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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.…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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.…

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…

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…

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…

Internal auditors must surpass Sarbanes-Oxley

From CFOZone.com.Since the Sarbanes-Oxley legislation first came into effect seven years ago, much has changed in the US corporate landscape. At first, the new laws appeared onerous—time consuming and perhaps just a little bit of overkill. Since then, the global…

Savings rate grows faster than consumer spending

From The Washington Post.Americans socked away more savings in May than at any time since September, as they continued to be cautious spenders, according to government data released Monday.According to the Commerce Department, the personal savings rate in May --…

Blackman Sponsors Chicago Cares 2010 Serve-a-thon

Over seventy Blackman Kallick volunteers came out on Saturday, June 12, 2010 to participate in the 17th Annual Chicago Cares Serve-a-thon. Blackman has been a proud sponsor of this event for over five years.The Blackman Kallick team, with other volunteers,…

Metra Hires Blackman Kallick to Assess Internal Controls and Management Practices

Blackman Kallick's Forensic & Litigation Practice has been hired by Metra to investigate and assess their internal controls and operating procedures following a financial scandal that resulted in the suicide of former Executive Director Phil Pagano. Below is an excerpt…

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…

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…

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…

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.,…

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…

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…

Beyond the Financial Statement

Most companies focus their Sarbanes-Oxley Act (SOX) compliance efforts on Section 302, which requires CEOs and CFOs to certify the accuracy of financial statements, and Section 404, which requires management to annually evaluate the effectiveness of internal controls over financial…

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.