December 2010

Whitlock Speaks at the International Association of Insurance Receivers (IAIR) - 2011 Insolvency Workshop

Brian Whitlock, Partner in Blackman's Wealth Transfer practice, presents at the International Association of Insurance Receivers (IAIR) - 2011 Insolvency Workshop at the Omni Royal in New Orleans. Brian presents “Recent Tax Developments” on Thursday, January 20 as part of...

December 2010

Whitlock Presents a Workshop at the Illinois CPA Society Headquarters

Brian Whitlock, Partner in Blackman's Wealth Transfer practice, presents “Estate, Gift & Trust Tax Update” workshop at the Illinois CPA Society Headquarters. The workshop addresses the latest changes to the Federal Gift and Estate Taxes and discusses the specific planning...

December 2010

Whitlock Speaks to the Fox Valley Chapter of the Illinois CPA Society

Brian Whitlock, Partner in Blackman's Wealth Transfer practice, presents “2011 - Estate Tax Update – It’s a Whole New Ball Game” at the Fox Valley Chapter of the Illinois CPA Society. The presentation provides a summary of the latest changes...

December 2010

Congress Extends the Tax Cuts

What do I need to know before and after the Holidays? The House of Representatives passed the Senate version of the tax bill late Thursday evening, without amendment, by a vote of 277–148. The "Unemployment Insurance Reauthorization and Job Creation...

December 2010

Watson Chosen to Participate at FASB & IASB Roundtable on Lease Accounting

Jeffery Watson, a Quality Assurance Senior Manager at Blackman Kallick, has been invited to be one of 15 select professionals chosen to participate in the Financial Accounting Standards Board’s (FASB) special leases roundtable for not-for-profit organizations and private companies.In conjunction...

December 2010

Update on SSAP 100 - Fair Value Disclosures

With the current flurry of discussion around SSAP No. 100 – Fair Value Measurements and the recent revisions that were made on November 29, 2010 to the standard; we'd like to point you to a recent article published by AAM...

December 2010

The White House Releases a “Fact Sheet” on the Tax Cut Agreement

On December 7th, the White House released a “FACT SHEET on the Framework Agreement on Middle Class Tax Cuts and Unemployment Insurance: A Win for Our Economy, Jobs, and Working Families.” We are posting the entire PDF here since we...

December 2010

Blackman Hosts 2010 Insurance Conference

On November 4, 2010, Blackman Kallick had the honor of hosting the 2010 Insurance Conference at the Standard Club in Chicago with the goal of facilitating the exchange of educational information and ideas among insurance professionals. Sponsored by AAM and...

December 2010

Lowenthal Presents at ICPA on Annual Federal Taxes

David Lowenthal, CPA, JD, LLM, Senior Tax Manager at Blackman Kallick, will be presenting on Annual Federal Tax Updates at the upcoming Illinois CPA Society meeting. In the changing tax environment, Lowenthal will give an update of individual and corporate...

December 2010

Announcing Blackman Kallick Client Portals

When it comes to communicating with clients electronically, federal and state laws have become increasingly rigorous. Blackman Kallick has responded by establishing secure online portals as an alternative to email. These web-based portals allow clients and professionals to communicate and...

November 2010

Uncertainty Looms on Tax Cuts

Although both parties seemingly want to fully extend the Bush tax cuts for at least 2011- political jockeying has made the path to achieving this result unclear. Nobody knows for certain if these changes along with many others will be...

November 2010

Kaufman Presents FEI LinkedIn Networking & Learning Program

Learn how to Unleash the Strategic Power of LinkedIn with the Financial Executive International (FEI) Chicago Chapter's LinkedIn Networking and Learning Program Date: Thursday, December 9, 2010 Time: 5:00 – 8:00 pm 5:00 - 6:30pm Networking, Drinks, Hors D'oeuvres Location:...

November 2010

McNally Article, "Don’t Let Your Customer’s Bankruptcy Become Yours", Published in Construction Business Owner

Working with financially troubled customers is a risky business. You want to show them that you value their business, in hopes that your loyalty will pay off down the line. At the same time you also don’t want to let...

November 2010

McNally Article, "You Paid for Advice. Take It!", Published in Construction Today

You hired a consultant to help you understand the value of your business and to explore your options for transitioning out of the business. However, he is telling you things you do not want to hear and you are wondering...

October 2010

HLB Organizes Chinese Roadshow

In September 2010, HLB organized a Chinese roadshow to showcase the development of its "Global China Service".To demonstrate the strengths of HLB member firms to assist Chinese companies to raise funds in the international capital market, HLB International co-organised the seminar with...

October 2010

Alert : Beware of EFTPS Email Scam

We have received a number of inquiries regarding the authenticity of recent Electronic Federal Tax Payment System (EFTPS) emails.According the the EFTPS website, they DO NOT contact companies or individuals by email. Like the IRS, they will only contact you by...

October 2010

Metra's Chairman on Blackman Kallick's Risk Management Services

In light Metra's recent challenges concerning its former executive director, the Metra Board of Directors have sought to implement organizational change and reforms to increase accountability and transperency within the organization. The excerpt from the October 2010 issue of Metra's...

October 2010

Lowenthal Article, "How to Identify Taxable Income (UBTI)", Published in Association News

Not even the tax-exempt can escape income taxes. If your organization has income derived from activities that are not substantially related to your organization’s exempt purpose or function, you may be vulnerable. Commonly referred to as Unrelated Business Taxable Income...

September 2010

Blumenthal Presents at the CBA on 'Strategies in a Rising Tax Environment'

Date: Wednesday, October 6, 2010 Time: 12:15 p.m. - 1:30 p.m. CTAttendees: Chicago Bar Association Members Location: Presentation will be LIVE and WEBCAST. Chicago Bar Association Headquarters 321 South Plymouth Court. Chicago, IL *See guard in lobby for meeting room location....

September 2010

McNally Article, "Value Based Planning", Published in MoldMaking Technology

Success doesn't happen by accident. So why don't some business owners plan? Some don't know where to begin. Others put off planning because it seems like a big task and they don't want to start until they have time to...

September 2010

INSIDE Public Accounting Announces Best of the Best Accounting Firms

Blackman Kallick is proud to once again be mentioned amongst INSIDE Public Accounting's Best of the Best Acounting Firms for 2010. In 2008, when INSIDE Public Accounting presented its 14th annual recognition of the 2008 IPA Best of the Best, choosing...

September 2010

苏允菡女士在芝加哥与中国企业家探讨对美投资

美国必凯会计金融咨询公司中国业务部负责人苏允菡对来自中国南方省市的20名企业家讲授如何入境美国并购与合资,及注意事项。出席会议的中国企业运作的行业涵盖机械制造、服饰、体育用品、高科技、运输和金融服务。本座谈会于2010年9月24日在必凯公司举行。...

September 2010

Su presents on Investing in the U.S. to Chinese Businesses

On September 24, 2010, Stella Su, Chair of Blackman’s China Practice, presented on how to make inbound investment in the U.S. through acquisitions and joint ventures, and their pitfalls to 20 business owners from the Southern provinces of China. The...

September 2010

Retroactive Stimulus Bill Sent to President

[ Update: President signs small business bill into law Sept. 27, 2010. ]The Small Business Jobs Act of 2010 provides an estimated $12 billion in business tax relief. The bill’s name is misleading since many provisions apply to all businesses not...

September 2010

Senate Passes Small Business Tax Relief

As stated by the AICPA's Journal of Accountacy Magazine, the Senate on Thursday passed the Creating Small Business Jobs Act of 2010 (part of the Small Business Jobs and Credit Act, HR 5297) by a vote of 61–38, and sent...

September 2010

Join Ryan Stretmater for 'Detecting & Preventing Fraud in the Manufacturing Industry' Seminar

According to the Association of Certified Fraud Examiners, manufacturing companies are #1 as far as being susceptible to the highest loss per fraud. “Among industries with at least 50 cases, the largest median losses occurred in manufacturing ($441,000), banking ($250,000),...

September 2010

Waggoner Selected for PCAOB Roundtable Committee

The Public Company Accounting Oversight Board announced today that Blackman Kallick's Joan Waggoner, Quality Assurance Partner, has been selected to participate in next week's roundtable discussion on its proposed standard on auditors' communications with audit committees. The roundtable will explore...

September 2010

Lies Article, “The Lower the Value, the Greater Gift!,” Published in Construction Today

Thinking of gifting an interest of your company to your children? Well this is a great time to do it. Uncertainties in the construction industry and low valuation multiples, have created the perfect environment for your company to receive a...

September 2010

Not-for-Profit Webinar: Practical Strategies for Addressing UBIT and Executive Compensation

Date: Wednesday, October 6, 2010 (Registration Closed) Time: 11:00am CT 1 hour of CPE credit will be given. View the recording here. Password: Webinar Teleconference #:1-866-699-3239 Event ID / Access Code: 662 864 272 Not-for-Profit organizations have traditionally experienced a reduced...

August 2010

INSIDE Public Accounting Announces Best of the Best Accounting Firms

Blackman Kallick is proud to once again be mentioned amongst INSIDE Public Accounting's Best of the Best Acounting Firms for 2010. In 2008, when INSIDE Public Accounting presented its 14th annual recognition of the 2008 IPA Best of the Best, choosing...

August 2010

Chicago Ranked '6th Most Global City' by Foreign Policy

From ForeignPolicy.comIn this second collaboration between Foreign Policy, A.T. Kearney, and the Chicago Council on Global Affairs, below are the world's top 10 most global cities:New YorkLondonTokyoParisHong KongChicagoLos AngelesSingaporeSydneySeoulFor more on how the index was put together, click here....

August 2010

Bennett Speaks at Casualty Actuarial Society's Casualty Loss Reserve Seminar (CLRS)

Evan Bennett, Director of Blackman Kallick's Reinsurance Consulting group, will participate in a panel discussion, Reserving for Individual Reinsurance Contracts, during the Casualty Actuarial Society's Casualty Loss Seminar, taking place September 20-21, 2010 at Disney's Contemporary Resort, Lake Buena Vista,...

August 2010

Tax Relief for Victims of July 22 Storms in Illinois

From irs.gov. IL-2010-34, Aug. 20, 2010WASHINGTON — Victims of severe storms and flooding beginning July 22 in parts of Illinois may qualify for tax relief from the Internal Revenue Service.The President has declared the following counties a federal disaster area:...

August 2010

Proposal Would Require Most Leases to Appear on the Balance Sheet

From Journal of Accountancy.FASB and the International Accounting Standards Board (IASB) today unveiled a joint proposal to revamp lease accounting.The proposal would result in a single “right-of-use” approach applied consistently to lease accounting for lessees and lessors. Among other changes,...

August 2010

Blackman Thought Leaders Present at Food Processing Suppliers Association (FPSA) 2010 Financial Strategies Seminar

Food Processors: join us and receive a 50% discount on registration.Write promo code BLACKMAN0909 on your registration form and email it to asilva@fpsa.org or fax to 703-761-4334.Date: September 9, 20109:00 am - 3:00 pmClick here for Event Schedule.Location: Renaissance Chicago...

August 2010

Spitulnik Becomes Head of Blackman Kallick’s Strategic Services

We are pleased to announce that as of August 23, 2010, David Spitulnik will become the Managing Director of Blackman Kallick’s Strategic Services Group.The Strategic Services Group works closely with the owners and senior leadership teams of middle market companies...

August 2010

Partnerships May Aid Your Estate, but the I.R.S. Is Watching

From NYTimes.com.The wealthy have long had two big concerns: making sure their family’s interests remain in sync when they’re gone and protecting their estate from a high tax bill. Yet with the wealthy reviewing their plans in this year of...

August 2010

Background check

How short-selling sleuths spot accounting gimmicks on financial reports.From Marketwatch.com.With the economy mired in a deep slump and sales slowing, many companies found it necessary last year to reduce inventory.Not Monsanto Co. Instead, the agricultural seed giant was building inventory....

August 2010

McNally Presents "Negotiating Skills" at the TMA Executive Seminar Series

Pat McNally, Partner in Charge of Blackman Kallick's Corporate Finance Consulting group, shares some simple yet effective negotiating techniques with members of the Tooling & Manufacturing Association. The event will take place on September 9, 2010, from 5:30 - 8:30...

August 2010

Final Regs Released for Payment Card and Third-Party Network Information Reporting

From Journal of Accountancy.The IRS on Friday issued final regulations (TD 9496) regarding the new information reporting requirement under IRC § 6050W for payment card and third-party network transactions. Starting Jan. 1, 2011, banks and similar transaction settlement entities must...

August 2010

Rulemakers plan global overhaul of lease accounting

From uk.reuters.com. U.S. and international accounting rule makers are planning to propose an overhaul of lease accounting as soon as Tuesday, in a move expected to affect some $1.2 trillion (768.7 billion pounds) in leased assets.Traditionally, accounting rules have given...

August 2010

How Businesses are Booming

From OpenForum.com.The economy has certainly changed the way we think about doing business. In fact, 78 percent of business owners told us that they have to change the way they do business in 2010. I am so inspired by the stories...

August 2010

Congress Votes to Limit Use of Foreign Tax Credits

From Journal of Accountancy.The House of Representatives on Tuesday interrupted its August recess and passed H.R. 1586 by a vote of 247–161, sending the bill to President Barack Obama. The president signed the bill into law the same evening. The...

August 2010

Tweedie warns US to adopt standards or lose influence

From Accountancy Age.The US could be stripped of any influence over global financial rules if it does not adopt them itself, the head of the international accounting standard setter has warned.Sir David Tweedie, chairman of the International Accounting Standards Board...

August 2010

ACG Chicago 2010 Food Conference: Feasting on Middle Market Opportunities

Join ACG Chicago! Register here.One of the most powerful executive line-ups gathered for one conference! Discover the deals and vibrancy of the Midwestern Food Industry by focusing on organic & strategic growth.Luncheon Keynote: Dean Metropoulos, Chairman & CEO, PabstTrends &...

August 2010

Convergence Milestone

From Journal of Accountancy.Revenue recognition among proposals released as FASB, IASB commit to new timeline.FASB and the IASB wrapped up the first of three rounds of issuing proposed standards in their final push toward U.S. GAAP-IFRS convergence, even as they...

August 2010

More wealthy migrate south to avoid tax hikes

From InvestmentNews.com.Specter of higher federal and state burdens hastens exodus from NorthFor years, wealthy retirees from high-tax states in the Northeast and Midwest have been streaming to sunny, low-tax Florida. That stream is now turning into a flood.“We haven't had...

August 2010

'Extreme Downsizing' May Hurt Companies Later

From NPR.org.During the Great Recession, U.S. companies laid off workers in record numbers as firms struggled to survive and eventually return to profitability. Despite the slow economy and high unemployment, profits are returning at many companies. But companies that made...

August 2010

McNally Article, "Combatting Seller's Remorse," Published in Construction Today

Patrick McNally, Partner in Charge of Blackman Kallick's Corporate Finance group, advises business owners to ask themselves the following questions before they decide to sell their business:Why do I want to sell?What is important to me?What are my financial needs?What...

August 2010

IRS Changes Name of LMSB Division, Expands Focus

From Journal of Accountancy.On Wednesday, the IRS announced that it is reorganizing and changing the name of its Large and Mid-Size Business (LMSB) division as part of its ongoing effort to focus more on international tax compliance (IR-2010-88). Starting Oct....

August 2010

Blackman's Insurance Group Exhibits at NAMIC's 115th Annual Convention

The NAMIC Annual Convention and Exhibit Show, taking place September 19-22 in San Diego, California is THE place where the industry comes together!Join us at Booth #406 to meet the Blackman Kallick Insurance team and learn how new accounting legislation...

August 2010

The Foreign Account Tax Compliance Act

From Journal of Accountancy.A key component of the federal government’s push for heightened tax compliance among U.S. taxpayers with foreign accounts and assets is the Foreign Account Tax Compliance Act (FATCA). In an interview in February this year with the...

August 2010

Small businesses see a weak 2011 - but they’ll survive

From Finance-Commerce.com.Small business owners expect the recession to continue into 2011 but they’re confident about their own businesses’ prospects, according to the 2010 U.S. Bank Small Business Annual Survey.Specifically, nine of 10 small-business owners feel the economy is currently in...

August 2010

Tax Issues with the IRS? 5 Outcomes to Expect

From OpenForum.com.Dealing with the IRS is rarely something a small business owner looks forward to. Whether it's a notice requiring a tax audit or another specific tax issue, the uncertainty of the outcome often makes the process scary.Border7 Studios recently...

August 2010

Top 6 Tips for International Business Success

From OpenForum.com.Before you even think about taking your business global, examine your domestic operation. Are you doing the best you can do? If the answer is a resounding "Yes!" then you're ready for my top six tips for international business...

August 2010

Zambian Accounting Firm Joins HLB International Giving HLB Its First Local Presence in Zambia

Press Release - For immediate releaseAugust 2, 2010HLB International, the international accountancy network, has signed its first member firm in Zambia.Reliance Chartered Accountants, trading as Reliance, is a fast-growing accountancy practice based in Lusaka, which specialises in audit, tax and...

August 2010

Is the Nonprofit Boom Right for Your Business?

From OpenForum.com.Can you see it? Right now, big things are changing in the landscape of the business world. Both large businesses and small businesses are changing their entire business structure and marketing efforts around one simple idea:They're becoming nonprofits.Instead of...

August 2010

The Coming 1099 Revolution: Are You and Your Clients Ready?

From Journal of Accountancy.Health care reform act provision vastly expands information reporting requirements.Revenue-raising provisions in the Patient Protection and Affordable Care Act, PL 111-148, and the Health Care and Education Reconciliation Act of 2010, PL 111-152, like their health care...

August 2010

Small businesses: Measuring their power and their problems

From The Washington Post.He may be locked in combat with Wall Street and the Business Roundtable, but President Obama spoke nostalgically last week about the virtues of small business."Helping small businesses, cutting taxes, making credit available," Obama said Wednesday after...

July 2010

McNally Quoted in Insight Magazine, "7 Steps to M&A Success"

Pat McNally, Partner in Charge of Blackman Kallick's Corporate Finance Consulting Practice, is quoted in the August 2010 issue of the Illinois CPA Society's Insight Magazine. The article, "7 Steps to M&A Success," is a how-to guide for avoiding common...

July 2010

AICPA Asks Congress to Repeal New 1099 Requirements

From WebCPA.com.The American Institute of CPAs has written a letter to members of the House and Senate asking them to repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any...

July 2010

Financial Literacy for Kids a Big Worry for Parents, BofA Says

From Bloomberg.com.Teaching children how to be financially savvy is almost as important as maintaining a close relationship with family, according to Bank of America Corp.The Merrill Lynch Affluent Insights Quarterly, which surveyed 1,000 Americans in June with investable assets of...

July 2010

Webinar: Additional Reporting Requirements from the Health Care Bill: Are you Prepared?

Listen to webinar recording.* Please note: there is a delay in the recording from time code 1:25 - 4:33. Download webinar slides.Date: Wednesday, July 28, 2010Time: 11:00 am CDTDuration: 1 hour (1 hour of CPE will be provided.)The passing of...

July 2010

IRS extends filing deadline for small charities to Oct. 15

From USAToday.com.The IRS will provide a reprieve for thousands of non-profit soup kitchens, amateur sports leagues and veterans organizations that missed a May 17 deadline to file an annual return with the government or lose their tax-exempt status.The IRS new...

July 2010

Push is on to publicize health insurance tax credit for businesses

From sacbee.com.It's money for the taking – but will there be any takers?Not if nobody knows about it.While most provisions of the federal health care overhaul will take years to roll out, tax credits for small businesses providing health insurance...

July 2010

Hoffman Discusses New Tax Hikes on First Business News

In an interview with First Business News, Cara Hoffman, Senior Manager in Blackman's Tax Department, shares important insight on a new wave of tax hikes.The increases go into effect January 1, 2011 and will largely impact families and small businesses. Watch...

July 2010

Internal Audit's Say on Pay

From CFO.com.Plenty of groups are looking harder at executive compensation. Is your internal audit department one of them?There's no question that executive compensation has come under the microscope recently. Since December companies have been dealing with new Securities and Exchange...

July 2010

Blackman and HLB Host International Community

Earlier this month, HLB affiliates from around the world came to Chicago for the HLB International Audit and Tax Conference held at the Soffitel Chicago Water Tower. Delegates from more than 25 countries were represented, including Germany, Japan, Portugal and...

July 2010

2010 Insurance Conference on November 4th

Sponsored by Don't miss this unique opportunity to discuss hot topics impacting the Insurance industry. Thursday, November 4, 2010 8:00 am - 5:00 pm The Standard Club, 320 S. Plymouth Court, 2nd Floor Chicago, IL 60604...

July 2010

Spitulnik Interviewed by First Business News

Are family-owned businesses better equipped to weather the recession? That was the question asked of David Spitulnik, former Director of Strategic Services at Blackman Kallick when he appeared on First Business News on July 19, 2010. David also...

July 2010

4 Tips to Get the Most From Your Tax Planning

From OpenForum.com.I need to begin the article by explaining how many times I have heard a company's tax adviser make a comment like this after the year is over for which they are preparing the taxes: "If only you would...

July 2010

Financial Regulatory Reform Bill Clears Congress

From Journal of Accountancy.The Senate on Thursday approved a major financial regulatory reform package that President Barack Obama is expected to quickly sign into law.The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was approved by the House on...

July 2010

Your Biggest Customer Just Went Bankrupt - Now What?

From OpenForum.com.According to the American Bankruptcy Institute (ABI), 69 percent of the 61,148 business bankruptcies declared during the 12-month period ending in March 2010 were Chapter 7 liquidations.In most chapter 7 liquidations, unsecured creditors are not made whole. Many don’t...

July 2010

Senate Deliberates Fate of Expiring Bush Tax Cuts

From WebCPA.com.The Senate Finance Committee held a hearing Wednesday to discuss the soon-to-expire 2001 tax cuts and how to extend any of them without increasing the budget deficit or hurting economic growth.Those included lowering income tax rates for all taxpayers,...

July 2010

US adoption of IFRS remains “highly uncertain”, trustee warns

From AccountancyAge.Chairman highlights dangers to IASB survival if US fails to adopt IFRSUS adoption of global accounting rules is “highly uncertain” and could threaten the survival of the International Accounting Standards Board, a leading board member has warned.Tommaso Padoa-Schioppa, newly...

July 2010

Detecting Employee Theft and Occupational Fraud at Your Company

From OpenForum.com.The Association of Certified Fraud Examiners (ACFE), the largest anti-fraud organization in the world with over 50,000 members, recently published the results of its biannual study on occupational fraud (also known as employee fraud). With millions of people facing financial...

July 2010

Accounting rules could force businesses to disclose environmental impact

From Guardian.co.uk.A new initiative by regulators may call on firms to publish information about their social and environmental impacts.Companies could be asked to publish details of their environmental and social impacts alongside their financial accounts under new rules being discussed...

July 2010

State panel to look into Metra

From Chicago Tribune.A legislative committee plans to look into "accountability and openness" at Metra in response to disclosures of abuse of authority and inadequate oversight at the commuter rail agency, a state legislator said Monday.State Sen. Susan Garrett said she...

July 2010

To 404(b), or Not to 404(b)?

From CFO.com.Small companies will soon learn whether they will have to comply with Sarbox's requirement to get an auditor's sign-off on internal controls.Dan Crow is one of the few small-company CFOs with an auditor's stamp on his internal controls. Getting...

July 2010

IVCA Publishes Highlights of ‘Back to the Future: Strategies in a Rising Tax Environment' Mark J. Blumenthal

From IllinoisVC.org.CHICAGO – Despite the early hour, the latest IVCA breakfast event covering federal and state tax changes was very well attended. Mark J. Blumenthal, Partner at Blackman Kallick, LLP, spoke on the hot button topic of the current evolution...

July 2010

IRS Launches Gulf Oil Spill Hotline, Plans Special Assistance Day

From Journal of Accountancy.The IRS announced that it has set up a special toll-free telephone line for taxpayers affected by the oil spill in the Gulf of Mexico. The phone number is 866-562-5227, and it will operate on weekdays from...

July 2010

Small businesses, charities face more reporting rules

From USAToday.comA little-known provision in the health care reform law could significantly increase tax recordkeeping requirements and costs for nearly 40 million self-employed workers, small businesses and charities, the IRS' national taxpayer advocate said Wednesday.Starting in 2012, self-employed workers, small...

July 2010

Tara Wells, Tax Senior, named a 2010-11 Mary T. Washington Wylie Fellow

Tara Wells, a Senior in our Tax Department, joins a group of dedicated young professionals as a 2010-2011 Mary T. Washington Whylie Fellow. These ladies and gentlemen possess exceptional credentials and a strong commitment to impacting diversity within the accounting...

July 2010

HLB International to Strengthen Coverage in the UK

Following its share suspension on the AIM market on 14 June 2010, Vantis plc, former member of HLB International, confirmed on 30 June that it has entered administration and that its operating units have been sold to 3rd parties or...

July 2010

Congress extends homebuyer credit for certain taxpayers

Just before an important deadline was set to expire, the House and Senate extended the homebuyer tax credit for certain taxpayers. Previously, the credit was available to qualified taxpayers for purchases made before May 1, 2010 — or July 1...

July 2010

Blumenthal Provides Updates on Carried Interest and Illinois Angel Investment Credit

Mark Blumenthal, Partner at Blackman Kallick and speaker at the recent IVCA Tax Breakfast, provides updates on two key topics covered during the June 24th event; Carried Interest and the Illinois Angel Investment Credit.Carried Interest--UpdateI have heard that timing is...

June 2010

Marketers Get Their Due at AAM Conference

From WebCPAIf there’s one thing I learned from attending the Association for Accounting Marketing Summit this year, it’s that marketers don’t have an easy job.And that the AAM-MAAs, the association’s Marketing Achievement Awards — despite their focus on accounting marketing...

June 2010

Internal auditors must surpass Sarbanes-Oxley

From CFOZone.com.Since the Sarbanes-Oxley legislation first came into effect seven years ago, much has changed in the US corporate landscape. At first, the new laws appeared onerous—time consuming and perhaps just a little bit of overkill. Since then, the global...

June 2010

G20 stands by international standards

From Accountancy Age.Toronto summit backs international standards but eases pressure on timetable. The G20 group of countries has once again given its support for international accounting standards as it gathered for its latest meeting in Toronto at the weekend.A communique...

June 2010

Savings rate grows faster than consumer spending

From The Washington Post.Americans socked away more savings in May than at any time since September, as they continued to be cautious spenders, according to government data released Monday.According to the Commerce Department, the personal savings rate in May --...

June 2010

McNally Article, "Forget Your Pay," Published in Manufacturing Today

Pat McNally, Partner in Charge of Blackman's Corporate Finance Consulting group, was recently published in the Summer 2010 issue of Manufacturing Today. His article, "Forget Your Pay! Create Value in Your Business," advises business owners that "Your business is not just...

June 2010

Blumenthal Interviewed by Illinois Venture Capital Association

CHICAGO – On June 24th, the IVCA presented a Breakfast Event, with a presentation by Mark J. Blumenthal of Blackman Kallick, LLP. Mr. Blumenthal is a CPA and Partner at Blackman Kallick in Chicago. He is Chairman of Blackman's Family...

June 2010

More Shareholder Say on Auditors

From CFO.com.An unrelated regulation has prompted more companies to give their investors a vote on accounting firms.Shareholders have weighed in on companies' choices for outside accounting firms in higher numbers this year. The uptick comes after a Securities and Exchange...

June 2010

IRS Offers Tax Help to Oil Spill Victims

From WebCPA.The Internal Revenue Service has issued guidance to individuals and businesses affected by the oil spill in the Gulf of Mexico and announced new efforts to help affected taxpayers, including a special Gulf Coast Assistance Day on July 17.“This...

June 2010

House Passes Small Business Tax Relief Bill

From WebCPA.com.The House approved the Small Business Jobs Tax Relief Act of 2010 on Tuesday by a bipartisan majority of 247-170.The legislation would provide tax cuts for small businesses to help them grow and create new jobs. H.R. 5486 is...

June 2010

Metra Selects Blackman Kallick to Perform Risk Assessment and Financial Control Study

From Metrarail.com.The Metra Board of Directors at its June 11 meeting hired the accounting firm of Blackman Kallick to undertake an independent risk assessment and to provide advice to the board on governance, financial controls and oversight.Blackman Kallick will assess...

June 2010

Governance Check Sheet Required for Audits of Exempt Organizations

Not-for-Profit partner, Brian Whitlock, recently spoke at the Chicago-Kent College of Law Conference on Not-for-Profit Organizations. (Click here to download the conference brochure.)During the conference, Fred Kluss, Group Manager, Tax Exempt/Government Entities for the IRS stated that IRS agents are...

June 2010

Blackman Sponsors Chicago Cares 2010 Serve-a-thon

Over seventy Blackman Kallick volunteers came out on Saturday, June 12, 2010 to participate in the 17th Annual Chicago Cares Serve-a-thon. Blackman has been a proud sponsor of this event for over five years.The Blackman Kallick team, with other volunteers,...

June 2010

HLB International moves into Norway and signs two new Norwegian member firms

PRESS RELEASE - For immediate releaseMonday, 14 June 2010HLB INTERNATIONAL MOVES INTO NORWAY AND SIGNS TWO NEW NORWEGIAN MEMBER FIRMSHLB International, one of the fastest-growing international accountancy networks, has increased its presence in Scandinavia and moved into Norway, with the...

June 2010

The Big Tax Increase Facing Small Business

From Forbes.com.Hedge fund taxes get all the attention. Congress is about to raise billions in taxes on some doctors, accountants and architects.While a possible increase in taxes on the "carried interest" of hedge fund and private equity money managers is...

June 2010

IRS Issues Regulations on New Indoor Tanning Tax

From Journal of Accountancy.On Friday, the IRS issued final, temporary and proposed regulations to provide guidance on the new 10% indoor tanning services excise tax (TD 9486; REG-112841-10).The Patient Protection and Affordable Care Act (PL 111-148) created a new 10%...

June 2010

Metra Hires Blackman Kallick to Assess Internal Controls and Management Practices

Blackman Kallick's Forensic & Litigation Practice has been hired by Metra to investigate and assess their internal controls and operating procedures following a financial scandal that resulted in the suicide of former Executive Director Phil Pagano. Below is an excerpt...

June 2010

Blackman Hosts Not-for-Profit Client Workshop

On Tuesday, May 25, Blackman Kallick hosted the first in a series of Not-for-Profit Client Breakfast Workshops designed to provide in-depth, hands-on assistance with pressing accounting issues facing not-for-profit organizations. Topics covered were: Fair Value Measurements and Disclosures for Entities...

June 2010

Keeping the Best & Brightest: A Focus on Women in the Profession

From AICPA.org.In 1950, when a woman applied for a job, she had to include her height and weight on her resume. Since then, women in the CPA profession – and in the workforce as a whole – have made great...

June 2010

Keeping Fraud in the Cross Hairs

From Journal of Accountancy.Report highlights common, costly schemes and makes prevention the target.Five percent of annual revenue—that’s the estimate of how much money the typical organization loses to fraud, according to participants in the 2010 Report to the Nations on...

June 2010

Chicago Blackhawks Win the Stanley Cup!

Congratulations to our very own Chicago Blackhawks on their victory over the Philadelphia Flyers to clinch the 2010 Stanley Cup! This is the Hawk's first championship since 1961.Chicago Blackhawks ParadeCome cheer on your champion Blackhawks at the 2010 parade taking...

June 2010

Cain Quoted in The Wall Street Journal Article, "Recession brings tough love to family firms"

Barry Cain, former Managing Director of Blackman Kallick's Strategic Services group, is quoted in "Recession brings tough love to family firms," an article recently published in The Wall Street Journal. Below is an excerpt from the article."What we are seeing...

June 2010

Learning by Degrees

From The New Yorker."The safest of all degrees to be acquiring this year is in accounting: forty-six per cent of graduates in that discipline have already been offered jobs."A member of the Class of 2010—who this season dons synthetic cap...

June 2010

Fraud Skims 5 Percent off Revenue Worldwide

From WebCPA.Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, potentially amounting to over $2.9 trillion, according to a new study.The study by the Association of Certified Fraud Examiners surveyed CFEs globally as part of a...

June 2010

AICPA Submits Comments on IRS Uncertain Tax Position Proposal

From Journal of Accountancy.On June 1, the AICPA submitted comments to the IRS on the Service’s proposal to require certain business taxpayers to disclose their uncertain tax positions on their tax returns. The comments raise concerns the AICPA has with...

June 2010

Changes to German tax law affects individuals and businesses

The German government has recently published its draft version of the proposed changes of German tax law in 2010 [Annual Tax Bill 2010 – Jahressteuergesetz 2010 (JStG 2010)].Most of the changes will affect German individual taxpayers, only. However, a few...

June 2010

Global Economic Updates & Strategy Presentations and International Ask The Experts “Market Place”

Part of the HLB International Audit and Tax Conference.View photos from this event.Thursday, July 8, 20102:00 p.m. - 4:30 p.m.Sofitel Chicago Water Tower – Grand Ballroom20 E. Chestnut Street, ChicagoDuring the Presentations and Panel Discussion portion of the event, four...

May 2010

Leases Headed for the Balance Sheet

From CFO.com. The upcoming joint FASB/IASB exposure draft on lease accounting will put an end to off-balance-sheet treatment for leases, while throwing in some new complications.Equipment leasing is finally on the upswing. The volume of new commercial-equipment leasing rose 15%...

May 2010

Tax Sticklers, Not Schemers

From CFO.com. A new survey finds that financial executives are more concerned with getting the right answer on tax issues than reducing the corporate tax bill. On June 1, the Internal Revenue Service will close the comment period for its...

May 2010

'Fair Value' Proposal Could Cost Banks

From the Wall Street Journal.The Financial Accounting Standards Board proposed a requirement that banks use market values for loans on their books, a controversial move that could cause steep declines in the overall book value of some banks.If the rule-making...

May 2010

Bennett Joins Panel on International Reinsurance Collections at IAIR's Issues Forum

Evan Bennett, Director of Blackman Kallick Reinsurance Consulting, will explore the topic of International Reinsurance Collections during a panel discussion at the International Association of Insurance Receivers (IAIR) "Issues Forum." The meeting will take place August 14-17 at the Sheraton...

May 2010

Health-Reform Costs Become Clearer

From CFO.com.A few new rules and a flurry of surveys create a clearer picture of health-care costs in 2011.Piece by piece, CFOs are getting a clearer understanding of how health-care reform will affect their costs. According to a recent survey...

May 2010

Amid Red Ink, Tax-Exempts Asked To Add To Coffers

From NPR.orgState and local governments, eager to close their budget gaps, are increasingly going after charities and other tax-exempt groups. Government officials are proposing new fees on nonprofits to help pay for services. They're also challenging the exemptions these groups...

May 2010

Blumenthal Presents, "Back to the Future—Strategies in a Rising Tax Environment" to IVCA Members

Mark Blumenthal, Partner and Chairman of Blackman's Family Office Services group will present "Back to the Future - Strategies in a Rising Tax Environment" to members of the Illinois Venture Capital Association and Blackman Kallick clients and friends on June...

May 2010

The Accuracy-Related Penalty (Part II)

From The Tax Advisor.In general, Sec. 6664 provides that the Sec. 6662 accuracy-related penalty will not apply to any portion of an underpayment for which the taxpayer had a reasonable cause and acted in good faith.The determination of whether a...

May 2010

Why Startups Surged During the Recession

From USNews.com.Here's the good news: Americans aren't lazy.With more than 15 million Americans unemployed, many for six months or longer, it's easy to stereotype the jobless as dropouts who have lost hope and motivation. But a new study of entrepreneurship...

May 2010

The U.S./European Business Climate: A Tax Perspective

An Executive Briefing for Leaders of Transnational CorporationsView photos from this event.Monday, July 12, 20104:00 p.m. – 6:00 p.m.Tower Club Chicago – 20 N. Wacker Drive, 39th Floor – Chicago, IL 60606Who Should Attend: CFOs and CEOs of companies that...

May 2010

AMBA Webinar: "How Will Federal Healthcare Changes Impact Your Company?"

Click here to download the slides from the presentation. Brian Whitlock, Partner in Charge of Wealth Transfer and Philanthropy Services, will give a webinar on Wednesday, May 19 at Noon Central time entitled, "How Will Federal Healthcare Changes Impact your Company?"...

May 2010

IRS Posts Revised Form 941 and Instructions for Claiming New Hire Payroll Tax Exemption

From Journal of Accountancy.On May 18, the IRS posted a new version of Form 941, Employer’s QUARTERLY Federal Tax Return, and its instructions for claiming the special payroll tax exemption that applies to new workers hired in 2010.The Hiring Incentives...

May 2010

Majority of Americans Believe Accounting Firms

From WebCPA.com. Trust in financial institutions has been severely eroded by the financial crisis, but a new survey has found that the majority of Americans find statements by spokespeople from accounting firms believable.Majorities of Americans find statements by spokespersons from...

May 2010

IFRS Risk: Not What You Think

From CFO.com.Today's CFO is accustomed to managing risk. But few financial executives in the United States accurately perceive or understand the emerging risks that are associated with the global convergence of financial reporting standards (convergence). As a result, CFOs across...

May 2010

McNally's Presentation, "Strategically Planning Your Future" Highlighted in AMBA Newsletter

Patrick McNally from Blackman Kallick, one of the AMBA’s top resources for business planning seminars, provided attendees with some great advice on value-based planning.“ There are many reasons we don’t plan,” said McNally. “But success doesn’t happen by accident.” Read the...

May 2010

Final Interim Regulations Issued on Adult Dependent Health Coverage

From Journal of Accountancy.On Monday, the IRS, along with the Department of Labor and Department of Health and Human Services, issued interim final regulations for group health plans and health insurers relating to dependent coverage for children under the age...

May 2010

Cain Quoted in Crain's Chicago Business Article, "Nature or nurture? Entrepreneurial genes can be inherited, but that's no guarantee of success"

Barry Cain, former Managing Director of Blackman Kallick's Strategic Services group is quoted in Crain's Chicago Business, dated May 10, 2010. The article, "Nature or nurture? Entrepreneurial genes can be inherited, but that's no guarantee of success," explores conflicting ideas about...

May 2010

Hoffman Appointed to Illinois CPA Society Board of Directors

Cara C. Hoffman, Tax Manager at Blackman Kallick, has been appointed to the Board of Directors of the Illinois CPA Society. Cara will serve a one-year term ending March 31, 2011.About the Illinois CPA SocietyThe Illinois CPA Society, founded in...

May 2010

Financial System Considerations in IFRS Conversion Projects

From AICPA's Information Technology SectionThe purpose of this paper is to provide some brief background about International Financial Reporting Standards (IFRS) and provide awareness to the potential impact to an organization’s financial systems when completing an IFRS conversion project. The...

May 2010

Four in Five Americans Will Fall Short of Retirement Income Needs

From Bank Investment ConsultantFour of five Americans are expected to fall short of meeting all of their financial needs in retirement unless they improve their savings habits or retire at a later age.According to a study by Hewitt Associates, a...

May 2010

A Smoother Approach to Pension Accounting

From CFO.comThe International Accounting Standards Board's long-awaited exposure draft on IAS 19, the standard that governs pension accounting, may turn out to be good news for companies. In a reversal of the proposals that were originally floated, under the exposure...

May 2010

IRS Releases Average Premiums for Determining Small Business Health Care Credit

From Journal of Accountancy.The IRS on Monday issued average small group market premiums for use in determining the new small business health care credit under IRC § 45R (Rev. Rul. 2010-13).The Patient Protection and Affordable Care Act, P.L. 111-148, provides...

April 2010

Retirement and Medical Bills Top Financial Worries

From WebCPA.Retirement and uninsured medical expenses are the most pressing financial concerns for Americans, according to a survey conducted for the American Institute of CPAs by Harris Interactive.While retirement captures the top spot on a list of 15 financial concerns,...

April 2010

IRS Provides Guidance on Health Coverage for Adult Dependents, Addresses Discrepancies in Law

From Journal of Accoutancy.The IRS issued guidance Tuesday on the tax treatment of health coverage for children who have not yet turned 27 (Notice 2010-38).The health care reform legislation enacted in March extended the general exclusion from gross income for...

April 2010

Unemployment Pushes Workers Into Early Retirement

From NPR.org.For some older Americans who lost jobs in the Great Recession, Social Security is filling the void left when unemployment benefits run out.The Social Security Administration had predicted there would be a 15 percent increase in retirement applications last...

April 2010

SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011

From Journal of Accountancy.\While FASB and the IASB work to complete an unprecedented 11 standards over the next 14 months, SEC Chief Accountant James Kroeker told the JofA Tuesday that he would support the boards’ cutting the number of projects...

April 2010

COBRA Subsidy Eligibility Extended to May 31

From WebCPA.The Internal Revenue Service is helping spread the word that the COBRA subsidy eligibility period has been extended to May 31.Workers who lose their jobs during April and May might qualify for a 65 percent subsidy on their COBRA...

April 2010

Whitlock Named "Faculty MVP" of the Masters in Taxation Program at University of Illinois Champaign-Urbana

Join us in congratulating Brian Whitlock, Partner in Charge of Wealth Transfer Services, on being named "Faculty MVP" of the MS Tax Program at the University of Illinois Champaign-Urbana. He teaches "Taxation of Closely-held Business Entities and their Stakeholders," a...

April 2010

Spring accounting grads fare better in hiring than their peers

From accountingweb.For the first time since October 2008, employers plan to increase hiring of new college graduates, showing the job market has turned a corner, a new report states.Employers this year plan to hire 5.3 percent more new college graduates...

April 2010

What's Your Fraud IQ?

From Journal of Accountancy.Although the required knowledge, expertise, and roles of auditors and fraud examiners differ, CPAs occasionally find themselves in situations where evidence of fraud is right in front of them. Without a basic understanding of some methods for...

April 2010

Blackman Insurance Team Exhibits at IASA 2010 Annual Conference

The IASA 2010 Annual Educational Conference and Business show, taking place June 6-9, 2010 in Grapevine, Texas, provides most comprehensive educational program and business show targeted for financial and technology professionals in the insurance and financial services industry. Join us...

April 2010

Portillo’s to launch breakfast concept

From Crain's Real Estate DailyThe Portillo’s hot dog chain is branching out into early-morning fare.Called Honey-Jam Café, the new breakfast-and-lunch concept will debut next month, with three locations in the suburbs scheduled to open this year, says Dick Portillo, who...

April 2010

What Organizations Need to Know About the Hiring Incentives to Restore Employment Act of 2010 (HIRE Act)

AICPA Business Brief, 04v1/2010On March 18, 2010, President Obama signed into law the year’s first major tax legislation—the Hiring Incentives to Restore Employment Act (HIRE Act). The new law is intended to stimulate employment, employee retention and capital investment.This Business...

April 2010

Firms win in early stages of Japan’s IFRS move

From Accountancy AgeAs Japan continues its shift over to international financial reporting standards, it is creating a host of challenges and opportunities for firms and their clients at the start of the new fiscal year.Although Japan’s Financial Services Agency decided...

April 2010

Dertz and Rouse Present "Fraud in the New Economic Environment, Recent Audit and Accounting Pronouncements"

Jeff Dertz, Partner, and Andrew Rouse, Manager, both from Blackman's Insurance group, will present "Fraud in the New Economic Environment, Recent Audit and Accounting Pronouncements" to attendees of the 2010 Delta Dental Underwriting/Actuarial and CFO Roundtable.The roundtable takes place April...

April 2010

Youngren Presents at 22nd Annual Insurance Tax Seminar

Doug Youngren, Partner in Blackman Kallick's Insurance group, will serve as a panelist at the 22nd Annual Insurance Tax Seminar taking place June 3-4, 2010 in Washington, D.C.Joining Doug on the "Hot Issues in Accounting for Taxes" panel are Joe...

April 2010

Blumenthal Quoted in PlasticsToday.com article, "Implications of healthcare reform unclear for molders and moldmakers"

Mark Blumenthal, Partner and Chairman of Blackman Kallick's Family Office practice, is quoted in an April 21st article on plasticstoday.com entitled "Implications of healthcare reform unclear for molders and moldbuilders." “I am not aware of any tax provisions in this...

April 2010

AICPA Readies for Senate Financial Reform Bill

From WebCPA.com.The American Institute of CPAs is keeping a close watch on financial reform legislation as the Senate is expected to begin debate on the bill within the next week.The Senate bill introduced by Banking Committee Chairman Christopher Dodd, D-Conn.,...

April 2010

Personal Financial Planning: Protecting the Elderly from Financial Abuse

From AICPA The Tax AdvisorIn 2007, roughly one in eight individuals in the United States was age 65 or older (Department of Health and Human Services, Administration on Aging, A Profile of Older Americans: 2009, at 4). During the past...

April 2010

Could Codification Weaken Internal Controls?

Maybe. And here's what you can do to mitigate the effect on your accounting policies, disclosures, and error detection.From CFO.com.On July 1, 2009, the Financial Accounting Standards Board formally adopted its Accounting Standards CodificationTM (ASC) as the source of authoritative...

April 2010

FASB Issues Health Care Proposals

From Journal of Accountancy.FASB on Friday issued two exposure drafts that would change accounting for health care organizations. One proposal would require that the measurement of charity care for disclosure purposes by health care providers be based on the direct...

April 2010

Get a global perspective of the accounting profession

The Global Accounting Alliance, formed in November 2005, is an organization of the world's leading professional accountancy institutes. It was created to promote quality services, share information and collaborate on important international issues. As part of this effort, the GAA...

April 2010

The Accuracy Related Penalty, Part I

From AICPA.org. Internal Revenue Service policy encourages application of the §6662 accuracy-related penalty whenever there is an understatement of tax on a return. This article discusses the various bases on which the penalty can be imposed and defenses to the...

April 2010

Efficiently Maintain SOX Compliance

From WebCPA.comWhile Congress and accountants continue to fight the Sarbanes-Oxley 404 requirements for small filers on what seems like an annual basis, those in the private sector continue to deploy SOX-related policies and procedures as best practices. This trend will...

April 2010

Clifford B. Shapiro Promoted to Partner in the Not-for-Profit Practice

Join us in congratulating Cliff Shapiro on becoming a Partner in Blackman Kallick's Not-for-Profit practice. His leadership, extensive experience and hands-on dedication to his clients has directly contributed to the significant growth and specialization of our Not-for-Profit group.***Cliff is an...

April 2010

Choice of Entity: Benefits of a Partnership

From Journal of Accountancy.When starting a new business, one of the first questions an entrepreneur asks is, “What type of entity should I use?” This question is not one that should be taken lightly, nor is there a one-size-fits-all answer....

April 2010

IRS to Step up Audits of Sole Proprietors

From WebCPA.comThe Internal Revenue Service plans to check for unfiled tax returns and look for unreported income from sole proprietors of small businesses during correspondence audits.Estimates by the IRS show that $68 billion of the $345 billion tax gap in...

April 2010

Panel Meets to Discuss Private Company Financial Reporting

From Journal of Accountancy.Members of a blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies met for the first time Monday to discuss their views on the topic, which has been debated for decades.The...

April 2010

Uncertainty Abounds with Estate Tax

From WebCPA.com.Both the American Institute of CPAs and the American Bar Association Section of Taxation have urged Congress to correct the current state of federal estate, gift and generation-skipping transfer taxes.In recent letters to Congressional lawmakers, both bodies stressed the...

April 2010

Using a Qualified Plan Account to Fund a Roth IRA Conversion

From Journal of Accountancy.Roth IRAs have become popular retirement savings options since their introduction in 1998. However, high-income individuals have not been able to take advantage of the Roth IRA opportunity. Recent tax law changes expand the Roth IRA to...

April 2010

Blue-Ribbon Panel on Private Company Financial Reporting to Meet Monday

From Journal of Accountancy.A blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies will meet for the first time Monday at the AICPA’s New York office.The public portion of the meeting will take place...

April 2010

AICPA National Conference on Employee Benefits Plans

This year’s AICPA National Conference on Employee Benefit Plans will prepare you on all fronts: from compliance assistance to reporting and disclosure guidelines to understanding and meeting fiduciary responsibilities. And with the many changes on the horizon, your attendance becomes...

April 2010

Spitulnik Presents on "Integration of Acquisitions" at the Midwest Private Equity Conference

David Spitulnik, Blackman Kallick’s former Director of Strategic Services, recently participated in a panel focusing on the integration of business acquisitions at the Midwest Private Equity Conference in Chicago. Also participating on the panel were Frank Cheswick, Aldine Capital...

April 2010

Bennet Presents "Reinsurance Audits in Insolvencies - What You Don't Know Will Hurt You"

Evan Bennett, Director of Blackman's Reinsurance Consulting Group, will present Reinsurance Audits in Insolvencies - What You Don't Know Will Hurt You at the IAIR 2010 Insolvency Workshop, April 21-23, 2010 in Miami, Florida. IAIR's 2010 Involvency Workshop will address...

April 2010

Whitlock Presents "Working with Form 990: Lessons Learned"

Brian Whitlock, Partner in Charge of Blackman's Wealth Transfer and Philanthropy Services practice, along with Mary Rauschenberg from Deloittle Tax LLP, will present Working with Form 990: Lessons Learned at the Chicago-Kent College of Law 29th Annual Conference on Not-for-Profit...

April 2010

Current Corporate Income Tax Developments, Part II

From CPA Letter Daily & The Tax Advisor. The past year has seen a number of changes in states' taxation of corporate income. Part 2 of this two-part article takes a state-by-state look at the areas of apportionment, unitary groups/filing...

April 2010

More Americans Sever U.S. Ties as IRS Gets Tougher

From The Wall Street Journal.The number of American citizens and green-card holders severing their ties with the U.S. soared in the latter part of 2009, amid looming U.S. tax increases and a more aggressive posture by the Internal Revenue Service...

April 2010

"Bundled" Fiduciary Fees Fully Deductible for 2009

From Journal of Accountancy.The IRS in Notice 2010-32 extended to tax years beginning in 2009 its interim guidance on deductibility of a “bundled” investment advisory commission or fee paid to a trustee or executor on behalf of a nongrantor trust...

April 2010

SBA Warns Small Businesses of Scams to Help Obtain Government Loans

From Journal of Accountancy. The U.S. Small Business Administration (SBA) warned that the agency has received several complaints from small businesses about abusive marketing practices, scams and exorbitant fees charged by companies offering to help businesses get a loan, grant...

April 2010

Geithner Says U.S. Economy Nears Sustainable Growth

From Bloomberg BusinessWeek.April 2 - Treasury Secretary Timothy F. Geithner said the U.S. economy is showing signs of entering a period of sustainable growth as companies begin to hire.“We have some more work to do, but I think the economy...

April 2010

Blackman Sponsors Chicago Botanic Garden's Antiques & Garden Fair

From abc7chicago.com.This popular event is celebrating its 10th year in 2010.The Chicago Botanic Garden is pleased to announce that the Antiques & Garden Fair, its signature spring event, will be returning for a tenth year. The Fair, which runs from...

April 2010

Blumenthal Speaks at The New Family Office Forum

Mark Blumenthal, Chairman of the Family Office group at Blackman Kallick, will present at The New Family Office Forum, June 15-17, 2010, at the Fairmont Chicago Millenium Park. His presentation, Back to the Future — Strategies for family offices in...

April 2010

Tax on Exempt Organizations: Are You at Risk?

Vu Vinh and Blackman's Matt Kroll, Tax Specialist, were recently published in the March 2010 issue of Dollars & Sense, a publication of ASAE & The Center. In their article, Tax on Exempt Organizations: Are You at Risk?, Vinh and...

March 2010

McNally Article, "Make Your Move" Published in Construction Today

Pat McNally, Partner in Charge of Blackman's Corporate Finance practice, outlines steps business owners should take now to prepare their business for sale in order to maximize the selling price. The article, Make Your Move, published in the December 2009...

March 2010

Recent Developments in State Corporate Income Taxation

From CPA Letter Daily and AICPA.orgThe past year has seen a number of changes in states' taxation of corporate income. This article, in the March 2010 issue of The AICPA's Tax Advisor, takes a state-by-state look at the areas of...

March 2010

Reacting to Reform

From CFO.com.For legislators, the long process of reforming the nation's health-care system has finally come to an end. On Thursday Congress passed the reconciliation bill containing the final changes to the landmark Patient Protection and Affordable Care Act, which President...

March 2010

Tax Provisions in the Health Reconciliation Act

From Journal of Accountancy.Late Thursday, Congress passed the Health Care and Education Reconciliation Act of 2010 (HR 4872). The bill now goes to the president for his signature. The Reconciliation Act amends various provisions of the Patient Protection and Affordable...

March 2010

Technology Considerations for Converting to IFRS

From Journal of Accountancy.Lewis A. Dulitz, vice president of accounting policies and research at Covidien—a $10.7 billion health care products company with 42,000 employees in more than 60 countries—was part of a team that implemented the necessary technology changes in...

March 2010

Social Security to See Payout Exceed Pay-In This Year

From The New York Times.The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security. This year, the system will pay out more in benefits than it receives in payroll taxes,...

March 2010

Read Pat McNally's Column in Construction Today, Construction Coach: Cashing in

Partner in Charge of Corporate Finance, Pat McNally, advises business owners to view their business as a "storehouse of value" in the February 25, 2010 issue of Construction Today. Do you think of your business only as the source of...

March 2010

Kaufman on Networking Your Way to Success in the Next Decade Panel at the Business Networkers Expo & Social Media Fair

Larry Kaufman, Managing Director of Practice Development, will provide insights and expertise during a panel discussion entitled Networking Your Way to Success in the Next Decade at the Business Networkers Expo & Social Media Fair taking place April 23, 2010 at...

March 2010

AICPA Releases Business and Industry Guide to Understanding Internal Control for Smaller Entities

From AICPA news.A new AICPA white paper describes the concept of internal control and the internal control services that smaller entities may hire a CPA practitioner to perform. The guidance is targeted to both audit committee members and financial managers...

March 2010

Claiming and Documenting the First-Time Homebuyer Credit

From Journal of Accountancy.Practitioners should be aware of increased documentation procedures for the first-time homebuyer credit and the new administrative powers available to the IRS if a client’s return is selected for review. In addition, required attachments necessitate filing a...

March 2010

Lettuce Entertain You Expands Portfolio

From nrn.com.Prolific multiconcept operator Lettuce Entertain You Enterprises opened two Mexican concepts in Las Vegas on Thursday, a week after debuting its latest Chicago restaurant, M Burger.Located at the Fashion Show Mall on the Las Vegas Strip, El Segundo Sol...

March 2010

Kaufman Presents Unleashing the Power of LinkedIn to the Association of Chartered Accountants, Chicago Chapter

Larry Kaufman, Managing Director of Practice Development at Blackman Kallick, will share his LinkedIn expertise with the Chicago Chapter of the Association of Chartered Accountants on Thursday, April 8, from 5:30 - 7:30pm. His presentation and live web demo, Unleashing...

March 2010

Congress Passes HIRE Act Carrying Hiring Incentives, Stimulus Measures, and New Foreign Account Tax Compliance Rules

From ThomsonReuters/RIA. On March 17, the Senate approved, by a vote of 68-29, H.R. 2847, carrying the Hiring Incentives to Restore Employment (HIRE) Act, as passed by the House. Thus, the HIRE Act is cleared for the President’s signature. The...

March 2010

IASB: Single Set of Accounting Rules on Track

From Reuters.com. The world's top accounting bodies are still on track to thrash out a common set of rules by the middle of next year, the International Accounting Standards Board said on Tuesday.The G20 group of countries set the ambitious...

March 2010

2010 Food Industry Forum Brings Manufacturers, Processors and Service Providers Together

On Thursday, March 11, more than 80 food manufacturers and processors met at the Hyatt Regency O'Hare for the 2010 Food Industry Forum hosted by Blackman Kallick, Reed Smith and Wells Fargo. Speakers from all three firms shared their expertise...

March 2010

McNally Presents "Strategically Planning Your Future" at the 2010 American Mold Builders Association Annual Convention

Pat McNally, Partner in Charge of Blackman's Corporate Finance Consulting practice, presented "Strategically Planning Your Future" at the 2010 AMBA Annual Convention, March 21-25 in Orlando, FL. Below is an excerpt from the convention agenda:"Strategically Planning Your Future"Pat McNally, a...

March 2010

Whitlock Quoted in Tax.com Article, IRS Challenges NYSE Executive Compensation

Brian Whitlock, Partner, is quoted in the following excerpt from Tax.com article, IRS Challenges NYSE Executive Compensation."In the for-profit world, all [the IRS] would do is disallow the deduction," said Brian T. Whitlock, a tax partner at Blackman Kallick LLP....

March 2010

Blumenthal Discusses the “The Ins and Outs of Selling Your Company” at the Morgan Stanley Smith Barney and Locke Lord Bissell & Liddell M&A Market 2010 conference

Mark Blumenthal, Partner and Chairman of Blackman’s Family Office Services and Co-Chairman of Blackman’s Private Equity/Venture Capital practice was a featured expert on a panel that discussed the issues surrounding the sale of closely held businesses. Mark stressed the importance of...

March 2010

CPAs Chime in Regarding Annual Bonus Plan Designs

From AICPA news. The economic crisis has had an effect both on the choice of performance measures in CFO annual bonus plans and on the difficulty of bonus targets. The results of the 2009 CFO Compensation and Incentives Survey, conducted...

March 2010

Blackman Sponsors 2010 C4 Miles Run/Walk: Making Strides for Mental Health

Register today for the 2010 C4 Miles Run/Walk: Making Strides for Mental Health, taking place Sunday May 2nd. Blackman is proud to sponsor this event.C4 Miles is one of the very few such races for mental health in Chicagoland. Not...

March 2010

Optimism Jumps Among Manufacturing Finance Execs; Partner, Paul Oetter, tells us why

Paul Oetter, Partner in Charge of Blackman Kallick's Manufacturing and Distribution Practice, distills the takeaways from Journal of Accountancy article, Optimism Jumps Among Manufacturing Finance Execs. Results from the Economic Outlook Survey Q1 2010, conducted by the AICPA and the...

March 2010

Oetter's Advice to Global Companies: Despite Cautious Optimism in 2010, Stay Focused

Paul Oetter, Partner, highlights lessons for growing international companies from the February 2010 McKinsey Global Survey; Economic Conditions Snapshot. A recent economic survey by McKinsey & Company pointed out two prevailing sentiments regarding prospects for the remainder of 2010:Businesses generally...

March 2010

States Move to Revoke Charities’ Tax Exemptions

From nytimes.com.Faced with steep declines in tax revenue, an increasing number of states and localities are considering eliminating various tax exemptions for nonprofit groups.A bill before the Hawaii Legislature, for instance, would require charities to pay a 1 percent tax,...

March 2010

Dealmaking Comes Alive

From Forbes.comThe M&A comeback is gaining momentum, giving a boost to stocks of all stripes. Industrials still await their turn.A year ago, even getting a meeting to discuss merger and acquisition opportunities was a tough sell, says Howard Lanser, but...

March 2010

IRS Has Extra $1.3 Billion in Unclaimed Refunds

From WebCPA. The Internal Revenue Service said it has unclaimed refunds totaling more than $1.3 billion awaiting nearly 1.4 million people who did not file a federal income tax return for 2006, including over $150,000 in the state of California...

March 2010

Su's Article, Tips for Selling Your Business from a Buyer's Perspective, Published in Winter 2010 Issue of The IL Manufacturer

Stella Su, Director of Corporate Finance Consulting, is published in the Winter 2010 issue of The IL Manufacturer. Her article, Tips for Selling Your Business from a Buyer's Perspective, advises all sellers to know the value of their business before...

March 2010

The Proper Timing of Workers' Compensation Deductions

From Journal of AccountancyFor companies with more than a de minimis amount in their workers’ compensation reserve, it may be worthwhile to review the details underlying the reserve amount. The reason? These days a significant portion of a workers’ compensation...

March 2010

Internal Control: Test Your Knowledge

From Journal of AccountancyToday many companies recognize the desirability as well as the requirement to have an effective system of internal control. Yet, designing and implementing a cost-effective system of internal control is a daunting, if not overwhelming, task.One way...

March 2010

Whitlock Speaks to the American Farm Bureau on IRS Compliance and Governance Issues

Brian Whitlock, Partner in Blackman's Wealth Transfer practice, will speak to the American Farm Bureau on IRS Compliance and Governance Issues at two of their regional meetings in March.March 2-4, 2010Western Region AFBF Leadership ConferenceReno, NVMarch 16-18, 2009Northeast Region AFBF...

February 2010

Taxpayers Have Until Feb. 28 to Make Haiti Donations and Deduct Them on 2009 Returns

From Journal of Accountancy.Taxpayers have until midnight on Sunday, Feb. 28, to make cash contributions to charities providing earthquake relief in Haiti and deduct them on their 2009 tax returns, under the provision of the Haiti Assistance Income Tax Incentive...

February 2010

No IFRS Requirement Until 2015 or Later Under New SEC Timeline

From Journal of Accountancy.The SEC unanimously approved on Wednesday a new timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies. The SEC action calls for more study of IFRS and...

February 2010

SEC to Consider IFRS Statement

From Journal of Accountancy.In its first formal action on IFRS since Chairman Mary Schapiro took office, the SEC plans to consider its policy on the use of IFRS by U.S. issuers at an open meeting Wednesday.The SEC, under former Chairman...

February 2010

American Small Businesses Needn't Go Extinct

From The Washington PostThe dream of owning a successful small business is still alive in America and remains an essential part of our national self-image. But along the main streets and rural byways of the country today, in place of...

February 2010

Accounting Boards Refine Fair Value Standards

From WebCPA.com.The Financial Accounting Standards Board and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards during a joint meeting this week.The two boards committed late last year to meet on a...

February 2010

U.S. Cracks Down on ‘Contractors’ as a Tax Dodge

From nytimes.com. Federal and state officials, many facing record budget deficits, are starting to aggressively pursue companies that try to pass off regular employees as independent contractors.President Obama’s 2010 budget assumes that the federal crackdown will yield at least $7...

February 2010

Tax Court Allows LLC Member's Losses; Rules Against IRS on Limited Partner Issue

From Journal of Accountancy.The Tax Court held on Tuesday that an LLC member who materially participated in the management of an LLC is not treated as a limited partner and is therefore not subject to the passive loss limitations under...

February 2010

Tax audits: Uncle Sam wants you!

From CNNMoney.com.Worried about a tax audit? Maybe you should be. More Americans than ever may be subject to unwanted attention from the Internal Revenue Service this season as the government pumps billions of dollars into tax collection.More than 1.4 million...

February 2010

IRS Issues 2010 Updates for Automobile Depreciation Deduction Limits

From Journal of Accountancy.The IRS provided the 2010 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under IRC § 280F (Revenue Procedure 2010-18).For passenger automobiles (other than trucks or vans) placed in service during calendar...

February 2010

IASB Softens Stance on Convergence

From FT.comThe International Accounting Standards Board would no longer pursue convergence with its US peer as “an objective in itself”, its oversight body said on Monday, in the latest sign of eroding consensus on accounting rules.The IASB, which sets standards...

February 2010

IRS Issues 2009 Form 990; Explains Significant Changes

From the Journal of Accountancy. The IRS has issued final 2009 versions of Forms 990 and 990-EZ, as well as their instructions. The IRS has also provided a detailed explanation of significant changes to the forms.Form 990, Return of Organization...

February 2010

Are differences in accounting standards for private companies on the way?

Source: AICPA In his latest Chair's Corner, AICPA Chairman of the Board Robert R. Harris, CPA/CFF, discusses the newly created blue-ribbon panel whose work this year may lead to differences in financial reporting standards for many of the nation's 29...

February 2010

The long and winding roadmap

From Accountancy Age. Accounting standards convergence is at a major crossroads that could throw the project off track - unless the US and Europe find the will to work it out.It’s a pale, frosty day in London. From inside the...

February 2010

Middle-Market Deals: All Systems Go

From CFO.com.Big-ticket deals made a lot of headlines late last year, but the middle market remained quiet as midsized firms stayed on the sidelines, looking for credit, shoring up their own businesses, and waiting for a sign that the economic...

February 2010

Blackman Hosts the 2010 Food Industry Forum

Blackman Kallick, with Reed Smith and Wells Fargo, will host the 2010 Food Industry Forum: Addressing Risks and Challenges in the Food Industry on Thursday, March 11 at the Hyatt Regency O'Hare. The morning event, beginning at 7:30 am, consists...

February 2010

CFO's guide to international tax compliance

From The Tax Advisor.With the Obama administration planning to hire some 1,500 new international tax examiners, and current business conditions fraught with risk, an overlooked international tax exposure could very well put a medium-sized company’s very viability in peril. So...

February 2010

SEC delegates GAAP maintenance to FAF

From WebCPA.com.The Financial Accounting Foundation has a new responsibility: ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy in the new data-tagging format mandated by the SEC.The FAF, which oversees both the Financial Accounting Standards Board and the Governmental Accounting...

February 2010

Blackman Kallick Sponsors Valley Industrial Association Economic Luncheon

Blackman Kallick is proud to be a Gold Sponsor of the Valley Industrial Association Economic Luncheon on February 18 at the Hotel Arista in Naperville, Illinois. The luncheon will feature "An Overview of the U.S. Economy" by Dan North, Chief...

February 2010

Obama tax hikes would affect companies, wealthy taxpayers

From abcnews.comBig companies face bigger taxes under President Barack Obama's proposed $3.834 trillion budget. The budget does, however, include tax breaks for a majority of Americans. Individuals earning more than $200,000 annually or families earning more than $250,000 would also...

February 2010

IRS Issues Guidance on Gift Tax Consequences of Transfers in Trust

From the Journal of Accountancy.The IRS on Tuesday clarified for taxpayers that despite the provisions of IRC § 2511(c), the gift tax continues to apply to certain transfers to a wholly owned grantor trust (Notice 2010-19). Some taxpayers had interpreted...

February 2010

Baum Provides "Tips for Busy Season Marketing"

Stuart Baum, Director of Marketing, advises other industry marketers on how to balance the need and effectiveness of marketing and business development with the tight schedules and heavy work-loads of Partners and Managers during busy season.Read the article in the...

February 2010

Bennett Speaks at IAIR 2010 Insolvency Conference

Evan D. Bennett, Director of Blackman Kallick's Reinsurance Consulting group, will speak to the International Association of Insurance Receivers at their annual conference April 21-23, 2010 at the Eden Roc Hotel in Miami, Florida. He will educate attendees on "Reinsurance...

February 2010

Blackman Kallick Appoints Directors in Forensic & Litigation Services and Transaction & Lender Services Groups

We are pleased to announce that Tom Levato has been promoted to Director, Forensic & Litigation Services and Mark Robertson has been appointed Director, Transaction & Lender Services.Both of these gentlemen consistently show dedication to practice area growth and provide...

January 2010

Bennett Hosts Webinar: "Reinsurance is the largest asset in a receivership - how not to lose it."

Evan D. Bennett, Director of Blackman Kallick Reinsurance Consulting, will hosts a webinar with Francine L. Semaya, an attorney at Nelson Levine de Luca & Horst, on February 22 at 11:00 am Central entitled Reinsurance is the largest asset in...

January 2010

IRS Plans to Require Disclosure of Uncertain Tax Positions

From The Journal of Accountancy.The IRS announced Tuesday that it is considering making changes to how business taxpayers report uncertain tax positions (Announcement 2010-9). Specifically, the IRS said it is developing a schedule that certain businesses would be required to...

January 2010

Tax Season Starts; IRS Releases Homebuyer Credit Form

From the Journal of Accountancy.The IRS started accepting e-filed tax returns on Jan. 15, marking the official start of tax season. The IRS’ popular Free File program also started accepting returns on Friday. However, as usual, W-2 and 1099 forms...

January 2010

Standards Issued for Financial Instruments in Public Sector

From WebCPA. The International Public Sector Accounting Standards Board has published three new standards that cover all aspects of the accounting for and disclosure of financial instruments in the public sector.International Public Sector Accounting Standard 28, “Financial Instruments: Presentation”; IPSAS...

January 2010

SME standards set for adoption across the globe

From Accountancy Age.Hunting in packs is often the most effective way for the smaller guys to get their way. It is even the case in the gentrified world of accounting.At least 35 countries have said they will use international accounting...

January 2010

Governance depends on solid enterprise risk management and internal controls

From the AICPA.As organizations recover from the financial crisis, many are reevaluating their enterprise risk management and internal controls as target points for improvement. This new AICPA Audit Committee Brief, Adding Value, Not Bureaucracy, Through ERM, explains how creating a...

January 2010

Accounting Boards Define Fair Value

From webcpa.com. The Financial Accounting Standards Board and the International Accounting Standards Board tentatively decided to define fair value as an exit price during a three-day joint meeting this week.Fair value measurement is one of the thornier issues the two...

January 2010

Cross-Border Tax Issues

From the Journal of AccountancyCFOs can exercise reasonable diligence to ensure that they have procedures in place to deal with some of the more common shortcomings in cross-border tax compliance. The following are some routine tax compliance situations that U....

January 2010

Youngren and Dertz Educate Insurance Companies on SSAP No. 10R

Doug Youngren and Jeff Dertz, Partners in Blackman's Insurance Group, hosted a webinar on Thursday, February 11 at Noon CST on the implications of SSAP No. 10R.Participants will gain practical knowledge concerning the revision to the statutory deferred tax rules...

January 2010

Whitlock Presents 2010 Estate Planning Update to Illinois CPA Society

Brian Whitlock, Partner in charge of Wealth Transfer and Philanthropy Service, will address the Illinois CPA Society in their Chicago office, Wednesday, January 20. He will cover the current "mess" created by the repeal of the US Estate Tax and...

January 2010

Whitlock Presents "Roth, or Not to Roth" to the Central Chapter of the Illinois CPA Society

Brian Whitlock, Partner in charge of Wealth Transfer and Philanthropy Services, addresses the Central Chapter of the Illinois CPA Society on Tuesday, January 19 in Morton, IL. In "Roth, or Not to Roth," he covers the new 2010 rules granting...

January 2010

Lowenthal Speaks on Federal Taxation at the Chicago Bar Association

David Lowenthal, Senior Manager at Blackman Kallick, addresses the Chicago Bar Association at 321 South Plymouth Court on Thursday, January 14.The topic: IRS Form 990: A Roundtable Discussion on the Joys and Pitfalls of Working with the Revised 2008 Form...

January 2010

Spitulnik Blog Post, "Are Family Business Leaders Born or Made?" Highlighted in Family Business Wiki Newsletter

David Spitulnik, former Director of Strategic Services, asks, "Is the Family Business Leader Born or Made?" in the January edition of the Family Business Wiki newsletter. Also recently posted on the Blackman Kallick Strategy Insights blog, the article challenges family...

January 2010

Blackman Elects New Partners

Please join us in congratulating Teri Newman, Partner in Blackman's Tax Practice, and Brian Wiedenhoeft, Partner in Blackman's Audit group. Each of these individuals excels at client service as well as technical expertise and deserves the distinct honor of being...

January 2010

Blackman Sponsors the Midwest Private Equity Conference

Blackman Kallick is pleased to announce our sponsorship of the Midwest Private Equity Conference taking place February 17-18, 2010 at the Hyatt Regency O'Hare In Rosemont, Illinois.Register now.This year's Midwest Private Equity Conference will feature an economic outlook by Diane...

Blackman Kallick provides audit, tax and consulting services for privately held and public companies as well as not-for-profit organizations.

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