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Government
Roy Lydic | 4.24.2009

Recovery Act Estimated to Cost $787 Billion

The American Recovery and Reinvestment Act of 2009 (Recovery Act) is estimated to cost about $787 billion over the next several years.  Of the Recovery Act’s total cost, about $280 billion will be administered through states and municipalities. Roy Lydic explains.

Update: Transfer Pricing Developments

Cost sharing arrangements (“CSA’s”) are agreements among related parties to share the costs of developing intangible property (trademarks, know-how, patents, or similar items) in proportion to their shares of reasonably anticipated benefits from the use of the intangible.  As with all related party transactions, the rules require “arm’s length pricing”- what unrelated parties would pay under the same circumstances.  Mary Richter provides insight.
Audit
Charles Oshurak | 4.17.2009

Interpreting FAS 157

The overall concepts of fair market value, as well as increased reporting and disclosure transparency, continue to be a focus within the accounting world.  This month has been no exception.  On April 2, the Financial Accounting Standards Board (FASB) finalized two Financial Staff Positions (FSP) FAS 157-4 and FSP:   FAS115-a, FAS 124-a and EITF 99-20-b. Chuck Oshurak explains.
Tax
Ron Kramer | 4.10.2009

Have You Benefited from the Stimulus Package?

President Obama’s Stimulus Package (The American Recovery and Reinvestment Act of 2009, ARRA) has been law now for almost 60 days. Have any of the stimulus measures had an impact on you or your business? 

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Tax
Ron Kramer | 4.10.2009

IRS Cracking Down on Offshore Bank Accounts

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.

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.
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? 

SFAS 157 and Benefit Plans: Fair Value Measurements

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.

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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.

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.

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