Revenue Recognition Guidance to be Re-Exposed

The initial exposure draft conveying proposed new guidance for revenue recognition was issued in June 2010 with a projected final accounting standards update expected to be released in the second quarter of 2011.... read more >

IRS Revises Standard Mileage Rates for the Remainder of 2011

Tax

By Martin DiGiovine

On June 23, 2011, the Internal Revenue Service (“IRS”) issued Announcement 2011-40, revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical or moving expense purposes and for determining the reimbursed amount of these expenses that are deemed substantiated. ... read more >

403(b), A Year Later

ERISA

By Michael Renzelman

Who would have thought that 403(b) plans would have created such a filing nightmare. These plans were established many years ago to provide the nonprofit industry sector a vehicle to establish a simple tool for its employees to save for their retirement on a pre-tax basis.... read more >

For Dealers Considering Facility Upgrades

Automobile

By Steven Barber

As the industry gradually exits the Great Recession and the manufacturers return to profitability, auto dealers are looking at facility upgrades, some ... read more >

Accounting and Marketing to Play Nicely Together

Marketing

By Sean Smith

The Association for Accounting Marketing (AAM) and the American Institute of Certified Public Accountants (AICPA) are teaming up to co-locate the AAM Summit and the AICPA’s Practitioners Symposium/TECH+ conferences, to be held June 10-13, 2012 in Las Vegas.... read more >

Beyond the Marcellus: Utica Shale Presents Opportunity in Pennsylvania

What is interesting for Pennsylvanians and investors nationwide is the development of another shale gas formation called the Utica Shale.  In terms of size, the Utica Shale is believed to be twice as large as the Marcellus Shale formation.  ... read more >

Would Your Controls Prevent Violations Under the Foreign Corrupt Practices Act?

Doing business in a global economy has unique risks. One risk is third parties soliciting illegal payments (i.e., bribes) from companies in exchange for brokering entry into new markets.  ... read more >

IRS Provides Transitional Rules for Retroactive Reinstatement of Exempt Status

The Pension Protection Act of 1996 ("PDA") requires tax-exempt organizations with average annual receipts of less than $25,000 to submit a new form with the IRS, known as the 990-N or e-postcard.  The penalty for non-filing is draconian.  In the event that small tax-exempt organizations failed to submit their 2007, 2008 and 2009 annual returns their tax-exempt status was automatically revoked.... read more >

Incorporating IFRS into the U.S. Financial Reporting System

IFRS

By Donald Applegarth

The SEC has published a paper which outlines a possible approach for incorporation of IFRS into the U.S. financial reporting system, if the SEC were to decide that incorporation of IFRS is in the best interest of U.S. investors.... read more >

Manufacturing Concerns of 2011

Over the past decade, manufacturing in the United States has been steadily declining, but the U.S. still has one of the world’s largest manufacturing economies. In an effort to control costs and remain competitive, many manufacturers moved production and/or jobs overseas or replaced manual labor with computerized equipment. As a result, manufacturing jobs in the U.S. declined more than 30% over the last ten years.... read more >