Industry News
Summary of Current Economic Conditions
Have you seen the latest Summary of Current Economic Conditions by the Federal Reserve? It was issued on February 29, 2012. There are certainly signs of improvement: http://www.federalreserve.gov/fomc/beigebook/2012/20120229/fullreport20120229.pdf.
Read MoreIRS Challenges the Salary of an S Corp Owner
The IRS challenged the salary of an S Corp owner. The IRS maintained the owner’s salary was unreasonably low, and that a portion of distributions should have been classified as salary, and should be subject to FICA tax. The 8th U.S. Circuit Court of Appeals heard the case and upheld the lower court’s decision that…
Read MoreIssues Related to the Use of Valuation Rebuttal Reports
Written by Mark Norris A valuation rebuttal report is a report that is used for litigation purposes whereby a critique is made of the valuation report of the opposing expert, and then a revised valuation conclusion is provided. The goals to be achieved with a rebuttal report include: • Reduce fees to the client because…
Read MoreAICPA Working Draft
It’s here! The AICPA has issued a working draft of the Accounting and Valuation Guide Assets Acquired to Be Used in Research and Development Activities. Click here to see the guide, which addresses the issues associated with the valuation of acquired in-process research and development (IPR&D) assets. The AICPA is looking for your feedback. So are…
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