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Recently Published
Alerts
- Congressional Inaction Creates Estate Planning Mess
- NAIC Adopts Temporary Changes to SSAP 10
- Surviving the Upturn... Be "The Other"
Articles
- Excess Capacity - Tax Advantage or Disadvantage?
- The Federal Government to the Rescue: Five-Year NOL Carryback
- Review Your Capital Assets for Possible Impairments
Business Surveys
- Survey of Chicago Area Business Leaders, September 2009
- Survey of Advisors to Family-Owned Businesses
- Survey of Chicago Area Business Leaders, February 2009
Construction Edge
- Managing Indirect Costs Calls for a Keen Eye ... and a Plan
- An Escalation Clause Can Help Curtail Materials Cost Woes
- Four Ways Dishonest Employees Can Steal Your Money
Insurance Edge
- Risk-Focused Exams for Reinsurance: What's Going On?
- SSAP 43R-Revised Loan-Backed and Structured Securities
- Insurance SAS 70: A Move Toward Action in Governance
Legal Talent
- Varying Rates for Contract Attorneys: Caveat Emptor!
- Top 10 Reasons to Hire Temporary Help in a Down Economy
- Five Organizational Tips for Staffing a Document Review Project
Manufacturing Edge
- Excess Capacity - Tax Advantage or Disadvantage?
- The Federal Government to the Rescue: Five-Year NOL Carryback
- Review Your Capital Assets for Possible Impairments
Not-for-Profit Edge
- Effective Dashboards for Not-for-Profit Boards
- Nonprofits Need Innovative Thinking to Survive the “New Normal”
- Online Donation Portals Ease Contributions, Receipt Process
Alerts
Congressional Inaction Creates Estate Planning Mess
By failing to act before December 31, 2009, the US Congress may have created a 2010 mess out of the vast majority of the Wills and Living Trusts that are currently in existence.What happened?Congress did not act. As a result...
read moreNAIC Adopts Temporary Changes to SSAP 10
At the winter meeting in San Francisco, California on December 5–9, 2009, the National Association of Insurance Commissioners (NAIC) adopted changes to Statutory Statement of Accounting Principles (SSAP) 10 – Income Taxes and issued SSAP 10R.The adoption is meant to...
read moreSurviving the Upturn... Be "The Other"
In February 2008, Barry Cain and David Spitulnik provided a road map for surviving the impending recession in Getting Through 2008 and Beyond. Similarly, this article provides forward-looking strategies for seizing opportunity during the budding recovery.According to many economic pundits,...
read moreForeign Investment Reporting Extended for Certain Taxpayers
On August 7, 2009, the Internal Revenue Service issued Notice 2009-62 (the Notice), which provides additional relief for persons (individuals, entities, tax-exempt organizations, IRAs and other taxpayers) regarding the filing of the Report of Foreign Bank and Financial Accounts (FBAR).The...
read moreRecovery Act Recipients: Understand Your Record-Keeping and Reporting Obligations
The American Recovery and Reinvestment Act of 2009 (ARRA) is capturing news headlines around the country. Approximately $300 billion of additional federal funds are being passed down from federal agencies to entities that are generally subject to single audits. ARRA...
read moreIllinois Ends Deduction for Reasonable Compensation Paid to Partners
On July 16, 2009, Illinois Governor Pat Quinn signed SB 1912 into law, which ends the deduction for the greater of personal service income or a reasonable allowance for the compensation of partners on Illinois partnership returns for tax years ending...
read moreTime-Sensitive FBAR Requirements
Recently, there has been a lot of discussion regarding foreign bank financial account reporting requirements (FBAR) and in what situations taxpayers are required to file Form TDF 90-22.1 (the FBAR form). The FBAR form is required to be filed with...
read moreIllinois Secretary of State Warns of Franchise Tax Business Scam
There is a new scam that attempts to get Illinois and Indiana businesses to file what looks like a franchise tax return and corporate minutes with a fee of $150. The Illinois Secretary of State Jesse White has posted a...
read moreChange in COBRA Rules for Employees Who Left After September 1, 2008
The American Recovery and Reinvestment Act of 2009 (the Stimulus Act) provides that the federal government will subsidize 65% of COBRA health insurance payments for eligible individuals. What the headlines did not mention was how that subsidy will be funded....
read moreImportant SAS 70 Internal Control Reporting Changes and Their Impact on Service Organizations
Timothy R. Bowling, CPA, Senior Audit Managertbowling@BlackmanKallick.com, 312-980-2927Significant changes to SAS 70 internal control reporting are in the works, and they'll impact not only the way the reports are used, but also how your auditor performs their tests and how...
read moreEmergency Economic Stabilization Act of 2008 Offers Many Tax Benefits
On Oct. 3, President Bush signed H.R. 1424, the Emergency Economic Stabilization Act of 2008 (the Act) into law. This 451-page bill establishes a $700 billion Treasury fund to purchase troubled assets from financial institutions.The Act also includes 41 pages...
read moreStuck in 2008 or Moving Purposefully Into 2009?
Barry S. Cain, JD, CMC, Managing Director, Strategic Services bcain@BlackmanKallick.com, 312-980-2976David B. Spitulnik, Director, Strategic Services dspitulnik@BlackmanKallick.com, 312-980-3339The Recession Isn’t Waiting for You … What Are You Waiting For?In February, we authored an alert titled, "Getting Through 2008 … and...
read moreEclipse Builds Business in Asia Through Strong Relationships
Client Success Story Eclipse Inc., a 100-year-old worldwide maker of burners for industrial processes, has essentially followed its customers into Asia. "Our customers have taken us to all parts of the Far East—China, Japan, Korea, Taiwan, Thailand and Vietnam," explains...
read moreChina Raises Income Tax to 25%
Effective Jan. 1, 2008, China has increased its income tax rate to 25%, and incentives routinely granted to foreign businesses are gone. This effectively changes China from a low-tax to a relatively high-tax jurisdiction.How will this tax law change affect...
read moreCalifornia Appellate Court Holds LLC Fee Unconstitutional
In a judgment filed on August 11, 2008 by the California Court of Appeal (the Court) in Ventas Finance, LLC (Ventas) v. California Franchise Tax Board (FTB), the Limited Liability Company (LLC) gross receipts fees were held unconstitutional. The Court...
read moreNew Housing Act Contains Several Changes Affecting Both Individuals and Businesses
The Housing and Economic Recovery Act of 2008 (the Housing Act) is designed primarily to help troubled borrowers and their lenders, including Fannie Mae and Freddie Mac. However, it also contains changes, incentives and tax breaks for certain homebuyers, homeowners,...
read moreGetting Through 2008 ... and Beyond
Barry S. Cain, JD, CMC, Managing Director, Strategic Servicesbcain@BlackmanKallick.com, 312-980-2976David B. Spitulnik, Director, Strategic Servicesdspitulnik@BlackmanKallick.com, 312-980-3339Let's face it—2008, and possibly 2009, are going to be challenging at the very least, perhaps even worse if the economic climate continues to turn...
read moreThe Economic Stimulus Act of 2008
Tax law enacted to spur U.S. economyThe Economic Stimulus Act of 2008 (the Stimulus Act) is designed to boost the U.S. economy by providing tax rebates to individuals and tax incentives for businesses.Recovery rebatesTo encourage spending that stimulates economic recovery,...
read more50% Bonus Depreciation on New Equipment Purchased in 2008
Similar to the old bonus depreciation rules, the new law allows a bonus first-year depreciation of 50% of the adjusted basis of qualifying property placed in service after December 31, 2007, and before January 1, 2009.To be considered qualifying, the...
read moreSection 179 Expensing Limits for Businesses Drastically Increased for 2008
For years beginning in 2008, the maximum Section 179 expense deduction is raised to $250,000. The $250,000 limitation is reduced by the amount by which the cost of Section 179 property placed in service during the tax year beginning in 2008 exceeds...
read moreMany Working Americans Will Get Tax Rebates
Under the new law, at least 117 million low- and middle-income households will receive one-time tax rebates, along with 20 million senior citizens living on Social Security and 250,000 disabled veterans. How do the tax rebates work?Single tax filers must have...
read moreSupply Chain Relationships Lead Oxford International Overseas
Blackman Kallick Client Success StoryBlackman Kallick client Oxford International, Ltd., a supplier to the automotive industry, found itself pushed into expanding overseas in the 1980s as its customers became more serious about international business."We had to go along for the...
read moreEast Balt "Goes Local" in Locations Around the World
Blackman Kallick Client Success StoryBlackman Kallick client East Balt is a long-term supplier to McDonald's. "We actually served [McDonald's founder] Ray Kroc the first hamburger buns in his store here in Des Plaines in 1955," says John Borowski, the company's...
read moreResources for Midsize Companies Doing Business Abroad
International accounting firms Blackman Kallick is a member of HLB International, a network of professional accounting firms providing audit, tax and business advisory services throughout the world.HLB's Web site offers "Doing Business in ..." booklets for most countries in which...
read moreWhat Should Midsize U.S. Manufacturers Know About Doing Business in China?
Is your company considering conducting business offshore? Consider the experience of one Blackman Kallick client, a mid-size manufacturer that has been sourcing product in China for more than 20 years. "Our company started doing business overseas primarily because of competition,"...
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