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Our column of Dec. 15, 2008, ("Tick, tick, tick goes the P-bomb," page 15) described two pending disasters. The first was terrible financial results faced by companies with defined-benefit pension and other post-employment benefit plans because of what the market's recent free fall did to their fund assets. The second disaster was the forthcoming unfaithful representations of those results in employers' financial statements. Turns out we were right, which is too bad for everyone. Lest anyone think otherwise, we take no pleasure in what we're writing about.
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There are some classes of software that simply don't change much from year to year, and retirement planning software is one of them."
June 1 -
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Under the heading, "Nothing in the tax law turns out to be easy," add the temporary motor vehicle sales tax deduction enacted in the 2009 Recovery Act. The concept sounds simple enough: Give consumers a tax incentive to purchase new vehicles in an effort to help the ailing auto industry. Its execution, however, has left many tax advisors scratching their heads over the number of issues that have been raised in connection with this new deduction.
June 1 -
A biopharmaceutical firm thought it had a healthy balance sheet - until September 2008. Then it suddenly found itself in a perfect storm. The plunge in global markets pushed its market capitalization and share price below the threshold needed to maintain its listing on the Nasdaq Global Market. It was under threat of being delisted.
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How much of the current financial crisis is a product of accounting standards? How can standards contribute to a timely recovery? What needs to happen to put the world's economies on an even keel and how radical should the changes be?
June 1 -
Nexus for state corporate income and sales and use taxes remains widely variable between states.
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