In 2008, the U.S. economy, and in fact, the world economy, was on the edge of a precipice. Hastened in large measure by loose lending standards, subprime mortgages and declining residential real estate values, IndyMac, the largest savings and loan in the Los Angeles market and one of the largest mortgage originators in the country, failed in July 2008.
After nearly 1,000 comment letter s, with 350 letters from the construction industry alone, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) published a new joint standard on revenue recognition, replacing most of the
existing guidance and taking a major step toward converging Accounting Principles Generally Accepted in the United States (U.S. GAAP) and International Financial Reporting Standards (IFRS).
Although the last two years have brought significant clarity at the state level regarding married, samesex couples’ filing status, many same-sex couples will still be unable to file joint state returns in 2015, leaving them restricted to filing separately or unsure as to their appropriate filing status.
When a trust is a resident trust under a state’s law, the state may tax the trust’s entire income. Double taxation becomes a concern because trust residency laws vary so much among the states that a trust may be considered a resident trust in more than one state, and thus, taxable on its entire income in multiple states.
Just as we should all be going to our family doctors as we get older to make sure we are healthy and in good physical condition, everyone should also periodically have a financial checkup, including a review of your estate plan and your estate planning documents, including wills and trusts.
With 36 states now legalizing same-sex marriage, many newly wedded gay and lesbian couples will be filing joint tax returns for the first time this year. For some, it could mean being bumped to a higher tax bracket or getting a bigger refund. For those who live or work in states that don’t recognize gay marriage, it could mean filling out multiple returns.
Top 100 Power Leaders working in South Florida's burgeoning business community. These are the region's top executives - those with a consistent track record of excellence anchored on their innovative ideas, leadership skills and business acumen.
It's the sexiest and scariest of deductions, and it's often shrouded in mystery. It's the home office deduction, and rumors abound about who qualifies, how it's calculated and whether taking it automatically flags an IRS audit.
What a difference two months makes. On Nov. 10, an Oklahoma judge decreed that Harold Hamm’s 62 percent stake in pipeline system Hiland Partners LP was worth $248 million. Richard Kinder thinks it’s worth $1.4 billion.
Pursuant to Internal Revenue Service Revenue Ruling 2013-17, the place of celebration determines a same-sex couple's marital status for federal tax purposes. That means as long as a couple was legally married in a state or another country that allows same-sex marriage, the IRS will recognize such marriage.