May 31, 2011
Andrew Presti
Blog Posts
0 CommentsMay 27th, 2011 The IRS established a special procedure by which taxpayers can make a late election to treat all their real estate activities as a single activity for purposes of meeting material participation rules. The guidance, in Revenue Procedure 2011-34, allows eligible taxpayers to avoid applying for a private letter ruling to obtain relief; […]
Read moreMay 30, 2011Andrew PrestiBlog Posts0 CommentsJune 2011 Revised structure, wording will make ethics standards more consistent. The AICPA’s Professional Ethics Executive Committee (PEEC) is undertaking a project to recodify the Institute’s ethics standards. The Ethics Codification Project’s primary focus is to improve the AICPA Code of Professional Conduct so that members and others can apply the rules and reach correct […]
Read moreMay 27, 2011Andrew PrestiBlog Posts0 CommentsMay 26th, 2011 The Internal Revenue Service has a low-profile but sweeping effort under way to use state land-transfer records for evidence of omissions in reporting gifts of real estate to family members. Beth Shapiro Kaufman, a partner in the private-client group at law firm Caplin & Drysdale in Washington, D.C., said many tax advisers […]
Read moreMay 26, 2011Andrew PrestiBlog Posts0 CommentsMay 23rd, 2011 The AICPA Governing Council on Monday unanimously approved a new credential called the Chartered Global Management Accountant (CGMA), a joint venture of the AICPA and the London-based Chartered Institute of Management Accountants (CIMA). “This new credential will offer a very unique value proposition to our members,” Arleen Thomas, AICPA’s senior vice president—Member […]
Read moreMay 25, 2011Andrew PrestiBlog Posts0 CommentsMay 19th, 2011 When you become self employed, you must decide what form of business entity to establish. The basic categories include: sole proprietorship, partnership, C corporation, LLC (Limited Liability Company), and S corporation. It’s important to discuss entity selection with both your attorney and your tax pro, before deciding what structure is best for […]
Read moreMay 24, 2011Andrew PrestiBlog Posts0 CommentsMay 20th, 2011 Pent-up demand for health services and consolidation among doctors and hospitals are among the factors exerting upward pressure on costs. U.S. employers can expect to see health-care costs rise by 8.5% in 2012, up a tick from this year’s 8% climb, according to a new report from PricewaterhouseCoopers. The firm says that […]
Read moreMay 23, 2011Andrew PrestiBlog Posts0 CommentsMay 19th, 2011 There’s been lots of press lately about how the IRS is paying for information. In fact, the entire Swiss banking industry was literally brought to its knees because of a whistleblower. OK, he went to jail, but he still expects to receive a nice chunk of change for all the tax dollars […]
Read moreMay 20, 2011Andrew PrestiBlog Posts0 CommentsMay 18th, 2011 The Small Business Jobs Act nixed the tax that self-employed workers pay on health insurance for 2010. Small biz advocates doubt Congress will extend it. Paula Fleming, a freelance copy editor in Minneapolis, spends $3,600 a year on bare-bones health insurance for herself and her husband. For the 2010 tax year, for […]
Read moreMay 19, 2011Andrew PrestiBlog Posts0 CommentsMay 17th, 2011 A push to overhaul the U.S. corporate tax code will take a back seat to negotiations on the deficit and debt ceiling over the next two months, Treasury Secretary Timothy Geithner said on Tuesday. Geithner said the Obama administration hopes to take up the issue of tax simplification before the presidential election […]
Read moreMay 18, 2011Andrew PrestiBlog Posts0 CommentsMay 16th, 2011 Mission accomplished? That’s the tacit message the Federal Reserve and its chairman, Ben Bernanke, have been sending, now that the economy is recovering and companies are starting to hire again. As every Fed-watcher knows, the Fed plans to end its second bond-buying, or “quantitative easing,” program at the end of June, which […]
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