Professional News
February 03, 2012 Senator Introduces ‘Buffett Rule’ Bill- Sen. Sheldon Whitehouse (D-R.I.) has introduced the Paying a Fair Share Act, which would implement President Barack Obama’s proposal from his State of the Union address that millionaires should pay at least a 30 percent income tax rate. The...
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February 03, 2012 States, Localities Lowered Sales Taxes in 2011- According to two new reports, more states, cities and counties lowered their sales tax rates than in 2010, and the number of new sales taxes also went down. Thompson Reuters’ annual ONESOURCE Indirect Tax report stated that 107 state, city...
February 02, 2012 GAO: IRS Cost Estimates for Information-Matching Program Not Sufficient- According to a report (PDF) from the U.S. Government Accountability Office (GAO), the cost estimates for a U.S. Internal Revenue Service (IRS) information-matching program “generally [do] not meet best practices for reliability.” The...
February 01, 2012 IRS Expects More 1099 Submissions- The U.S. Internal Revenue Service (IRS) has increased its forecasts for the number of information-reporting forms it expects to receive in the coming years as a result of increased reporting requirements. In 2010, the IRS predicted it would...
January 31, 2012 Study Calls for Significant Changes to Auditor’s Report- According to a new study from the American Accounting Association (AAA), auditor reports are often misinterpreted, misread or not read at all. The study, “Perceptions and Misperceptions Regarding the Unqualified Auditor’s Report by...
January 30, 2012 FASB, IASB Prepared to Resolve Financial Instruments Differences- The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) plan to work together on reducing the differences in their classification and measurement models for financial instruments. The boards’...
January 26, 2012 Conformity Bill Passes Senate, Heads to McDonnell’s Desk- In a welcome development for Virginia taxpayers and tax return preparers, the Virginia Senate passed HB 516 on Thursday. The bill would advance conformity with the U.S. Internal Revenue Code (IRC) from Dec. 31, 2010, to Dec. 31, 2011.
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January 26, 2012 IRS Cracks Down on Contractor Classification- Last year, the U.S. Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) signed an information-sharing memorandum of understanding dealing with employee “misclassification,” which could lead to audits for employers...
January 25, 2012 FASB Proposes Standard for Impairment Testing of Indefinite-Lived Intangible Assets- On Wednesday, the Financial Accounting Standards Board (FASB) proposed for public comment an updated standard (PDF) on impairment testing of intangible assets with indefinite lives. The proposed Accounting Standards Update (ASU) aims to simplify...
January 25, 2012 Obama Urges Tax Reforms in State of the Union Address- President Barack Obama argued for higher taxes on some income brackets and tax incentives for companies who bring jobs back to the United States in his State of the Union address Tuesday night. Obama urged Congress to extend the payroll tax cut...
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