IRS Cracking Down on Offshore Bank Accounts

Tax

By Ron Kramer

The IRS recently announced new steps to encourage U.S. taxpayers with previously undisclosed foreign bank accounts to voluntarily come forward. In return for paying back taxes for the past six years, plus interest and stiff penalties, the IRS will promise not to bring criminal charges or to assess the 75-percent fraud penalty.... read more >

President Obama Denies Auto Bailout for GM and Chrysler

On March 30, 2009, President Obama announced that GM’s request for an additional $16 billion had been denied. Instead, GM was to receive only enough funding for working capital needs for the next 60 days and would operate under new management with significant government participation. ... read more >

SFAS 157 and Benefit Plans: Fair Value Measurements

Audit

By Michael Renzelman

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standard (SFAS) 157, “Fair Value Measurements.”   SFAS 157 established a consistent framework for measuring fair value under generally accepted accounting principles (GAAP).  Have you considered what your responsibilities under SFAS 157 are as a plan sponsor of an employee benefit plan?  Mike Renzelman provides an update on this topic.... read more >

Got Risk?

Has your company evaluated its risks, given the current market?  If you’re a public company, you identified risks and documented them as part of your 10K.  Whether your company is public or private, have you evaluated the risks identified and determined if you have controls in place to mitigate, or at least monitor, these risks?  ... read more >

Measuring the Economy

Gross Domestic Product (GDP) provides perhaps the broadest reading on the strength of the economy. This measurement estimates the value of all goods and services produced within the United States. One month after each quarter ends, the Bureau of Economic Analysis (the Bureau) (www.bea.gov) releases its first GDP estimate for that quarter. Patrick Fisher explains why this is important. ... read more >

Transportation Update: More Challenges Ahead?

The trucking industry is considered by many to provide leading indicators from a macroeconomic standpoint. So what do we make of the more than 3,000 trucking bankruptcies in 2008? The startling reality is that a single item is largely responsible for many of these failures. Eugene DeFrank of Schneider Downs provides more information. ... read more >

IFRS Conversion Costs

IFRS

By Donald Applegarth

There have been a number of recent predictions on the overall costs to a company of implementing International Financing Reporting Standards (IFRS). Don Applegarth of Schneider Downs provides an IFRS update. ... read more >

Constitutional Issues and Tax Appeals in Pennsylvania

A recent decision issued by the Pennsylvania Commonwealth Court serves as a reminder to raise any and all pertinent issues at the first level of appeal. Jack Stewart provides a state and local tax update.... read more >

The Year of the SOX - Section 404 Update

No more “stays of execution” appear likely and the possibility for an outright pardon has surely passed. For the non-accelerated filers, 2009 ... read more >

Home Sales Surge Due to First Time Homebuyer Credit

Tax

By Martin DiGiovine

In what seems a rare instance of encouraging news about the economy, the Wall Street Journal reported on March 24 that existing home sales were up 5.1% ... read more >