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Financial Institutions Advisory - IRS Suspends FBAR Filing Requirements for Non-U.S. Persons
March 11, 2010

On February 26 The Internal Revenue Service issued an announcement that suspends the requirement for certain non-U.S. persons to file a Report on Foreign Bank and Financial Accounts (FBAR) for 2009 and earlier calendar years. The IRS suspended the requirement for filing Form TD F 90-22-1 (FBAR) for taxpayers that are not U.S. citizens, U.S. residents or domestic entities (corporations, partnerships, trusts, or estates).

Tax Services Advisory - IRS Extends Comment Period on Reporting of Uncertain Tax Positions
March 9, 2010

The IRS on March 5 announced a two-month extension of the comment period on its proposed schedule that would require certain corporate business taxpayers to report their uncertain tax positions on tax returns, with what it calls "a concise description of those positions" and their associated dollar amounts.

Public Company Advisory - SEC Encourages Adoption of Global Accounting Standards
March 9, 2010

On February 24, 2010 the Securities and Exchange Commission (SEC) issued a statement that supports the adoption of what it calls “high quality globally accepted accounting standards” for U.S. public companies, adding that it believes such standards would benefit investors.

Litigation & Valuation Report - March/April 2010 Edition
March 11, 2010
In this issue we discuss:

• The tax return as an investigative tool
• Distinction between lost profits and lost business value
• Appraisers relying less on empirical study averages
• Putting a price on technnology

Bank Advisory - FDIC Reports Lower Losses, Continued Loan Problems for Florida Banks
February 26, 2010

Banks based in Florida lost a combined $2.0 billion in 2009, compared with a loss of 2.8 billion in 2008, according to data released on February 23 by the Federal Deposit Insurance Corporation. The smaller losses were attributable partly to declines in interest expense and in non-interest expense.

Bank Advisory - FinCEN Warns of Fraud in Mortgage Modification and International Trade
February 26, 2010

The Financial Crimes Enforcement Network (FinCEN) on February 18 issued a report with details on suspicious activities it has found prevalent in loan modification and foreclosure rescue frauds. FinCEN Director James H. Freis announced the release of the report that day during the Florida International Bankers Association’s annual Anti Money Laundering Compliance Conference in Miami.

Tax Advisory - Tax Tips for 2009 and 2010
February 24, 2010

February is an important month for preparing your tax returns and for planning early for your 2010 taxes. These are some items for your consideration. As always, it is important to consult with a tax expert.

Bank Advisory - Regulators' Statement on Small Business
February 11, 2010

The federal financial institutions regulators and the Conference of State Bank Supervisors on February 5 issued an interagency statement that restates and elaborates their views on prudent lending to creditworthy small business borrowers. They emphasized that banks should adhere to prudent standards, but not become overly cautious in lending to small businesses.

Public Company Advisory - SEC Issues Guidance for Disclosures Related to Climate Change
February 11, 2010

The Securities and Exchange Commission on February 2 issued an interpretive Guidance on its existing requirements for public companies on disclosure of how business or legal developments related to climate change could impact their operations. The SEC released the guidance amid the recent increase in laws and regulations regarding climate change that are impacting businesses.

Public Company Advisory - SEC Interpretations on Circumstances that Require a Filing of Form 8-K
February 11, 2010

The Securities and Exchange Commission on January 15 issued an update to a series of interpretations for public companies to determine when they should file a Form 8-K. In the updated interpretations the SEC answered several Frequently Asked Questions about circumstances under which issuance of earnings releases require filing of a Form 8-K.

Tax Advisory - President Obama's Proposed Budget Includes Tax Changes for Businesses, Individuals
February 08, 2010

President Obama on February 1 issued his proposed budget for Fiscal Year 2011, which begins on October 1, 2010. In a news release the U.S. Department of the Treasury has a summary of the budget’s proposed tax changes, including those for businesses.

Tax Advisory - U.S. and Chile Conclude Negotiations of Income Tax Treaty
February 03, 2010

The U.S. Department of the Treasury announced on January 26 that it has concluded its negotiation of a comprehensive bilateral income tax treaty with Chile. Although a draft of the new treaty is not yet available, the Treasury Department announced that the new tax treaty provides for reductions in source-country taxation of cross-border payments of dividends, interest and royalties.

Tax Advisory - IRS Considers New Reporting of Uncertain Tax Positions
February 02, 2010

The IRS on January 26 announced that it is considering a schedule that would require certain corporate business taxpayers to report their uncertain tax positions on their tax returns, with what it calls “a concise description of those positions” and their associated dollar amounts. However, it is anticipated that these rules will also apply to other business entities

Dealership Services Advisory - All Dealers Face Potential Liability on Sales of Recalled Toyotas
February 01, 2010

Toyota’s recall of eight models because of accelerator problems and its suspension of sales of those vehicles are not confined to Toyota dealerships. All Toyota and non-Toyota auto dealers may not have liability coverage on sales of a new or used vehicle, if they know that the vehicle is subject to Toyota’s recall.

Tax Impact - January/February 2010 Edition 
January 29, 2010

Litigation & Valuation Report - January/February 2010 Edition
January 29, 2010

In this issue we discuss:

• How a valuation expert can help you
• Role of contingent losses and contingent gains in determining fair market value
• Tax Issues early in litigation

Tax Advisory - High-Income Earners Now Eligible for Roth IRA Conversions
January 28, 2010

All traditional IRA account holders now have the opportunity to participate in conversions to Roth IRAs regardless of income. Until 2010, only taxpayers with adjusted gross income under $100,000 were allowed that conversion.

Tax Advisory - Congress Permits 2009 Deductions on Haiti Contributions
January 26, 2010

The U.S. House and U.S. Senate on January 21 unanimously passed legislation that allows taxpayers to claim deductions on their 2009 tax returns for charitable contributions to aid victims of the devastating earthquake in Haiti. President Obama signed the new bill, H.R.4462, into law on January 2, 2010.

Dealership Services Advisory - IRS Gives Final Chance to Comply with Deferred Compensation Rules
January 23, 2010

The IRS on January 5, 2010 issued a notice that gives auto dealerships and other businesses a final chance to comply with rules for nonqualified deferred compensation plans, and thus avoid tax penalties for themselves and recipients of that compensation.

Public Company Advisory - SEC Rule on Disclosure about Risk, Compensation and Corporate Governance
January 20, 2010

The Securities and Exchange Commission on December 16 issued a final rule that requires public companies to provide additional information about compensation, risk and corporate governance in their proxy statements and other financial reports.

Accounting Services Advisory - Florida Businesses Face Deadline to File Annual Report to State
January 20, 2010

To maintain “active status,” each Florida business must file an Annual Report with the Florida Department of State. Failure to file an Annual Report will result in the administrative dissolution or revocation of the business entity on the Department of State’s records. A late fee of $400 may be imposed if the annual report filing is not submitted on or before May 1.

Dealership Services Advisory - New Year is Perfect Time for Short-Term and Long-Term Planning
January 07, 2010

With the arrival of the New Year, it’s a great time for dealerships and other businesses to make new resolutions to ensure success. It’s a time to look at your business from a perspective of short-term, mid-range and long-term goals for 2010, and to analyze cash flow from an operating and from a compliance perspective based on loan covenants.

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