Below please find daily updates pertaining to the latest in financial, business, and tax news:
AccountingWEB.com - NewsBlue Ribbon Panel leans toward separate GAAP for private companies
At its most recent meeting, held in Chicago on July 19, the Financial Accounting Foundation's (FAF) Blue Ribbon Panel Chairman Rick Anderson asked the panel to define the problem that private companies faced with U.S. GAAP and the standard-setting system and to narrow the field for proposed alternative models.
D.C. launches amnesty program waiving penalties, fees on back taxes
Delinquent taxpayers will get a rare opportunity to pay outstanding taxes and interest to the District of Columbia, have their penalties and fees waived, and avoid criminal prosecution. The DC Tax Amnesty program will run from August 2 through September 30, 2010, offering individuals and businesses the opportunity to satisfy their tax liabilities.
AICPA asks Congress to repeal new 1099 reporting provision
The American Institute of Certified Public Accountants (AICPA) has asked members of Congress to repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.
KPMG Foundation awards $470,000 in scholarships
The KPMG Foundation this week announced it has awarded a total of $470,000 in scholarships to 47 minority accounting doctoral students for the 2010-2011 academic year.
BP seeks $9.9 billion tax credit for oil spill costs
On the same day it announced a $17 billion loss for the second quarter of 2010, BP this week said that it plans to claim a $9.9 billion taxation credit from the U.S. government for costs incurred during the oil spill cleanup operation in the Gulf of Mexico. Jason Bramwell reports.
