The bailout rescue bill is now one for the books, but is it
possible that Congress carefully thought through the
ramifications of everything they orchestrated in such record
time? Normally major legislation of this sort takes months of
committee creation, debate, and consideration of long-range consequences.
And what about those wooden arrows? Widely touted as a tax
break for manufacturers of small arrows for children's archery
sets, the rescue bill didn't provide a tax break as much as it
removed an arcane tax law that was causing arrow manufacturers
to fork over 43 cents in tax on every arrow shaft manufactured.
The change seems reasonable, but while trying to save the
nation from financial ruin, it's interesting that somebody had
time to think of a handful of arrow companies.
Gail Perry, CPA
Audit Committee Essentials
by Curtis C. Verschoor
In response to the Sarbanes-Oxley Act, increased oversight burdens have been placed on boards of directors. Even the
boards or trustees of many privately held and not-for-profit corporations have adopted a number of these practices as
a measure of best corporate practice. The need has never been greater for audit committees to assume primary responsibility
for some of the most important duties of the boards of directors and to report regularly to the full board. Providing
indispensable and authoritative guidance, Audit Committee Essentials covers the roles and responsibilities of the audit
committee and explains why risk management and internal control are so critical and how the audit committee can work to
make them even more effective.
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Questions & Advice
A company that proposes to install solar panels has computed
the amount of the credit based upon cost before any rebates
that are offered. In my experience, rebates reduce basis and
therefore, reduce the amount of the credit. Are you allowed to
treat the rebates as other income rather than reduce basis?
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Publicly available information
We are based in the UK and looking at trying to find the latest
financial information on a US based entity for credit checking
purposes. What are the sources that I should try? Is there a
public body that can provide this information? Thanks in
advance for your help.
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