The Foreign Corrupt Practices Act: Ensure Compliance, or Pay the Price

Jan 1, 2008

If your company, or your clients, are not up to speed with the Foreign Corrupt Practices Act of 1977 (“FCPA”), big penalties could be in store, even when violations are the result of simple errors or oversight. Understanding the law, anal ...

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As the IRS Gives Form W-9 an Update, Banks Should Review Business Forms for Compliance

Jan 1, 2008

The Internal Revenue Service has recently updated Form W-9, Request for Taxpayer Identification Number and Certification, and banks are well-advised to examine the changes closely. The October 2007 revision alters some of the information required to ...

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FIN 48: The Latest News for Financial Institutions

Jan 1, 2008

On January 23, 2008, the Financial Accounting Standards Board (FASB) made several key decisions relating to the proposed FASB Staff Position (FSP) FIN 48-b, Effective Date of FASB Interpretation No. 48 for Nonpublic Enterprises. Because these decisio ...

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Winning Tax Strategies for Auto Dealers

Jan 1, 2008

Winning Tax Strategies for Auto DealersBy Daniel Flugrath, CPA (dflugrath@mbafcpa.com)published in Professional Auto News While the calendar may now read 2008, dealers looking for success in the new year should pay close attention to last year’ ...

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Does Your Dealership Use LIFO?

Dec 1, 2007

The LIFO (Last In, First Out) method of valuing inventories can result in significant tax savings, especially in times of price inflation. LIFO can be elected for new vehicles, used vehicles, and parts. The LIFO method is elected by attaching Form 97 ...

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Protecting Profits by Segregating Duties

Dec 1, 2007

Protecting Profits by Segregating Duties By Lamar Lewis-Sutton (llewissutton@mbafcpa.com) published in Professional Auto News While it may be difficult for many dealers to accept, fraud can present itself in many forms, and its damage to the bottom l ...

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Reconciliations: Don't Take this Essential Internal Control for Granted

Nov 1, 2007

Reconciliations: Don’t Take this Essential Internal Control for Granted By Marc S. Dickler, CPA (marc.dickler@mbafcpa.com) published in Professional Auto News For many businesses, it is all too common to find the task of monthly reconciliations ...

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FIN 48: Required Reading for Income Tax Compliance

Oct 1, 2007

Since the issuance of FAS 109, “Accounting for Income Taxes,” in 1992, there have been a variety of inconsistent practices with respect to the recognition of income tax items in financial statements. As a result, FASB Interpretation No. 4 ...

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Setting the Record Straight on Fair Value Measurement

Oct 1, 2007

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standard No. 157 (SFAS 157), Fair Value Measurements, which will be effective for financial statements issued for fiscal years beginning after ...

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Business Impact Analysis: Let it Drive Your DRP

Oct 1, 2007

Today, with the California wildfires and other natural disasters making headlines, and with overall business success resting on the success or failure of technology, it is almost unthinkable that a company would operate without having a disaster reco ...

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