Dependency Status For A Child Of Divorced Or Separated Parents

  • March 11, 2009

The February 2009 issue of the AICPA's Tax Advisor gives a great overview of some of the pitfalls and challenges dealing with dependents of divorced parents.

All-Electric Tesla Roadster…0-60 In 3.9 Seconds And Saves Tax Dollars

  • March 10, 2009

If you purchase an all-electric Tesla Roadster (base price $109,000) you can receive up to a $7,500 tax credit under the American Recovery and Reinvestment Act of 2009. Read about this and other Green Energy Tax incentives in the new tax act summerized in the latest Journal of Accountancy article.

Is Inflation Next? Warren Buffet Thinks So

  • March 9, 2009

Warren Buffet stated in a Reuters.com article that he believes the economy fell off a cliff but will eventually recover. The recovery could trigger inflation worse than the inflation of the late 1970's.

Accounting for Loan Losses-GAAP vs. RAP…Not Again!

  • March 9, 2009

This issue is a lot like the Rocky movies. Just when you think it's over they make another movie! Last week U.S. Comptroller of the Currency, John Dugan said that the accounting rules need to be changed to allow banks to reserve for future losses in the loan portfolio so that earnings would be less volatile. Didn't we just spend the last 14 years hashing out this issue and finally eliminating any differences?

Bair Acknowledges Strong Banker Reaction to Special Assessment

  • March 3, 2009

Oklahoma Bankers Association President and CEO Roger Beverage joined a conference call yesterday with FDIC Chairman Sheila Bair and expressed the views of Oklahoma bankers regarding the FDIC proposed special assessment. Here is an article the OBA published on March 2, 2009:

FDIC Special Assessment Generates Banker Fury

  • March 3, 2009

The Oklahoma Bankers Association posted an article on their website yesterday with the above headline. Fury is a good description of what I am hearing from community bankers throughout the Midwest.

American Recovery and Reinvestment Tax Act of 2009 extends/creates business tax breaks

  • March 2, 2009

The American Recovery and Reinvestment Tax Act of 2009 (ARRTA) provides more than $75 billion worth of tax benefits for business for 2009 and 2010, in addition to numerous individual tax breaks. This article highlights some of the valuable tax breaks for businesses in the new law.

Individual tax incentives abound in American Recovery and Reinvestment Tax Act of 2009

  • March 2, 2009

The American Recovery and Reinvestment Tax Act of 2009 (ARRTA) is loaded with various tax incentives for individuals for 2009 and 2010. Among the individual tax breaks in the new law are incentives for homeownership, help for the unemployed and employed, as well as education assistance and tax breaks for taxpayers with children. This article provides an overview of the major individual tax incentives provided by the ARRTA.