September 03, 2010
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Fees Still Falling, but Not as Dramatically
A three-year slide in audit fees may be beginning to bottom out. Fees have been dropping for several years now, first as Sarbanes-Oxley work became more routine and then as companies scrutinized expenses in response to the economic crisis. But a recent CFO analysis of audit and audit-related fees paid last year suggests that the […]
Read more- September 02, 2010
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Maximizing the Section 199 Deduction
Every business in the manufacturing sector, whether small or large, should consider the manufacturing deduction under IRC § 199. While section 199 comes with a complex set of rules, it nonetheless represents a valuable tax break for businesses that perform domestic manufacturing and certain other production activities. However, businesses should weigh its benefit against the […]
Read more- September 01, 2010
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IRS Unveils Comprehensive Guidance on FATCA Reporting, Disclosure
The Internal Revenue Service Aug. 27 unveiled eagerly awaited guidance on the implementation of the Foreign Account Tax Compliance Act (FATCA), which imposed a host of new requirements on foreign banks to report and disclose accounts with U.S. owners, garnering measured praise from practitioners. In Notice 2010-60, IRS addressed a wide range of priority issues […]
Read more- August 31, 2010
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Best Practices for Exempt Organizations and Form 990
New questions provide the opportunity for CPAs to guide and educate nonprofit directors and officers. Tax-exempt organizations required to file federal Form 990, Return of Organization Exempt From Income Tax, which was expanded and revised beginning in 2008 tax years, now have some experience with the new requirements. They may have experienced much anxiety as […]
Read more- August 30, 2010
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NFL franchise values drop, but still way ahead of other leagues
Stung by the economic recession and looming possibility of a players lockout in 2011, the average team value of an NFL franchise has dropped for the first time in 12 years, according to Forbes magazine. The average worth of NFL teams fell 2% to $1.02 billion in 2010 from $1.04 billion last year, according to […]
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