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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...
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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....
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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,...
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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:...
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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,...
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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...
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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...
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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...
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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....
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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...
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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...
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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...
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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...
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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...
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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...
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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 &...
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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...
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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...
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'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...
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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...
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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....
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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