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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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Rood Presents at Sales and Use Tax Seminar
Deborah K. Rood, Senior Manager in Blackman Kallick's State and Local Tax group, will help attendees understand sales and use tax complexities, avoid fines and make audits more manageable during this one-day Sales and Use Tax Seminar taking place in...
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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...
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