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Accounting News Roundup: IRS Set for Valentine’s Day Massacre; Norris on Lieberman on Accounting; Why Your Small Business Needs a Blog | 01.21.11

IRS Says It Will Start Processing Delayed Income Tax Returns on Feb. 14 [Bloomberg]
The Internal Revenue Service said it will start processing on Feb. 14 tax returns claiming itemized deductions, including for home-mortgage interest, charitable donations and state and local taxes. The delay also affects tax filers claiming deductions for college tuition fees and for teachers’ out-of-pocket expenses. In all, about 9 million households filed returns claiming itemized or other affected deductions before Valentine’s Day last year, the IRS said in a release.

Verizon sees $600 million accounting change charge [Reuters]
Verizon Communications Inc plans to report a $600 million charge for the full year 2010 due to a change in the way it accounts for retirement benefits, following the lead of rival AT&T Inc. Like AT&T, Verizon said Friday it is looking to make its financials easier to understand by changing its pension accounting to recognize gains and losses in the year they are incurred, rather than amortizing them over time.

Fed changes accounting rules [FT]
Paging the Fed basher, “The US Federal Reserve has changed its accounting rules in a way that means it will never have to report negative capital on its weekly balance sheets unless it suffers catastrophic losses. The Fed’s accounting is in the spotlight because of the possibility that it could suffer losses when unwinding its programme of quantitative easing that overwhelms its capital base of $53bn.”

Lieberman’s Legacy on Accounting [Floyd Norris]
Stock options, anyone?

Time for Smaller Companies to Learn XBRL [AW]
Drag them kicking and screaming.

Why Small Business Owners Need a Blog [BBW]
When a website simply isn’t enough.

Ways and Means expected to discuss 1099 provision in a hearing next week [On the Money/The Hill]
“As each committee begins its oversight of the Democrats’ health care law, Ways and Means will be having a hearing next week to examine the impact that the law is having on employers,” a Ways and Means spokesperson told The Hill on Thursday night. “Given the strong concerns about the 1099 mandate that have been voiced throughout the employer community, we would expect that employers will raise the issue and reiterate their calls for repeal.”

Twitter Is a Great Tool. What Happens When It’s Wrong? [BBW]
Pitfalls to real time.

Posted in ANR