Automotive Outlook

Industry: Automotive

• 05.09.2012 - 2011 Form 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR)
  The purpose of this alert is to remind you of the requirement to file the 2011 United States (U.S.) Treasury Department Form 90-22.1 for non-U.S. bank and financial accounts if the aggregate value of the financial account(s) exceeds $10,000 at any time during the year.
• 05.09.2012 - A Difficult Tax Year Behind Us, But 2012 Could Be Even Harder
  Another grueling tax season has passed, this one more difficult than the previous one. Thanks to new increased disclosure filing requirements for Schedule D, brokerage statements that came later than usual, and the mere fact that there was an extra day due to Leap Year, made this year’s season seem longer and much more of a challenge. It’s great to have it behind us, but now is the time – believe it or not – to start looking towards next year.
• 05.09.2012 - The Death of SAS70 - The Birth of SSAE16 Standards
  In 1980 the American Institute of Certified Public Accountants (AICPA) implemented the Statement on Auditing Standards No. 70, commonly known as SAS No. 70, to review and evaluate the internal controls of a service organization. SAS No. 70 quickly became a standard for the user organizations to obtain assurance that their data was being protected and managed in a secure manner. At the same time, service organizations were using SAS No.70 as a way to show existing and potential customers that they were utilizing industry best practices.
• 04.27.2012 - Solar Power: Forward Thinking Businesses See a Growing Benefit
  There are signs that the national economy may be slowly digging its way out of its long-term slump, and now could be a good time to review fixed business expenses with an eye toward stability and predictability.
• 04.27.2012 - Business Software Technology Alignment
  In our last newsletter we introduced the concept of reviewing and assessing the alignment of your business software technology with your business strategy, processes and people. You might wonder how your business software could get out of alignment in the first place and what impact it could have on your business. It is important to understand how to recognize the symptoms and be able to make critical business decisions for your business when the time comes.
• 04.03.2012 - The ABCs of Cloud Computing
  The term “cloud computing” is the new buzz word and hot topic among many businesses and professionals. Unfortunately, many people do not truly grasp its capabilities, limitations and benefits.
• 03.30.2012 - Alternative Minimum Tax: Now It’s Personal
  This stealth tax, originally aimed at only the highest echelon of taxpayers, is expected to apply to four million taxpayers on 2011 returns, according to the Tax Policy Center. Even worse, the number is projected to explode to more than 31 million in 2012, absent any new legislation.
• 03.30.2012 - Change of Accounting Rules/Audit Instructions Issued on New Repair Rules
  At the end of 2011, the IRS issued comprehensive and far-reaching temporary regulations on the capitalization of costs relating to tangible property (see January 2011 article, Sweeping New IRS 'Repair Regulations' Impact Most Businesses). The regulations are generally effective for tax years (or costs incurred in tax years) beginning on or after January 1, 2012. The IRS has now followed up with transitional guidance on how taxpayers can obtain IRS approval to change their method of accounting to comply with the new regulations. In light of the transitional guidance, the IRS’s Large Business and International Division (LB&I) followed with a directive that provides guidance on the handling of audits for various years before and after the regulations take effect.
• 03.30.2012 - Avoiding Taxes on Real Estate Transactions Through Like-Kind Exchanges
  With most of the country experiencing a depressed real estate market, you may find it difficult to sell a business building or apartment building. To make matters worse, a sale could result in significant tax consequences for real estate property that has appreciated in value since it was acquired.
• 03.12.2012 - The Forensic Accountant
  Many people associate forensic accounting with fraud, which is partially true. In fact, forensic accounting deals with several areas of specialized knowledge, in addition to fraud.
• 03.12.2012 - Recordkeeping Rules for Charitable Deductions
  Year in and year out, charitable donations often provide big deductions for high-income individuals at tax return time. Deductions for charitable gifts may be claimed only by taxpayers who itemize their returns, but even itemizers are at risk if they do not have the requisite proof to back up their claims.
• 03.12.2012 - Payroll Tax Holiday Extended for All of 2012
  On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012.

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