February 2012
New Related Party Standards Released
The Public Company Accounting Oversight Board (PCAOB) released a proposed new standard today intended to improve auditor evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties, enhance the auditor's identification and evaluation of a company's significant unusual transactions, and improve understanding of a company's financial relationships with its executive officers, according to a PCAOB press release.
Greek Crisis: Think You Can Do Better?
Quarterly Tax Interest Rates Posted
Every three months, the New York State Department of Taxation and Finance establishes interest rates for refunds and for late payments and assessments applicable to a wide range of taxes. In early February, the department posted the April 1 to June 30 rates.
NYS Property Tax Info Online
New York State's Office of Real Property Tax Services has positioned itself as an essential resource for navigating the state's hodgepodge of local tax jurisdictions.
The Taxation of Candy and Car Washes
The New York State sales tax rules and regulations may be complicated, but the Department of Taxation and Finance is on top of the situation with a long list of industry- and topic-specific bulletins.
President Proposes 28 Percent Corp. Tax
President Barack Obama has called for the corporate income tax to be lowered from its current statutory 35 percent rate to 28 percent, a shift that would be balanced by closing certain loopholes and ending certain subsidies, according to a Feb. 22 proposal outline released by the U.S. Treasury Department.
New York Updates Article 9-A Tax
The New York State Department of Taxation and Finance has posted updated tax information for manufacturers under Article 9-A. According to the tax department, an Article 9-A corporation is virtually any New York corporation with a few exceptions, as listed.
Payroll Tax Cut OK'd by Wide Margin
An article in the Washington Post said that the payroll tax cut, which would expire at the end of this month, has been extended for the rest of the year. Unemployment benefits were also extended.
Fake Notice from AICPA is a Scam
CPAs--and even members of the general public--have been receiving emails claiming to be from the AICPA that say that the Institute has received complaints about the recipient and as a result their licenses are in immediate danger of being revoked.
State Tax Dept. Joins the Twitterati
The New York State Department of Taxation and Finance is now tweeting regularly, with reminders of rules, such as e-filing regulations; lists of resources, such as local sales tax rates; and advice for tax professionals, such as how to conduct online tax transactions on behalf of clients.