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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...
read moreJuly 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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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,...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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