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.

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IRS 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…

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Issues 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…

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AICPA 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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