December 2010 - Journal of Accountancy

In August, the Government Accountability Office (GAO) issued proposed standards revising Generally Accepted Government Auditing Standards (GAGAS), commonly known as the “Yellow Book.” The update revises the July 2007 Yellow Book and is expected to be effective for audits beginning after Dec. 15, 2011, with the exception of the financial

The blue-ribbon panel on private company financial reporting is poised to recommend that the Financial Accounting Foundation (FAF), FASB’s parent organization, move to U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF’s oversight. A majority

This past June, the Seventh Circuit Court of Appeals in Cathy M. Lantz v. Commissioner (docket no. 09-3345, 6/8/2010) reversed the Tax Court and upheld the IRS’ position that innocent spouses seeking equitable relief under subsection (f) of IRC § 6015 are subject to the same two-year filing deadline that

The Small Business Jobs Act of 2010 (PL 111-240), which Congress passed and President Barack Obama signed in September, expands loan programs through the U.S. Small Business Administration (SBA), strengthens small business preference programs for federal government projects, provides incentives for exporters, offers a variety of small business tax breaks

The effects of the Great Recession are still being felt in high unemployment rates and other symptoms in the U.S. job market. The Business Roundtable reported in late 2009 that even as employment shrank, 60% of employers said they had trouble finding qualified applicants for the vacancies they had. Eighty-one

Larger companies should be aware there’s something for them, too, in the Small Business Jobs Act of 2010 (PL 111-240). Perhaps because of the name of the law enacted Sept. 27, larger businesses might not be aware of a potentially valuable provision that could apply to them: for tax years