March 29, 2011
Andrew Presti- Author's Bio
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Hitting the Target: National Survey Looks at How CPA Firms of All Sizes Stack Up
March 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 more- March 28, 2011
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CBO: Taxing mileage a ‘practical option’ for revenue enhancement
March 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 more- March 25, 2011
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Update on First Time Homebuyer Credit and Tax Refunds
March 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 more- March 24, 2011
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When Financial and Tax Accounting Diverge
March 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 more- March 23, 2011
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How Offshore Tax Havens Save Companies Billions
March 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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