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Punitive Damages Are Not "Losses Incurred"
State Farm's argument that the company's "statement method of accounting" controls for federal tax purposes falls flat in court.
December 6, 2010
In a November court ruling, State Farm Mutual Insurance saw its argument shot down when judges sided with the Internal Revenue Service in a case related to contingent liabilities. In the case, which was decided on November 8, petitioner State Farm claimed that based on its method of accounting, $202 million was properly included in its loss reserves. The IRS, and eventually several courts, saw it differently. Read more...
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Shorter Agenda for Convergence
FASB and the IASB have selected five priority projects to focus on – and hopefully push out by next year. November 16, 2010
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One Size Gives Fits to All
Financial executives say that proposed changes to revenue-recognition rules ignore real-world realities. October 1, 2010
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Six Costly Cloud Mistakes
The savings from cloud computing may be considerably less than expected if you don't avoid these missteps. August 12, 2010
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Ahead of the Accounting Curve, Too
Technology giant Apple has benefited from its early adoption of new revenue-recognition rules. But for other companies, the rules could present some challenges. March 25, 2010
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Debating Inflation
Will rising price levels be the next plague to hit Corporate America? March 1, 2010
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Your Loss Is Your Gain
Uncle Sam has extended the time frame for loss carrybacks. Should you take advantage? March 1, 2010
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Obama Budget to Spark Tax Debates
President Obama's proposed 2011 budget is replete with tax proposals, many that are "hostile" to business. Here's a breakdown of the potential changes. February 16, 2010
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E*Trade's Debt Swap Triggers Ownership Change
The online-trading hub triggers a technical change of ownership by swapping out its debt. But it should be able to hang on to its long-term tax benefits. December 7, 2009
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How to Repatriate Earnings Tax-Free
Three pieces of IRS guidance issued over the past year provide a roadmap for corporate taxpayers. November 2, 2009
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