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.