On June 29, 2012, Congress passed the Moving Ahead for Progress in the 21st Century Act (MAP-21) by a vote of 373 to 52 in the House and 74 to 19 in the Senate. The legislation extends excise taxes funding the federal Highway Trust Fund through September, 2014, in the case of the motor fuel taxes and through September, 2016, in the case of the heavy vehicle use taxes.
When it comes to complying with complex accounting, financial, statutory and tax reporting requirements under both U.S. GAAP and IFRS, even innocent mistakes can be deadly. One U.S. based global provider of oil field technology and supplies found that out the hard way. The company was forced to restate its financials twice within six months, and each one resulted in a roughly $500 million adjustment in its financial statements, including penalties, fees and other costs.
Corporate tax, finance and accounting professionals need to keep a sharp eye on shifts in the maze of tax rules and regulations, which can be challenging. The authors of CCH Expert Treatise: Federal Taxation of Corporations and Shareholders, Andrew Eisenberg and Daniel Schneider, track federal taxation trends. They have narrowed the issues down to the top five to watch right now: