News and Events
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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%...
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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...
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'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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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?"...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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