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Obama unveils new tax proposals in 2011 budget
President Obama introduced several new tax increases and incentives in a 2011 budget proposal that includes over a trillion dollars in tax changes. Most of the tax proposals are unchanged from last year's budget proposal, but several important provisions were added involving international taxes, worker classification, job creation and energy incentives. Some of the biggest changes came in the $122 billion international reform package, where $88 billion was trimmed from last year’s $210 billion package. Most significantly, a proposal to reform the “check-the-box” rules is not included in this year’s budget, which also softens a provision meant to limit the benefits of deferring foreign income.
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Deferred tax- A Chief Financial Officer's guide to avoiding the pitfalls
This guide is intended for CFOs of businesses that prepare financial statements under IFRS. It illustrates the approach of IAS 12, Income Taxes, to the calculation of deferred tax balances but is not intended to explain every aspect of the standard in detail. Rather, it summarizes the approach to calculating the deferred tax provision in order to help CFOs prioritize and identify key issues. To assist CFOs with these application issues, the guide also includes interpretational guidance in certain problematic areas of the deferred tax calculation.
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Sweeter outlook for food and beverage manufacturers
In the first installment of this year’s Fast Facts on Food Processing survey, food and beverage manufacturers weigh in on their performance last year, anticipated challenges and opportunities, and their outlook for the year ahead. According to the survey, after the two years of doom and gloom since the recession began in December 2007, the glass is returning to half full for many companies. Nearly a third report operations and financial performance are back at pre-recession levels.
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The debt effect
The challenges that banks and other lending institutions continue to sort through have substantially impacted private equity deal-making. With very little leverage available, private equity deal-making came close to a standstill last year. In 2009, U.S. deal value hit its lowest level since 2001. However, a recovery is underway, and many banks have begun to lend again, albeit cautiously. In addition, an increasing number of distressed deals are expected to come down the pike. Grant Thornton’s latest white paper, The debt effect, analyzes data from the Association for Corporate Growth and other industry sources and provides insights for the year ahead. Learn more about what dealmakers can expect from lenders in 2010 and how they can thrive in this new environment.
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Prepare for a clampdown on executive compensation
Historically, executive compensation plans have been designed to attract, retain and motivate key management. Today, executive compensation has become synonymous with corporate excess and managerial recklessness. The Federal Reserve Board (FRB) has proposed new guidance that will likely cause all banks to review and rethink their incentive compensation. This article reviews the principals the FRB used to create its guidance as well as methods and considerations for designing compensation plans in light of the guidelines. The article also summarizes several relevant compensation bills and their key provisions.
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Troubled bank opportunities: What you need to know about FDIC-assisted transactions
The economic downturn and banking crisis have spurred a significant increase in the number of bank failures. Many of these troubled banks are being acquired by healthy banks through FDIC-facilitated acquisitions. For qualified banks, acquisitions of these failed banks present opportunities to grow aggressively. This white paper, Troubled bank opportunities:What you need to know about FDIC-assisted transactions, explores the accounting, tax, operational, legal, regulatory and other implications of these complex transactions.
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2010 Survey of Upstream U.S. Energy Companies
The Grant Thornton LLP Survey of Upstream U.S. Energy Companies 2010 provides a detailed look at the state of the industry, including trends, plans and policies. Now in its eighth year, the survey comprises responses from more than 100 senior executives of independent oil and gas exploration and service companies. Topics covered in the survey include: the year in review; prices and spending; executive retention; employment; and recent SEC guidelines on revenue recognition of proved undeveloped reserves.
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Tax: higher rates on the horizon
Governments around the world are in a tricky position; they need to raise revenue to pay off the debt used to support various key players in their economies, such as banks and motor manufacturers, but raising mainstream taxes can be a difficult ‘sell.’ This Grant Thornton International Business report on tax provides a comprehensive picture of the perceived burden of different taxes by privately held businesses. The volatility of tax systems and the misalignments of tax rules between states and regions emerge as key concerns. Too many businesses think about tax issues too late in the day and pay a high price as a consequence. The clear message to these businesses is that they must plan to cope with tax costs, both domestically and in foreign jurisdictions.
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A systemic failure in U.S. stock markets has led to the loss of listings and jobs.
Since 1991, the number of U.S. exchange-listed companies is down more than 22%, and when adjusted for real (inflation-adjusted) GDP growth, that percentage balloons to a startling 53%. Growth in a number of developing nations far outpaces that in the U.S. In fact, Asia’s listed-companies growth rate is even higher than its GDP growth rate. Grant Thornton LLP’s A wake-up call for America recommends solutions that address market structure issues and that, with thoughtful oversight, will advance the U.S. economy, create high-quality jobs, improve U.S. competitiveness, increase the tax base, and decrease the U.S. budget deficit — all without major expenditures by the U.S. government.