August 19, 2011
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More IRS Cops, More Audits, Says Treasury Report
August 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 more- August 18, 2011
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Election to Deduct Business Startup Expenses Gets Final Rules
August 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 more- August 17, 2011
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Tax Tips on Combining Business and Pleasure
August 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 more- August 16, 2011
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Private-Company GAAP Heats Up
August 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 more- August 03, 2011
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LIFO Accounting Method Targeted: Small Businesses Fight Repeal
A 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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