Here are four surprising ways to protect yourself in a law suit and keep legal fees to a minimum. Kevin Daum at Inc. advises: “Shakespeare said, “First kill all the lawyers.” Maybe this seems a tad aggressive, but then again, for most people the last thing you look forward to is someone showing up at your door with a subpoena. Whether a lawsuit is business related or personal, the thought of engaging an attorney for protracted litigation can strike fear into a person’s heart.” Not only is there emotion and argument to contend with, but the sheer agony of…
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Some Stakeholders Suggest Improvements to Segment Reporting Information A 1996 accounting standard established to improve the way public companies report financial information about their business segments generally achieves that purpose, although some stakeholders suggest improvements. That was the overall conclusion of the post-implementation review (PIR) of Financial Accounting Standards Board (FASB) Statement No. 131, Disclosures about Segments of an Enterprise and Related Information (codified in Accounting Standards Codification Topic 280, Segment Reporting). The PIR process was established by the Financial Accounting Foundation (FAF) in 2010. The Financial Accounting Foundation elaborates:
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Qualifying Offices Can Deduct Up to $1,500 Per Year Michael Cohn at Accounting Today reports that The Internal Revenue Service plans to introduce a simplified way for small business owners and home-based employees to claim the home office tax deduction.
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When Is a Foreign Tax Creditable Under Sec. 901? The Tax Adviser’s James A. Beavers, J.D., LL.M., CPA, CGMA, reports that The U.S. Supreme Court has agreed to hear a case that delves into the contentious issue of when taxpayers are eligible to claim a foreign tax credit under Section 901 of the U.S. tax code. A ruling by the court would clarify part of the provision that has been litigated for decades.
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Investors Cool on Tech A survey of tech firms’ valuations shows many companies are challenged. Here’s detail from various reporters:
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Valuation Experts Need to Be an Integral Part of Every Business Owners’ Initial Plan. Herbert Kalman explains why business owners need to begin thinking about an eventual exit from their very beginning plans. Here’s solid advice on the value and structure of buy-sell agreements, formal business planning, annual valuations, networking, and other planning essentials.
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Alphabet Soup AccountingToday‘s Danielle Lee writes that “A growing roster of professional designations fosters credential-mania,” among CPAs, and devotes an article to surveying some of the most popular credentials today, including those from NACVA: The CVA. The National Association of Certified Valuators and Analysts’ CVA credential does require a CPA license, along with coursework and an exam. Established in 1991, the credential is now held by more than 4,000 designees. The CVA is “extra important because the profession – valuating businesses – is in a constant state of change,” said Mark Morris, chair of NACVA’s valuation credentialing board. “New theories…
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LinkedIn Features Booming CVA/AVA Activity Have you visited LinkedIn lately? The NACVA AVA/CVA Certification group as of this writing has 935 members. Follow the link and join in the conversation! This year is NACVA’s 20th Anniversary. What milestones do you remember being a part of? QuickRead’s Conversations with the Masters staff is preparing for an interview with Shannon Pratt. Do you have questions you suggest we pose him? Other LinkedIn conversations have ranged far and wide, with Association folks sharing information and offering tips on everything from how best to use the ValuSource Report Writer, the proper applicability of Benford’s…