Archive for June, 2014

Obama’s 2015 budget proposal and its tax provisions

President Barack Obama recently released his proposal for the federal budget for fiscal year 2015.

Multistate Tax Commission gives noncompliant taxpayers chance to lessen penalties

Taxpayers who haven’t been meeting all of their state tax reporting obligations have an option if they want a chance to lessen the penalties they may incur.

Private companies granted exception for VIE analysis

Earlier this year, the Private Company Council (PCC) adjusted its criteria for private companies, simplifying the eligibility process for many seeking GAAP exceptions.

Senate Committee reports favorably on EXPIRE Act

The Senate Finance Committee recently approved extensions contained in the EXPIRE Act of 2014, submitting a favorable verbal vote on April 28.

What banks need to know about changing capital rules

On Jan. 1, 2015, many community banks will be subject to changing capital rules that are aimed to improve the quality, while also increasing the quantity, of their respective holdings.