07/02/2009 BNA Software
FASB Launches Single, Online Book of Authoritative GAAP
The Financial Accounting Standards Board July 1 officially launched its new online sole source of authoritative generally accepted accounting principles. Almost five years in the making, the product of what FASB calls the “codification” of GAAP is aimed at easing use of myriad accounting standards and other guidance by way of a topical structure with cross-reference capabilities.
07/01/2009 BNA Software
Guidance Issued on 2009 Depreciation Substitute Election Extension
The Internal Revenue Service June 30 issued guidance on the extension of a tax code provision that allows taxpayers to elect out of the 50 percent bonus depreciation benefit and increase certain credit limitations instead, addressing corresponding issues.
06/30/2009 BNA Software
Tax Refunds From 2008 on List of Forfeited Property at Madoff Sentencing
Among the houses, boats, cars, furs, and even bedding that Bernard Madoff forfeited June 26 as a result of his crimes are “any and all tax refunds paid” to him and his wife Ruth through 2008.
06/29/2009 BNA Software
House Passes Cap-and-Trade Bill With EITC Expansion
House lawmakers June 26 voted 219-212 to pass cap-and-trade climate change legislation (H.R. 2454) that includes a provision expanding the earned income tax credit amount for childless workers.
06/26/2009 BNA Software
Lawmakers Take Aim at SILOs as Metro Crash Raises Questions
Lawmakers June 25 took aim once more at tax-advantaged sale-in, lease-out transactions (SILOs) in the wake of a fatal subway collision in Washington, D.C., that potentially involved train cars that could not be replaced until 2014 under the terms of such a leasing deal.
