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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,...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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.,...
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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...
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Rood Presents at Illinois CPA Society Business Tax Conference
Deb Rood, Senior Manager in Blackman's State and Local Tax group, along with David Hughes, Partner at Horwood, Marcus & Berk, will present "State and Local Tax Update" to attendees of the Illinois CPA Society 2010 Business Tax Conference taking...
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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...
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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...
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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...
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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...
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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...
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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...
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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....
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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"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...
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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...
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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...
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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...
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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...
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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...
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