Should Annual Exclusion Gifts Be Paid by Check?

The Internal Revenue Code imposes a tax on the transfer of the taxable estate of each decedent who is a citizen or resident of the United States. A taxable ... read more >

Pennsylvania-Proposed Gas Severance Tax Legislation

As part of the recently passed Pennsylvania budget, lawmakers have agreed to pass legislation regarding a gas severance tax by October 1, 2010 to take ... read more >

IASB and FASB Publish Proposals to Improve the Financial Reporting of Leases

Audit

By Donald Applegarth

On August 17, 2010, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) published for public comment joint proposals to improve the financial reporting of lease contracts. The proposals are one of the main projects included in the boards’ Memorandum of Understanding. The exposure draft released by the FASB was issued as a proposed Accounting Standards Update (ASU) to the Codification.... read more >

President Obama Signs Teacher Funding Bill Paid for by Significant Changes to International Tax Rules

Tax

By Ron Kramer

On August 10, 2010, President Obama signed legislation providing funding for teachers, emergency responders and state health insurance. The House was asked ... read more >

Merger & Acquisition Costs - Tax Deductible?

Tax

By Evan Ogrodnik

Many U.S. businesses have used the recent economic downturn as a stimulus to revisit and revise their short- and long-term strategic plans. As such, many ... read more >

Accumulated Earnings and Profits Inside an S Corporation

Tax

By Dennis Loughran

Many of our corporate clients here at Schneider Downs are Subchapter S corporations, or more commonly called S corporations. S corporations are incorporated ... read more >

A Potential Hurdle Cleared on the Path to IFRS Convergence

IFRS

By Todd Lucas

In June of this year, the IASB and FASB issued an exposure draft on revenue recognition. Revenue recognition, along with financial instruments, fair value ... read more >

OSCPA and AICPA Involved in 1099 Reporting Dilemma

Tax

By Matt McKinnon

A recent article by the Ohio Society of CPAs (click to view) addressed concerns with the new reporting requirement for 1099 forms included in the Patient ... read more >

New W-2 Health Care Coverage Reporting Requirement

Tax

By Kathleen Myers

Employers that sponsor health care plans will need to take notice of a new W-2 reporting requirement that takes effect in 2011. As part of health care ... read more >

IRS Announces One-Time Relief Program for Small Nonprofits

On July 26, 2010, the Internal Revenue Service announced a one-time relief program for small nonprofit organizations at risk of losing their tax-exempt ... read more >