In this issue, we look at the opportunities and challenges of the international marketplace, including the prospects of a value added tax and an update on international accounting standards, along with articles on employee benefit plans, technology trends and business risk services.
Foreign Import: Is the U.S. Headed for a Value Added Tax?
Assuming that tax revenues and spending remain unchanged,
the Congressional Budget Office projects deficits of $600
billion or more per year between 2011 and 2020.
Still Waiting, Still Wondering — An Update on the Status
of International Accounting Standards
Just over a year ago, the future of accounting standards
in the United States seemed certain: Generally Accepted Accounting
Principles (GAAP) were on the way out, and International Financial
Reporting Standards (IFRS) were on track to be adopted, first
for public companies, and then some years down the road, for
Expanding Resources to Navigate the Complexity of International Business Opportunities
The complexities of U.S. tax law are multiplied when a U.S.-based
company begins exploring global business opportunities. Corporate
structure, supply chain, cross-border transactions, method
and timeline of revenue declaration, international accounting
issues and many other factors will impact the U.S. company’s
tax obligations here and abroad.
Partial Plan Terminations — What Every Employee Benefit
Plan Sponsor Should Know About the Potential Impact of Employee
A “partial plan termination” sounds like a serious matter.
In fact, it can be serious, with consequences including the
potential disqualification of an employee benefit plan by
the IRS. But such dire consequences can be avoided if an employee
benefit plan sponsor conducts a timely evaluation to determine
if a partial plan termination (PPT) has occurred.
The Evolving Role of Internal Audit in Risk Management
Risk is inherent in any business — without risk, there is
no reward. The last two years, however, have sharply intensified
the focus of organizations on their risk profile and how they
are managing their risks.
Technology Trends — Keeping Up with the Latest Could Pay
In our current economy, technology spending has been focused
primarily on maintenance rather than strategic growth. Even
after nearly two years, some businesses continue to take a
“wait and see” approach to technology plans and investments.
And yet technology marches on, becoming more and more integral
to business growth.
If you would like us to remove you from our mailing list,
please contact Julie Ropp at Julie.Ropp@cliftoncpa.com
or (309) 671-4560.
information contained herein is general in nature and is not
intended, and should not be construed, as legal, accounting,
or tax advice or opinion provided by Clifton Gunderson LLP
to the reader. The reader also is cautioned that this material
may not be applicable to, or suitable for, the reader’s specific
circumstances or needs, and may require consideration of non-tax
and other tax factors if any action is to be contemplated.
The reader should contact his or her Clifton Gunderson LLP
or other tax professional prior to taking any action based
upon this information. Clifton Gunderson LLP assumes no obligation
to inform the reader of any changes in tax laws or other factors
that could affect the information contained herein.
services offered through Clifton Gunderson Financial Advisors
L.L.C., a registered investment advisor. Fixed rate insurance
products offered through CG Risk Management L.L.C. Retirement
Plan Administration services offered through CGFS Holding
offered through CG Brokerage L.L.C., member FINRA/SIPC or
securities offered through ValMark Securities, Inc., member
130 Springside Drive, Suite 300, Akron, OH 44333-2431 (1-800-765-5201).
ValMark Securities, Inc., is a separate entity from all Clifton
Gunderson companies. CG Brokerage L.L.C., Office of Supervisory
Jurisdiction, 8215 Greenway Blvd., Suite 610, Middleton, WI
53562 (608) 662-9140.
Gunderson LLP is a member of HLB International, a world-wide
network of independent professional accounting firms and business
advisors, each of which is a separate and independent legal
entity and as such has no liability for acts and omissions
of any other member. HLB International Limited is an English
company limited by guarantee which co-ordinates the international
activities of the HLB International network, but provides
no professional services to clients. Accordingly, HLB International
Limited has no liability for acts and omissions of any member
of the HLB International network, and vice versa.