July 2013 archive

SCOTUS Rulings on Same-Sex Marriages Create Tax Refund Opportunities

The decision in United States vs. Windsor (No. 12-301, June 26, 2013) by the U.S. Supreme Court (SCOTUS) to strike down Section 3 of the Defense of Marriage Act (DOMA) creates important tax issues and opportunities. These include potential refunds for same-sex married couples and their employers for years not closed by the statute of …

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Stay Safe: Firework Injuries in the US

In honor of July 4th festivities, we report statistics related firework-related injuries in the United States. Based on data released by the US Consumer Product Safety Commission (CPSC), around 8,700 people were injured in 2012 by fireworks. The chart below shows that total injuries, which are counted using ER visits, has hovered around an average …

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Best Things About America

For the fourth year in a row, Fortune has put out its list of 100 Great Things About America.  The list includes some of the values and innovations that have defined America over the years, peppered with some amusing distractions that represent the lighter side of American culture.  The top 10 are: Comebacks Wayfarer sunglasses …

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Permanent link to this article: http://betweenthenumbers.net/2013/07/best-things-about-america/

FASB Stepping in on Going Concern Assessments and Disclosure

The Financial Accounting Standards Board (“FASB”) recently issued a proposal to improve practices surrounding the responsibility for assessing and reporting whether an entity is a “going concern”.  Financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”)  have an inherent presumption that the entity is able to continue with its operations, realizing its assets and honoring its …

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Permanent link to this article: http://betweenthenumbers.net/2013/07/fasb-stepping-in-on-going-concern-assessments-and-disclosure/

Student Loan Interest Rates Double!

On July 1, 2013, the interest rate charged to college student borrowers doubled to 6.8% from 3.4%.  This increase relates to those students who are planning to obtain a Stafford loan, which is federally subsidized.  CNNMoney indicates that this will affect 7 million college students, as such loans are awarded to approximately one-third of undergraduate …

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