How Will Obama’s Tax Proposals Affect You?

  • May 29, 2009

CCH recently published their Tax Briefing on the Obama Administrations "Green Book" of tax proposals. The Obama administration released much-anticipated details about its proposed tax cuts and revenue raisers on May 11. The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals (also known as the “Green Book”) describes the administration’s tax agenda.

Uncorking CDO’s (Collateralized Debt Obligations)

  • May 13, 2009

Have you ever wondered what the heck is a CDO anyway? Or how did CDO's bring down the world's greatest economy and lead to a worldwide financial crisis? This is a great demonstration of how CDO's work and how they were related to the financial crisis.

Grant Thorton Addresses Bank Capital Requirements in Letter to Regulators

  • May 13, 2009

On May 6, 2009 public accounting firm, Grant Thorton sent a letter to Timothy Geithner, Ben Bernanke and Sheila Bair addressing bank capital requirements and the allowance for loan losses. I believe that this letter completely explains the auditor's viewpoint on these two issues and offers the regulators a solution to protecting banks from future losses.

Breathing Easier After Bank Stress Tests? You Shouldn’t

  • May 13, 2009

Largely unnoticed in last week's government report on the condition of the nation's biggest banks was the disclosure that five of them, topped by Bank of America, could lose $99 billion from the kinds of exotic bets that sank the global economy.

Valuations for Financial Reporting in Today’s Market

  • May 13, 2009

The current economic environment has presented unprecedented circumstances for members of the business valuation profession. Those who perform valuations for financial reporting are grappling with issues surrounding impairment, market capitalization versus fair value determinations, reasonable rates of return, and active versus distressed and inactive markets, to name a few.

Bank Lending Terms Keep Squeeze on Consumers

  • May 5, 2009

Banks tightened lending standards further in the three months to April, adding to the credit squeeze on households and businesses, the Federal Reserve’s senior loan officers survey said on Monday.

Energy credits can mean big tax savings, IRS reminds taxpayers

  • May 1, 2009

Taxpayers seeking to reduce their energy bills should not overlook valuable savings from energy tax credits. The IRS recently reminded both individuals and businesses that they can benefit from enhanced and extended energy-saving tax credits in the American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act).

FAQ: Can the first-time homebuyer credit be claimed in advance of a purchase?

  • May 1, 2009

No. Many individuals may be considering buying a new home in 2009 as home prices continue to drop in many areas across the country. They may also be wondering if they can claim the $8,000 first-time homebuyer tax credit before actually purchasing the home. Although this might generate a refund you could use as a down payment, the IRS will not allow you to claim the credit in advance of a purchase.

How Do I? Determine if someone has been ‘involuntarily terminated’ for purposes of the new COBRA subsidy?

  • May 1, 2009

Individuals who have been “involuntarily terminated” from employment may be eligible for a temporary subsidy to help pay for COBRA continuation...