Oil and Gas Industry Update - Manufacturer's Deduction

The oil and gas industry has recently come under fire from the Obama Administration. Over the past year, the Administration has proposed levying $40 billion ... read more >

Asset Retirement Obligations and the Impact on Oil and Gas Financial Statements

Once upon a time, oil and gas-producing companies would look at estimated salvage value from production equipment as compared to estimated costs to plug ... read more >

Form 5713 - International Boycott Reporting

U.S. persons with operations in or related to a “boycotting country,” or with the government, a company or a national of a boycotting country, ... read more >

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


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


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?


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


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


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 >