When to Report COD Income Because Form 1099-C, Cancellation of Debt, is often issued either before or after the debt was discharged for tax purposes, practitioners need to understand the recognition rules to be able to advise clients when and if to report the COD income.  Victoria R. Bartlett, shareholder with Gregory, Sharer & Stuart CPAs, explains that issuance of Form 1099-C does not necessarily requ ...

For management teams working through a bankruptcy, there are a number of valuation-related considerations.  Samantha L. Albert, senior financial analyst with Mercer Capital, explains five key concepts for management teams and their advisors to be familiar with when embarking upon a Chapter 11 reorganization. To read the full article in Mercer Capital's Financial Reporting Blog, click: 5 Things to Know About ...

The Danger of Not Considering Other Potential Sources of Harm To recover lost profits in commercial damages litigation, three standards must be met: proximate cause, foreseeability, reasonable certainty. While all three are important, proximate cause does not always receive a great deal of consideration among experts. Although the question of causation is generally left to the trier-of-fact, financial exper ...

Are We Heading Towards the Next Financial Crisis? (Part II of II) In this second part of the two-part article, the author, a valuation professional and trained economist, shares his thoughts on whether we are headed towards another financial crisis. Here, he shares his views on the size of the U.S. debt, low interest rates and whether the low interest environment is sustainable, and what he sees are solutio ...

Retirement Savings Require Prioritization of Financial Goals Saving for retirement requires balancing several different objectives such as paying down debt, setting aside enough money to handle emergencies, and making contributions to retirement accounts.  Brian Preston and Bo Hanson discuss that how you prioritize these goals will depend on your personal financial situation. To read the full article in U.S ...

Here are the IRS's Top "Dirty Dozen" Tax Scams for 2016 The Internal Revenue Service released its annual list of the "dirty dozen" worst tax scams, starting with identity theft and winding up with frivolous tax arguments.  Sally P. Schreiber, senior editor of JofA, lists what taxpayers and practitioners need to watch out for. To read the full article in the Journal of Accountancy, click: 2016’s Dirty Dozen ...

How Delaying Retirement One Year Provides Financial Advantages Working just one additional year before retirement can increase your Social Security benefits and provide other financial advantages.  Emily Brandon, senior editor for Retirement at U.S. News, discusses this and that an additional year also means continuing to receive company benefits instead of paying for them yourself. To read the full article ...

With the rise of technology and professional service firms, the U.S. marketplace is shifting from one which supplies goods to one which supplies ideas.  Taryn E. Burgess, financial analyst with Mercer Capital, explains there is a growing gap in the balance sheet reflecting this shift from physical assets to intangible ideas. To read the full article in Mercer Capital's Financial Reporting Blog, click: Our E ...

Are We Heading Towards the Next Financial Crisis? (Part I of II) In this two-part article, the author, a valuation professional and trained economist, shares his thoughts on whether we are headed towards another financial crisis. (The views expressed in this article are solely those of the author, QuickRead invites its readers to respond or submit an article of their own on this important topic.) ...

FLPs Remain a Viable Intra-Family Transfer Option, But Act Now The Internal Revenue Service has floated the idea of making regulatory changes to the implementation of section 2704, in this article the author gives us an update on the subject and underscores the need to facilitate intra-family transfers of businesses. ...

What Firms Look at When Reviewing Resumes Average accounting and finance firms will look through 21 CVs before making a job offer, according to research from Robert Half.  Julia Irvine looks at how the research, conducted in the UK, shows firms will often focus on factors such as candidates' previous roles and how long they spent with their employers. To read the full article in Economia, click: Making Your ...

Regulations Finalize Reporting Rules for Debt Instruments The Internal Revenue Service on Wednesday issued final regulations on the rules for brokers to report transactions involving debt instruments and options, including original issue discount.  The rules finalize temporary and proposed rules issued last year, with a few changes in response to comments.  Sally P. Schreiber senior editor for The Tax Advis ...

Behavioral science says we can shape our own reality if we understand the shortcuts that our brains take, which is necessary to overcoming procrastination.  Samantha White, senior editor for CGMA Magazine, discusses the five techniques outlined by author Caroline Webb we can all employ to stop putting off tasks we dread. To read the full article in CGMA Magazine, click: 5 Ways to Overcome Procrastination. ...

Over the last several years, various officials at the SEC have expressed concern about the broadening application of fair value measurement and its impact on the reliability and consistency of valuations performed for U.S. public companies.  Lucas M. Parris, senior member of Mercer Capital’s Financial Reporting Valuation Group, explains. To read the full article and view the presentation in Mercer Capital's ...

Identifying the Subject Matter that You Will Speak, Write, or Talk About Finding new clients is the work nobody really wants to do. Nevertheless, it is essential for survival. Since you have to do it anyway, how can you optimize your return on effort? In this article, Dr. Frederiksen shares what the research reveals. ...

Tell-tale Signs that the Engagement is Risky This article describes, using a purely hypothetical scenario, some of the considerations that an economic damages expert should be aware of during initial telephone calls with a prospective retaining counsel—in order for a lost earnings engagement to proceed effectively and efficiently—and to control engagement risk. ...

Study: Merit Pay is Ineffective for Many Employers According to a new survey of North American employers, only 20% find merit pay to be effective at driving higher levels of employee performance.  Matthew Heller, for CFO, explains that “pay-for-performance” may not always work in an employers’ favor. To read the full article in CFO, click: Merit Pay Programs Falling Short of Goals. ...

IRS Proposes Rules for Closed Pension Plans The Internal Revenue Service has responded to the proliferation of closed defined benefit pension plans, which continue to cover older employees while prohibiting new employees from joining, by proposing regulations that would let the plans qualify under the nondiscrimination rules.  Sally P. Schreiber senior editor for The Tax Adviser, explains. To read the full ...

IRS Final Regulations are Intended to Curb Inversions The new exception from the inversion rules for companies that have substantial business activities in a foreign country is hard to satisfy.  Jesse Scott, J.D., LL.M., associate at Holthouse, Carlin & Van Trigt LLP, discusses how corporate inversions have recently returned to the forefront of American political speech. To read the full article in The ...

Fairness opinions are issued by a financial advisor at the request of a board that is contemplating a significant corporate event.  Jeff K. Davis, CFA, managing director of Mercer Capital’s Financial Institutions Group, delivered a presentation on November 30, 2015 at the IV OIV International Business Valuation Conference in Milan, Italy by addresses the topic of dual fairness opinions and the role of the v ...