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Thursday, June 30, 2011

IRS Issues Warning on Foreign Bank Account Filing Deadline


WASHINGTON, D.C. (JUNE 28, 2011)

BY MICHAEL COHN, ACCOUNTING TODAY





......

U.S. persons are required to file a Report of Foreign Bank and Financial Accounts , or Treasury Department Form TD F 90-22.1, each year if they have a financial interest in or signature authority over financial accounts, including bank, securities or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.
.......

http://www.accountingtoday.com/news/IRS-Issues-Warning-FBAR-Filing-Deadline-58973-1.html?ET=webcpa:e1580:70848a:&st=email

Wednesday, June 29, 2011

World’s data will grow by 50X in next decade, IDC study predicts

June 29, 2011 by Editor


In 2011, the amount of information created and replicated will surpass 1.8 zettabytes (1.8 trillion gigabytes), growing by a factor of 9 in just five years, according to the fifth annual IDC Digital Universe study released Tuesday.
By 2020 the world will generate 50 times the amount of information and 75 times the number of “information containers” while IT staff to manage it will grow less than 1.5 times.


http://www.kurzweilai.net/worlds-data-will-grow-by-50x-in-next-decade-idc-study-predicts?utm_source=KurzweilAI+Daily+Newsletter&utm_campaign=68997e1f75-UA-946742-1&utm_medium=email

Thursday, June 23, 2011

Standard Mileage Rate Increase


WASHINGTON, D.C. (JUNE 23, 2011)

BY ACCOUNTING TODAY STAFF




The Internal Revenue Service has increased the optional standard mileage rates for the final six months of 2011, in response to higher fuel prices.


http://www.accountingtoday.com/news/IRS-Standard-Mileage-Rate-Increase-Gas-Prices-58899-1.html

Who wants to be a millionaire?


Switzerland has the highest concentration of rich people; America has the most in absolute terms
A MILLION dollars in investable assets might not buy the retinue of flashy flunkies that it did in 1956, but it is still a reasonable definition of wealth. Millionaires increased in number almost eveywhere between 2009 and 2010, according to a reportby Capgemini and Merril Lynch released on June 22nd. Among the more interesting nuggets in the report is that Japan has more female millionaires as a share of the total (31%) than Western Europe (18%). The only large country where millionaires became more scarce was Italy. Still, who wants to wallow in champagne?
Jun 22nd 2011, 15:21 by The Economist online

Online banking booming

In response, many unhappy bank customers are turning to Internet-only banks, many of which call themselves "direct" banks. ING DIRECT, for example, launched in the United States in 2000 and now has more than 7 million account holders, with deposits growing from $31.9 billion in 2005 to $81.6 billion in 2011. (Though the bank's U.S. operations have been a success, its Dutch parent bank was ordered to sell it off as a condition of receiving government aid during the financial crisis. Final negotiations are under way.)


http://today.msnbc.msn.com/id/43445604


By Minda Zetlin
updated 6/22/2011 8:18:49 AM ET

Tuesday, June 07, 2011

Tax Consequences of Transaction Costs

EXECUTIVE
SUMMARY
  • Generally, transaction costs related to property purchases are capitalized. Transaction costs related to property sales generally are expensed if the property sold is inventory and capitalized if the property is not inventory.
  • Subject to specific requirements, taxpayers are not required to capitalize certain de minimis expenses (including transaction costs) related to property purchases.
  • There are two types of transaction costs incurred in acquiring tangible property, investigatory costs and facilitative costs. Generally, investigatory costs are costs incurred before the decision to acquire a particular property is made, and facilitative costs are incurred after the decision is made. Certain costs specified in the regulations are considered inherently facilitative and are treated as facilitative costs regardless of the time they are incurred.
  • The rules for the treatment of costs to acquire or create the various types of intangible assets are found in Regs. Secs. 1.263(a)-4 and 1.263(a)-5.



Tax Consequences of Transaction Costs