April 05, 2011
Andrew Presti
Blog Posts
0 CommentsApril 1st, 2011 The AICPA called on the SEC to contribute funds to support the International Financial Reporting Standards Foundation, the parent organization of the International Accounting Standards Board (IASB). In a comment letter to the IFRS Foundation Monitoring Board, the Institute wrote, “We believe any solution by the SEC would go a long way […]
Read moreApril 04, 2011Andrew PrestiBlog Posts0 CommentsMarch 30th, 2011 The Internal Revenue Service March 29 unveiled eagerly awaited guidance on two pieces of legislation that provided taxpayers generous bonus depreciation incentives, offering flexibility for taxpayers caught in difficulties over whether to take 50 percent depreciation, an additional 100 percent depreciation available in some cases, or neither. In Revenue Procedure 2011-26, IRS […]
Read moreApril 01, 2011Andrew PrestiBlog Posts0 CommentsMarch 31, 2011 WASHINGTON – Here’s a potential boost for the economy: The Internal Revenue Service expects to issue up to $300 billion in tax refunds this year. IRS Commissioner Doug Shulman told Congress on Thursday the average federal tax refund is about $3,000 this year. The Internal Revenue Service has received a little more […]
Read moreMarch 31, 2011Andrew PrestiBlog Posts0 CommentsThe IRS issued final regulations (TD 9518) and several pieces of guidance relating to the requirement that return preparers e-file tax returns, starting this year. The final regulations adopt, with minor amendments, proposed regulations (REG-100194-10) that were published last December, and they require specified tax return preparers to e-file if they reasonably expect to file […]
Read moreMarch 30, 2011Andrew PrestiBlog Posts0 CommentsThe IRS on Friday announced that taxpayers who live in foreign countries can now use the Free File program to prepare and e-file their federal tax returns (IR-2011-30). The program is available to both U.S. citizens and resident aliens, and currently five of the Free File software providers can accept returns filed from foreign addresses. […]
Read moreMarch 29, 2011Andrew PrestiBlog Posts0 CommentsMarch 29th, 2011 Practitioners have put their business management skills to the test within their own firms during the past two years to minimize potential damage from the economic downturn, according to a biennial survey conducted by the AICPA’s Private Companies Practice Section in conjunction with the Texas Society of CPAs. The results of the […]
Read moreMarch 28, 2011Andrew PrestiBlog Posts0 CommentsMarch 24th, 2011 The Congressional Budget Office (CBO) this week released a report that said taxing people based on how many miles they drive is a possible option for raising new revenues and that these taxes could be used to offset the costs of highway maintenance at a time when federal funds are short. The […]
Read moreMarch 25, 2011Andrew PrestiBlog Posts0 CommentsMarch 23th, 2011 The IRS today released information on processing issues that are impacting a small percentage of tax returns involving repayment of the First Time Homebuyer Credit (FTHB), primarily involving 2008 home purchases. While most of these returns are processing normally, the IRS recognizes the hardship caused by delayed refunds, and it has assigned […]
Read moreMarch 24, 2011Andrew PrestiBlog Posts0 CommentsMarch 21th, 2011 Under GAAP, issuers of convertible bonds can account for inducements to convert them into stock as an expense. But the IRS calls them a nondeductible dividend. Issuers of convertible debt that has fallen “out of the money” (the conversion price is more than the applicable stock price) sometimes want to encourage conversion […]
Read moreMarch 23, 2011Andrew PrestiBlog Posts0 CommentsMarch 17th, 2011 The top corporate income tax level in the United States is 35 percent. In the United Kingdom, it’s 28 percent. But in Ireland, it’s only 12.5 percent, and in Bermuda there’s no corporate income tax at all. That means multinational companies that shift their earnings through Ireland or Bermuda can save billions […]
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