiBlog Posts0 CommentsAugust 16,2011 The IRS on Tuesday issued final regulations (TD 9542) governing elections by individual taxpayers, corporations and partnerships to deduct startup expenses or organizational expenditures. The regulations adopt with a slight change temporary regulations the Service issued in 2008 (TD 9411). The rules provide guidance on the application of section 902 of the […]
Read moreAugust 17, 2011Andrew PrestiBlog Posts0 CommentsAugust 15,2011 With productivity the top priority at many finance departments — and with smart phones getting ever smarter at tracking down sunbathing executives — it’s getting harder for CFOs to spend some days exclusively at the beach. Now that the dog days of August are nearly upon us, however, it might be a good […]
Read moreAugust 16, 2011Andrew PrestiBlog Posts0 CommentsAugust 03,2011 Accountants and finance executives are lobbying hard for the Financial Accounting Foundation (FAF) to appoint a separate board, independent of the Financial Accounting Standards Board, to tailor accounting standards for private companies. At least 15 state CPA societies, including those in Alabama, Illinois, New Jersey, and New York, have sent letters to the […]
Read moreAugust 03, 2011Andrew PrestiBlog Posts0 CommentsA proposal to eliminate the Last In, First Out (LIFO) accounting system has generated alarm and protests from several major industry associations, including the National Federation of Independent Business. The proposal to ban this inventory accounting system was introduced by President Obama during the recent debate about reducing the nation’s debt. The administration believes a […]
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