February 22, 2011
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Multistate Tax Considerations for S Corporations
Many S corporations do business in multiple states and must file income or other tax returns in them. Many states have been more aggressive in going after out-of-state companies doing business in their states. Many of these businesses do not realize they have an exposure to a state’s taxes until they receive a nexus questionnaire […]
Read more- February 21, 2011
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February 16, 2011 FASB/IASB Joint Board Meeting
February 16th, 2011 Insurance contracts. The IASB and the FASB invited guest speakers from PricewaterhouseCoopers and MetLife to provide an education session on separating insurance contracts into insurance and noninsurance components, which is referred to as unbundling. The IASB’s Exposure Draft, Insurance Contracts and the FASB’s Discussion Paper, Preliminary Views on Insurance Contracts, proposed that […]
Read more- February 18, 2011
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Tax breaks make Fed more upbeat on economy
February 16th, 2011 Federal Reserve officials were slightly more optimistic last month about economic growth for this year than they were in November, reflecting expected gains in consumer and business spending from tax cuts. In an updated forecast released Wednesday, they said they believe the economy will grow 3.4% to 3.9% this year. That’s an […]
Read more- February 17, 2011
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Budget Proposal Relies on Tax Proposals Previously Rejected by Congress
February 15th, 2011 President Obama’s $3.7 trillion budget proposal for fiscal year 2012 relies on dozens of ideas that have been previously rejected by a Democrat-led Congress and will face an even tougher road ahead under a new, larger Republican presence in the Capitol, lawmakers said Feb. 14. In his Feb. 14 budget submission, Obama […]
Read more- February 16, 2011
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IRS provides relief for tax preparers with pending identification number applications
February 16th, 2011 The IRS is allowing certain individuals who have made a good faith effort to timely obtain Preparer Tax Identification Numbers (PTINs) to prepare tax returns during the interim period that their applications for PTINs are pending. All tax return preparers who are compensated for preparing, or assisting in the preparation of, all […]
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