Knowledge Center

• 04.02.2012 - The Federal Office of Management and Budget Proposes Changes to The Federal Single Audit and Related Circulars
  The Federal Office of Management and Budget (OMB) proposed new rules surrounding the federal single audit on February 28, 2012 in the Federal Register Vol. 77, No. 39. This represents the first efforts in many years to revamp the federal single audit process.
• 03.30.2012 - Alternative Minimum Tax: Now It’s Personal
  This stealth tax, originally aimed at only the highest echelon of taxpayers, is expected to apply to four million taxpayers on 2011 returns, according to the Tax Policy Center. Even worse, the number is projected to explode to more than 31 million in 2012, absent any new legislation.
• 03.30.2012 - Change of Accounting Rules/Audit Instructions Issued on New Repair Rules
  At the end of 2011, the IRS issued comprehensive and far-reaching temporary regulations on the capitalization of costs relating to tangible property (see January 2011 article, Sweeping New IRS 'Repair Regulations' Impact Most Businesses). The regulations are generally effective for tax years (or costs incurred in tax years) beginning on or after January 1, 2012. The IRS has now followed up with transitional guidance on how taxpayers can obtain IRS approval to change their method of accounting to comply with the new regulations. In light of the transitional guidance, the IRS’s Large Business and International Division (LB&I) followed with a directive that provides guidance on the handling of audits for various years before and after the regulations take effect.
• 03.30.2012 - Avoiding Taxes on Real Estate Transactions Through Like-Kind Exchanges
  With most of the country experiencing a depressed real estate market, you may find it difficult to sell a business building or apartment building. To make matters worse, a sale could result in significant tax consequences for real estate property that has appreciated in value since it was acquired.
• 03.26.2012 - Independence and Integrity: The 2011 Yellow Book Revisions
  As government entities continue to face significant budget cuts, high unemployment rates and rising prices, it has become more necessary and common for auditors to provide additional advisory and consulting services to help their clients make informed financial decisions for their organization. As a result, in December 2011, the U.S. Government Accountability Office (GAO) issued its 2011 revision of Government Auditing Standards. This standard, more commonly known as the “the Yellow Book”, continues to give auditors guidance on performing high quality audit work that provides the accountability, integrity and transparency that the public has grown to expect from their auditors.
• 03.23.2012 - Economic Condition Reporting: Financial Projections
  The Government Accounting Standards Board (GASB) has issued preliminary views supporting the inclusion of forward-looking projections in the basic financial statements as Required Supplementary Information. Through these views, the GASB has tackled the formerly nebulous idea of the fiscal sustainability of a government entity. The board has noted that the purpose of government financial statements is to provide the users of those statements a clear picture of the entity’s economic condition, of which, fiscal sustainability is the forward-looking component. The GASB has determined that the historical data currently included in the financial statements is not sufficient to present a holistic picture of the state of a government entity.
• 03.12.2012 - The Forensic Accountant
  Many people associate forensic accounting with fraud, which is partially true. In fact, forensic accounting deals with several areas of specialized knowledge, in addition to fraud.
• 03.12.2012 - Recordkeeping Rules for Charitable Deductions
  Year in and year out, charitable donations often provide big deductions for high-income individuals at tax return time. Deductions for charitable gifts may be claimed only by taxpayers who itemize their returns, but even itemizers are at risk if they do not have the requisite proof to back up their claims.
• 03.12.2012 - Payroll Tax Holiday Extended for All of 2012
  On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012.
• 03.12.2012 - Administration Unveils Framework for Business Tax Reform
  A reduced corporate tax rate, elimination of many business tax preferences, a new minimum tax on overseas profits, and much more are all part of President Obama's recently released Framework for Business Tax Reform (the "Framework"). The much-anticipated blueprint of the administration's plans for corporate tax reform was unveiled on February 22, 2012, in Washington, D.C.
• 03.12.2012 - Connecticut’s Economy Shows Improvement, Although Caution Signs Ahead
  Connecticut’s economy showed steady signs of improvement in the last quarter, but there is still reason to be cautious.
• 03.12.2012 - Expiring Tax Provisions Add to Uncertainty in the Business World in 2012
  A number of key tax provisions have either expired or will soon expire. With a struggling economy and recent inaction by Congress resulting in failure to reach an agreement on reducing the budget deficit, this could only add to the uncertainty many businesses are facing in 2012.

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