Practice Management

The Internal Revenue Service issued a notice late last week that allows U.S. corporations to get more tax-free loans from their foreign subsidiaries.

Representatives of the McCain and Obama camps sparred politely at a Presidential Tax Forum sponsored by the New York State Society of CPAs.

The financial rescue plan approved by Congress last week included many extensions of expiring tax credits and deductions that helped it win passage in the House, but it also left out some tax issues that will surely be bones of contention for the next Congress.

The passage of the financial rescue plan by Congress last week depended in part on the insertion of a provision on reevaluating the fair value accounting standards, which could come back to bite the same lobbyists who urged its inclusion.

In "The Graduate," A family friend utters one word, "Plastics," to Dustin Hoffman at his graduation party. Let’s fast forward some thirty–plus years later and understand that Benjamin Braddock, Dustin’s character, is now a Baby Boomer, and let’s make a healthy substitute for the word “plastic” and update that conversation to: “I just want to say one word to you ... just one word." says Mr. McGuire "Yes, sir."--Ben "Are you listening?"--Mr.McGuire "Yes, sir. I am."--Ben "Sugar-free."--Mr. McGuire Let me explain the reasoning for the change. In the exhibit area at the last annual conference of the Association for Accounting Marketing in San Diego, I stopped by a booth to talk to a representative of a business development company that has and continues to impress me. I had met the individual before, so we struck up an easy-going conversation of how the conference was going for each of us. As I left, he reached to give me a tin of mints with the company’s name printed on it. I refused it I told him the tin, unlike an offer of a piece of candy, was a great idea, as every time you take the tin out of your pocket for a mint, you are reminded about the company. He beamed as I spoke and explained that he came up with the idea of imprinted tins, and then convinced his CEO to approve the expenditure even though it cost considerably more than simply having out a bowl of sour balls. I suggested that his company’s next order should include tins of sugar-free mints, explaining that his company’s target was primarily the managing partners of firms (those that would approve using his company), and like me are probably Baby-Boomers, many of whom aren’t supposed to eat sugar as they are diabetic or pre-diabetic. If you want to see my theory in action, come to Atlantic City with me the next time I go. The busiest casinos are those that have a substantial sugar-free dessert section at their buffets and offer many sugar-free dessert choices at their restaurants, thereby appealing to and drawing those with the most disposable income and wealth, the same Baby Boomers. Column dedication: To GH.

With the credit markets tightening, a majority of the 688 CFOs and senior comptrollers surveyed by Grant Thornton see the cost of credit increasing for their companies, and the availability of credit decreasing.

Kellogg & Andelson Accountancy is expanding its presence here by acquiring the West Los Angeles office of Kelson Rood Stoll & Winkler.

The Internal Revenue Service said that certain lean-burn technology vehicles now qualify for the alternative motor vehicle tax credit.

New data from the Internal Revenue Service suggests that American corporations controlled by foreigners are now responsible for a larger share of total U.S. corporate assets and earnings than ever before - despite a U.S. corporate tax rate that is among the highest in the world.The most recently released IRS Statistics of Income bulletin revealed that the total receipts of foreign-controlled domestic corporations in 2005 reached $3.5 trillion, which is $450 billion more than in 2004, twice the 1996 level and almost 90 times the level reported in 1971.

JUDGE DECLINES TO DISMISS JACKSON HEWITT SUITNew York - A federal judge has turned down Jackson Hewitt's request to have a class-action lawsuit dismissed against the company and some of its franchises.