Below please find daily updates pertaining to the latest in financial, business, and tax news:
FICPA: Top StoriesThe Coming 1099 Revolution: Are You and Your Clients Ready?
Revenue-raising provisions in the Patient Protection and Affordable Care Act, PL 111-148, and the Health Care and Education Reconciliation Act of 2010, PL 111-152, like their health care provisions, have far-reaching implications. One could even fundamentally change the way we do business and keep records in the United States—by dramatically increasing information reporting requirements for business transactions.
Senate Further Modifies Small Business Tax Cut Bill
Senate Finance Committee Chairman Max Baucus, D-Mont., has unveiled some new changes to the Small Business Jobs Act, in an effort to win more support for the bill.
AICPA Asks Congress to Repeal New 1099 Requirements
The American Institute of CPAs has written a letter to members of the House and Senate asking them 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.
Report: 246,000 Florida Small Businesses Qualify for Healthcare Credits
Though critics of federal healthcare reform say many small businesses will be hammered by the new law, more than 80 percent of Florida's companies with fewer than 25 employees will be eligible for tax credits starting this year to help pay for health coverage, according to a report released Thursday. Sponsored by the Washington consumer group Families USA, the report found 246,000 small businesses in the state will qualify for the credit -- and 77,400 of them could get the maximum tax credit of 35 percent.
Gov. Crist Signs Order Extending Florida's Unemployment Benefits
An executive order issued today by Gov. Charlie Crist will prevent thousands of Floridians from a delay in receiving unemployment compensation. “I am committed to exercising my Constitutional duty to authorize the use of available federal funds to help out-of-work Floridians who qualify for this help,” Crist said in a statement.
Crist Orders Counties to Reconsider Property Tax Bills in Wake of Oil Spill
Gov. Charlie Crist issued the executive order today, which calls for BP to foot the bill for any lost tax revenue the new assessments cost cities, counties and schools. The order tackles at least one issue lawmakers were considering for their special session in the fall.
Obama Signs Dodd-Frank Reform Bill
President Barack Obama on Wednesday signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The act, which was approved by the House on June 30 before narrowly clearing the Senate last week, will create new regulations for companies that extend credit to consumers, exempt small public companies from Sarbanes-Oxley section 404(b), make auditors of broker-dealers subject to PCAOB regulation and change registration requirements for investment advisers (see “Financial Regulatory Reform Bill Clears Congress”).
Financial Regulatory Reform Bill Clears Congress
The Senate on Thursday approved a major financial regulatory reform package that President Barack Obama is expected to quickly sign into law. The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was approved by the House on June 30 before narrowly clearing the Senate, will create new regulations for companies that extend credit to consumers, exempt small public companies from Sarbanes-Oxley section 404(b), make auditors of broker-dealers subject to PCAOB regulation and change registration requirements for investment advisers. The profession successfully advocated for CPAs to be carved out of the new Consumer Financial Protection Bureau for usual and customary activities.
Treasury Says 4.5 Million Hires Qualify for Payroll Tax Break
WASHINGTON - Businesses have hired 4.5 million workers under a new program that provides tax breaks for hiring unemployed workers, the Treasury Department said Monday. It is unclear, however, how many of those workers would have been added without the tax break.
IRS Offers Resources for Taxpayers Dealing With Gulf Oil Spill
The IRS has provided guidance to individuals and businesses affected by the oil spill in the Gulf of Mexico and announced several new initiatives to help affected taxpayers. One such initiative is a special Gulf Coast Assistance Day on July 17.
FICPA: IRS Tax News
FICPA: AICPA News
Financial Regulatory Reform Goes to President for Signature
Ballot Measure Would Modernize and Align AICPA Membership Admission Requirements With UAA Guidelines
The AICPA Council unanimously voted in May 2010 to ballot AICPA members on a proposed change to update the requirements for Institute membership. This change is a part of the first major comprehensive review of membership requirements since the 1950s. The ballot measure, if approved, would make it possible for individuals who currently hold or at one time held a valid CPA certificate to join the AICPA as voting members.
AICPA Asks Congress to Repeal New 1099 Requirements
The American Institute of CPAs has written a letter to members of the House and Senate asking them 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.
Agriculture News - Agriculture News Headlines | Bizjournals.com
Army Corps fixing Hanson dam by 2012
A series of wells and drains should make the Howard Hanson Dam operate at design capacity for many years, removing the danger of flooding in the Green River Valley, but those repairs won?t be completed until the rainy season of 2011-2012. (BA)
The electricity from the Cape Wind project would cost 10 percent less than previously planned under an agreement reached in principal with the state attorney general?s office.
Farm Aid to be held at Miller Park
Farm Aid's 25th anniversary concert will be held in Milwaukee at Miller Park Oct. 2.
State tackling algae-choked Grand Lake
The state on Friday rolled out short-term treatment and long-term prevention plans to keep growing levels of algae from hurting families and businesses near Grand Lake St. Marys, Ohio?s largest inland lake.
Converted Organics cuts staff by half
Fertilizer producer Converted Organics Inc. will lay off half of its staff at locations in Boston and New Jersey, cutting a total of 24 corporate and manufacturing positions, the company said Friday.
Chiquita beats analyst expectations but lowers '10 view
Chiquita Brands International Inc. turned in second-quarter results that were better than analysts expected, but the company lowered its earnings guidance for the rest of the year. (CQB)
Piedmont Triad International Airport officials have purchased three tracts of vacant land surrounding PTI for a total of roughly $678,000.
Bunge profit soars on fertilizer unit sale
Bunge Ltd. reported a second-quarter profit available to common shareholders of $1.8 billion, up from $293 million a year earlier, thanks to a $2.4 billion gain from the $3.5 billion sale of its Brazilian fertilizer business. (BG)
SJ Water Q2 profit rises slightly, revenue dips
SJW Corp. late Wednesday reported second quarter net income of $4.5 million, or 24 cents a share, up slightly from $4.4 million, or 23 cents a share in the same period last year. (SJW)
Schwan's has two division presidents leave, one join
There?s a management shakeup going on at Schwan Food Co., with two top executives leaving the company in recent weeks and a new one joining the firm.
