Comments for The Keiter Stephens Accounting Blog

Comment on Carried Interest Taxation by HENRY

HENRY — Tue, 20 Jul 2010 22:33:02 +0000

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Comment on FASB issues Accounting Standards Update No. 2010-17 Milestone Method of Revenue Recognition by BERNARD

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Comment on 2009 Update on Foreign Bank Account Reporting by KEITH

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Comment on 2009 Update on Foreign Bank Account Reporting by ALFREDO

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Comment on Qualified Therapeutic Discovery Tax Credit by Robert Tobey

Robert Tobey — Wed, 16 Jun 2010 16:13:12 +0000

Things are not necessarily as good or as simple as they first appear

As I previously reported, on Friday, May 21, Treasury Secretary Geithner announced guidance for the IRC §48D, Qualified Therapeutic Discovery Project Tax Credit (QTDPTC). (IRS Notice 2010-45, 2010-23 IRB 1). The devil is in the details. After reading and analyzing this notice, taxpayers must contemplate whether it is advisable to apply for credits prospectively for 2010 only, or to apply for credits based on 2009 costs and prospective 2010 costs. This decision will be partly based on whether a taxpayer has already filed its 2009 return and the positions it has taken on this return regarding depreciation, increasing research and development expenses and claiming the credit for increasing research activities. Taxpayers should completely analyze the facts and circumstances of their 2009 and 2010 research development activities in order to determine if it is economically advisable to expend the effort to complete the qualified therapeutic discovery tax credit application.

Call me or email me (rtobey at kshgs dot com) if you would like to discuss how your company may qualify for the IRC §41D credit, need help with the analysis required to determine whether to submit an application, or would like to engage us to help draft your application.

Comment on Carried Interest Taxation by admin

admin — Fri, 28 May 2010 20:25:50 +0000

On May 25, Acting House Ways and Means Committee Chairman Sander Levin stated the he doesn’t expect any changes to the ‘extenders bill’ which would treat carried most interests as capital gains. Under this bill introduced last week income from carried interests would be taxed 50% as ordinary income and 50% as capital gains income through taxable years ending before December 31, 2012, after which this income would be tax 75% as ordinary income and 25% as capital gains income. Several senators are seeking an exception for venture capitalists.

As the ‘extenders bill’ works its way through Congress, we will keep you updated on the carried interests and other provisions

Comment on Qualified Therapeutic Discovery Tax Credit by Robert Tobey

Robert Tobey — Wed, 26 May 2010 14:38:45 +0000

On Friday, May 21, Treasury Secretary Geithner announced guidance for the IRC §48D Qualified Therapeutic Discovery Tax Credit (IRS Notice 2010-45, 2010-23 IRB 1).

The application period for this credit opens June 21, 2010 and ends July 21, 2010. Applicants will receive a determination letter no later than October 29, 2010. Reviews of applications are scheduled to be completed by September 30, 2010. Credits will be awarded pro-rata to successful candidates from a $1 billion pool.

Comment on Red Flags Rule by Fonda Lang

Fonda Lang — Mon, 02 Nov 2009 15:51:41 +0000

Good news: The rule at the request of Members of Congress, the Federal Trade Commission is delaying enforcement of the “Red Flags” Rule until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC.

Comment on IFRS Basics by IFRS and GAAP Convergence | The Keiter Stephens Accounting Blog

IFRS and GAAP Convergence | The Keiter Stephens Accounting Blog — Wed, 22 Jul 2009 16:32:36 +0000

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