October 2, 2022

Accounting News Roundup: Bickering Over Bonus Depreciation; Not Your Father’s Revenue Recognition; Who Loves LIFO? | 05.30.14

House Panel Backs $287 Billion Tax Cut on Fast Write-Offs [Bloomberg]
Pat Tiberi is a fan: "At a time when capital expenditures are at levels that are anemic, this will increase investment and grow our economy,." Sandy Levin is not: "The cost of bonus depreciation, for extending it this way, could pay for a full-year extension of unemployment benefits 10 times over."

Accounting may need help in revenue recognition implementation [JofA]
Revenue recognition — Not just for the accountants, anymore: IT, legal, tax, operations, internal control, financial planning & analysis and investor relations all get a mention. 

Supreme Court agrees to hear arguments in Maryland tax dispute [Reuters]
Here's one for the SALT people that we overlooked earlier this week: "The dispute between the Maryland tax agency and a small business in that state centers on whether state residents can reduce or even eliminate their Maryland income taxes based on how much they paid in taxes to other states. Maryland offers a tax credit for income taxes paid by residents to other states, but the state is arguing the credit does not apply to certain county-level income taxes under Maryland law."

Supreme Court ponders crediting city income taxes on state returns [Tax Update]
Joe Kristan has a countermeasure as a result of the Maryland tax case: "
In any case, it would be prudent for Iowans who have paid taxes to non-Iowa municipalities to file protective refund claims for open years.  For taxpayers who extended 2010 returns, that year is still open; otherwise, 2011 is the earliest open year."

Lawmakers fight to keep accounting method [The Hill]
LIFO has some friends in House: "
Reps. James Lankford (R-Okla.), Mike Thompson (D-Calif.) and more than 110 other lawmakers told House Ways and Means Committee Chairman Dave Camp (R-Mich.) that he should reconsider changes made to the so-called 'last in, first out' (LIFO) accounting method."

The Rothstein Kass Twitter account finally catches up.

5 facts about today’s college graduates [Fact Tank/Pew Research Center]
Lots and lots of business of majors. Precision production, not so much.

Steve Ballmer Said to Sign $2 Billion Deal to Buy Clippers [NYT]
Sorry you didn't make the cut.

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