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Hi, Friend. Here are your Articles for October 31, 2007.
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 Two members of the U.S. House of Representatives have introduced legislation to provide incentives for states to adopt higher building code standards. The goal is to help preserve property, promote public safety, and ensure safety of communities. Critics say this new legislation will greatly increase construction costs. Read on for more details on this initiative and what it will mean in Pennsylvania. |
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 The Chairman of the House Ways and Means Committee has proposed a stopgap measure to extend Alternative Minimum Tax Relief for 2007. But if Congress doesn't act quickly, it may be too late to impact the 2007 tax year. If lawmakers do nothing, an estimated 25 million taxpayers will be subject to AMT, taking an estimated average tax hit of an additional $2,000. Read on for more details. |
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 The Securities and Exchange Commission has proposed that U.S. companies should be given the choice between International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP). Reaction to this proposal has been mixed. The AICPA has come out in support of this move, while the PCAOB is split on the matter. This concept, released by the SEC, comes on the heels of a proposed rule that would allow foreign companies filing with the SEC to use IFRS without reconciling to U.S. GAAP. Read on for more details. |
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