01/06/2009 BNA Software
FASB Requires More Transparency for Disclosures on Pensions and OPEBs
Employers are required to provide more transparency surrounding the types of assets and associated risks in their defined benefit pensions or other postretirement plans, the Financial Accounting Standards Board said Dec. 30.

 

01/05/2009 BNA Software
IRS Unveils Major Cost-Sharing Regulations With Significant Changes
The Internal Revenue Service Dec. 31 issued long-awaited proposed (REG-144615-02) and temporary and final (T.D. 9441) regulations on methods to determine taxable income in connection with a cost-sharing arrangement, making several significant changes to the existing rules.

 

12/24/2008 BNA Software
Pension Funding Relief and Technical Corrections Bill Signed
President Bush Dec. 23 signed into law the Worker, Retiree, and Employer Recovery Act of 2008 (H.R. 7327).

 

12/23/2008 BNA Software
IRS Reports 2008 Decline in Enforcement Revenue
The Internal Revenue Service Dec. 22 released 2008 enforcement data that showed some declines from 2007, though Deputy Commissioner Linda Stiff said during a conference call with reporters that the results are "remarkable" given IRS's tight budget position and the execution of the economic stimulus program in fiscal year 2008.

 

12/22/2008 BNA Software
Terms of Auto Industry Loans Limit Executive Pay Deductibility
The Financial Accounting Standards Board Dec. 15 initiated four short-term projects on financial instruments against a backdrop of continued stagnation in the credit markets in which the board tried to simplify accounting for impaired instruments in time for companies whose fiscal years coincide with the calendar year to use the new guidance for 2008 year-end reports.

Tax Acts

Emergency Economic Stabilization Act of 2008
The legislation, signed into law on October 3, 2008, actually contains three separate acts: the Emergency Economic Stabilization Act of 2008; the Energy Improvement and Extension Act of 2008; and the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. Read about the principal provisions, including tax extenders, energy incentives, and disaster relief as they affect fixed assets management, individual taxpayers, and businesses.

 

Fixed Assets Management

Bonus Depreciation
The Economic Stimulus Act of 2008 reactivated the 50% Additional First-Year Depreciation deduction (a.k.a., bonus depreciation) for qualifying property placed in service in 2008 (and for certain property placed in service in 2009). This deduction for bonus depreciation is very similar to that allowed earlier, as defined under IRS Code Section 168(k). This article will answer all of your questions about this deduction.

 

Corporate Income Tax

Sale of a Principal Residence Exclusion of Gain
The sale of a personal residence results in a capital gain or loss. If there is a gain, some or all of the gain may be excludable from income under IRS Code Section 121. A loss, however, cannot be recognized.

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