This Wednesday, the SEC will finally let us know a date for US Companies to be allowed to start using IFRS as their reporting standards. It’s essentially going to be a roadmap that the SEC commissioners will consider, and then of course open it up to the public and watch the fireworks begin. (more…)
August 26, 2008
July 7, 2008
Think your offshore tax haven is protected? Think again…
The U.S. Senate is proposing two bills to get a stronghold on the abuse of offshore tax havens. For those of you not sure of what this is, an offshore account is a bank account located outside the country of residence of the account holder, and typically in a low tax jurisdiction that provides financial and legal advantages. For years, offshore accounts have been used for a variety of reasons. Some of which are for privacy, less legal restriction, low or no taxation, easy access for deposits, and protection against local political or financial instability. (more…)
July 3, 2008
Accountants Celebrate! No New Accounting Rules for 3 Years?!
That sounds like sweet music to my ears! Of course, the SEC has yet to suggest a date by which U.S. companies have to adopt IFRS rules, and the thought of such a massive switch is the current topic of discussion at some of the hard partying accounting functions in the country (think fraternity keg party with calculators and sheep). (more…)
July 1, 2008
May 28, 2008
Tech Companies – Not For Your Grandfathers Bank
One of the questions I see the most is “why are banks so reluctant to loan to a technology company?” Where there are several answers for this, but the main one is “they don’t like things they can’t get their hands on.” Banking today has come far from what it was 10-15 years ago. Mobile banking is starting to take shape, online accounts are at an all time high, and electronic transfers are becoming popular among all age groups. So why are they still afraid to loan to a tech company? (more…)
May 23, 2008
Taxaphobia - The Fear of Taxes
“The nation should have a tax system that looks like someone designed it on purpose.”
~William Simon
Why are people so afraid of the subject of tax? Everyone has to pay them, some how or another. It doesn’t help AT ALL to plead ignorance. I’ve been noticing an upward trend the last few years about people who just “assume” to be knowledgeable about taxes. If you dig deeper you’ll find that there were questions that were never asked. Or somebody did something at another company and thought the same situation applies. I could go on and on…
May 20, 2008
Time Wasted vs. Ethical Decision Making
It must be human nature, but people always look for shortcuts, especially when it comes to government standards and ethical boundaries. I do contribute this a great deal to performance. The sales person trying to get that last sale in before the deadline, money that is hidden for taxing or transfer purposes, contracts not following guidelines, or the manager trying to slide something past executives because he feels it will never come into play. The list goes on and on… We all want to perform well, but the hidden penalties are often not worth the time or effort. (more…)
