|
Phone: 410-308-0300 Fax:410-308-0303 Info@kbstm.com
BLOGWe are full-service public accounting firm specializing in accounting, auditing, tax planning and preparation, management advisory services, business valuation services, and information technology consulting.
Archive for the ‘News’ CategoryFASB moves toward reversing mark-to-market proposalWednesday, January 26th, 2011The Financial Accounting Standards Board has started taking steps toward allowing banks to continue to use an amortized cost to value many of the loans on their balance sheets rather than shifting to a “fair value” accounting method. Last year, the accounting standards board had proposed expanding mark-to-market accounting on bank loans. The banking industry had argued that the fair-value rules would hinder lending. Read more » [The Wall Street Journal] Taxpayers who itemize have to wait until February to fileWednesday, January 5th, 2011IRS Kicks off 2011 Tax Season with certain Taypayers unable to start filing until mid-to-late February summary- Taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file, the IRS said Thursday. The delay is necessary because the IRS needs time to program its systems to accommodate tax breaks included in a compromise tax bill President Obama signed last week. Read original article » [USA Today] Rental Property Owners must issue 1099’s for certain 2011 expensesWednesday, January 5th, 2011Update - President Signs Repeal of Expanded 1099 Requirements Part of the recently passed Health Care Act contains a provision which will require rental property owners to start issuing 1099 forms for certain goods and services claimed as rental expenses. Starting in 2011, if an owner pays more than $ 600 per year to a single contractor or service provider the recipient (and the IRS) must be sent a properly completed 1099 form or the deduction may be disallowed. IRS 2011 Mileage RatesWednesday, January 5th, 2011The IRS just released the 2011 mileage rates to be used by employees, self-employed individuals and other taxpayers to compute deductible costs of operating an automobile (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.
Search our blogCategoriesTag CloudArchivesSubscribe
9515 Deereco Road, Suite 801 Timonium, MD 21093
Phone: 410-308-0300 Fax: 410-308-0303 info@kbstm.com |
|
|
|
||
