January 27, 2011
Andrew Presti- Author's Bio
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Summary of FASB Board decisions – January 2011
Accounting for financial instruments: classification and measurement. In response to the overwhelming feedback received on the proposed Accounting Standards Update, the Board continued its discussion about whether to measure certain financial assets at amortized cost. Additional information is available in the summary of feedback received on the classification and measurement model in the proposed Accounting […]
Read more- January 26, 2011
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Relief provided for Tax Return Preparers with pending PTIN Applications
The 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 more- January 25, 2011
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U.S. GAAP Financial Reporting Taxonomy Now Available
The Financial Accounting Foundation (FAF) today announced the availability of the 2011 U.S. GAAP Financial Reporting Taxonomy pending final acceptance by the U.S. Securities and Exchange Commission (SEC). The FAF is responsible for the ongoing development and maintenance of the taxonomy applicable to public issuers registered with the SEC. The 2011 U.S. GAAP Financial Reporting […]
Read more- January 24, 2011
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IRS has set a tax-filing date of Feb. 14 for itemizers
Taxpayers who claim itemized deductions will be able to file their federal tax returns starting Feb. 14, the IRS said Thursday. While the tax-filing season began on Jan. 4, the IRS announced last year that taxpayers who itemize — which includes just about everyone who has a mortgage — would have to wait until at […]
Read more- January 14, 2011
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Charitable Giving Guidelines
Even though it’s now 2011, completing and filing taxes for 2010 is just beginning. While we all know that charitable donations are an ideal way to reduce your tax liability, it’s a good idea to review some of the finer points of the IRS rules. While it’s a good feeling to give back to others, […]
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