- While the 3.8% Medicare surtax is generally deemed to be assessed on unearned or passive income, taxpayers in the trade or business of trading financial instruments or commodities will include related income as NII.
- The IRS provides transition relief for one-year delay in enforcing the employer health insurance mandate.
- The American Institute of Certified Public Accountants (AICPA) issued a financial reporting framework that will greatly simply the financial reporting process for private companies.
- The Supreme Court ruled that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional, so what are the tax implications for married same-sex couples.
- The Governmental Accounting Standards Board (GASB) created the financial reporting categories of deferred outflows of resources and deferred inflows of resources with GASB Concepts Statement No. 4. GASB Statement No. 63 introduced these categories into the financial reporting model with very limited use.
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