What does the “fiscal cliff” mean to you?
The “fiscal cliff” is a combination of spending cuts and tax increases scheduled to be in place on January 1, 2013.
Find out what experts are saying about these talks in a free webinar on Tuesday, December 18, 2012. The webinar starts at 1 pm EST, all you need to do is register here in advance to listen in.
IRS Begins Clarifying 2013 Investment Taxes
Investment taxes passed by Congress in 2010 are clarified in 159 pages of new regulations… See full story.
To read the published FAQ’s on the new investment taxes, click here.
IRS issues standard mileage rates for 2013
The Internal Revenue Service has issued the 2013 optional standard mileage rates for taxpayers to use when calculating deductible automobile costs for business use, for medical or moving purposes, and for service to charitable organizations. JournalofAccountancy.com (11/21)
Accounting for Sandy presents challenges for companies
The damage from superstorm Sandy likely will not be classified as “extraordinary” for financial reporting purposes, according to a report from PricewaterhouseCoopers. Companies should consider using non-GAAP measures and additional disclosures in their financial reports to describe losses due to Sandy, but should be careful not to employ measures or disclosures that mislead, PwC advises. The Wall Street Journal/CFO Journal (tiered subscription model) (11/13)
IRS warns of chaos if AMT patch is not issued this year
Congress must enact a patch for the alternative minimum tax by the end of the year, Internal Revenue Service officials warned. If it doesn’t, an extra 28 million households will be hit with the AMT. Also, because the IRS must reconfigure its systems if a patch is not issued, it may not be able to accept returns or issue refunds until March 2013. See full story.
