February 04, 2011
Andrew Presti
Blog Posts
0 CommentsDid you know that more than half of all U.S. businesses are home based? These business owners are sometimes referred to as homepreneurs. Mary Kay Cosmetics and even Ford Motor Company were once businesses based at home. This no longer conjures up the image of an unshaven man in pajamas sipping coffee in front of […]
Read moreFebruary 04, 2011Andrew PrestiBlog Posts0 CommentsThe Dow Jones Industrial Average topped 12,000 – a threshold that had not been crossed since 2008 – as January drew to a close. The excitement proved tough to sustain, however, as the market retreated and then rebounded the following day. The 12,000- point milestone doesn’t increase GDP or boost exports, but it does provide […]
Read moreFebruary 04, 2011Andrew PrestiBlog Posts0 CommentsIf your business is like most, your clients come from diverse backgrounds and income levels. Some are old, some young and more than a few of them are among the millions of baby boomers approaching retirement. What do these seemingly different types of customers – and potential customers – have in common? They all demand […]
Read moreFebruary 04, 2011Andrew PrestiBlog Posts0 CommentsOne great concern for many tax planners at the end of 2010 was how to adjust for the reversion of estate tax provisions to pre-Bush levels. Congress and the President solved that problem with the passage and enactment of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 – at least for […]
Read moreFebruary 04, 2011Andrew PrestiBlog Posts0 CommentsFebruary 1st, 2011 Revenue recognition. The FASB and the IASB continued their deliberations of the Exposure Draft, Revenue from Contracts with Customers, by discussing the accounting for warranties. The Boards decided that an entity should account for some warranties as a warranty obligation (that is, as a cost accrual) in accordance with IAS 37, Provisions, […]
Read moreFebruary 03, 2011Andrew PrestiBlog Posts0 CommentsThe new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it applies for 2010-2013, including information on transition relief for 2010. Additional guidance on the credit […]
Read moreFebruary 02, 2011Andrew PrestiBlog Posts0 CommentsThe IRS has provided relief for tax return preparers who have pending PTIN applications but have not yet received a PTIN. The relief provided applies only during the 2011 filing season and does not apply to individuals who engage in conduct that constitutes a willful violation of the applicable duties and restrictions or disreputable conduct […]
Read moreFebruary 01, 2011Andrew PrestiBlog Posts0 CommentsThe Internal Revenue Service’s announcement that it will allow tax preparers who have been unable to get a preparer tax identification number to use alternative means of identifying themselves came as welcome relief, tax practitioners told BNA Jan. 27. However, some of the core issues that have been raised in relation to the IRS preparer […]
Read moreJanuary 31, 2011Andrew PrestiBlog Posts0 CommentsFASB’s parent organization, the Financial Accounting Foundation (FAF), this month is expected to discuss a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. This discussion follows the culmination of a year’s worth of work by a blue-ribbon panel, formed in December 2009 as part of a […]
Read moreJanuary 28, 2011Andrew PrestiBlog Posts0 CommentsIn his State of the Union address, President Barack Obama called on Congress to embark on a major revamp of corporate taxes: “[S]implify the system. Get rid of the loopholes. And use the savings to lower the corporate tax rate for the first time in 25 years—without adding to our deficit.” On Wednesday, Treasury Secretary […]
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