Norris McLaughlin & Marcus, P.A.

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Dec 16, 2015

The Fed Finally Moves – A 0.25% Interest Rate Hike

Fed Chair Janet Yellen announced this afternoon the much anticipated increase in its benchmark interest rate from zero to 0.25%. While many of the US economic sectors have improved, the Fed has been concerned about the low inflation rate. Notwithstanding that concern, the Fed unanimously agreed to the rate hike, noting in its policy statement that “the Committee judges that there has been considerable improvement in labor market conditions this year, and it is reasonably confident that inflation will rise over the medium term to its 2 percent objective.”

The increase in the Fed’s benchmark rate ends its quantitative easing program that has been going on for the better part of a decade.» Read More

Dec 09, 2015

FASB and International Accounting Standards Board Provide Breathing Room to CFOs

2016 will require CFOs to address changes in accounting standards both in the US and for companies engaged in international commerce. The rules regarding Revenue Recognition, Lease Accounting, Insurance Contracts and Corporate Tax are on tap for CFOs to address in 2016 and 2017.

With respect to Revenue Recognition, the Wall Street Journal reported on Tuesday, December 7 that “CFOs received some breathing room when the Financial Accounting Standards Board disclosed it would allow companies to wait until 2018—instead of 2017—to adopt rules governing how they account for deferred revenue from everything from cellphone contracts to car sales to software.» Read More

Oct 16, 2015

On October 6, 2015, the European Court of Justice Declared as “Invalid” the US-EU Safe Harbor Framework as it applies to the “Adequacy Standard”

In October, 1998, the European Commission put into effect its Directive on Data Protection, intended to prohibit the transfer of personal data to non-EU countries that do not meet the EU “adequacy standard” for the protection of personal data.  The EU’s approach from inception has been different than that of the US for the protection of personal information.  The EU approach is based upon comprehensive legislation and regulations that created independent governmental data protection agencies and the requirement that databases be registered with those agencies. » Read More

Sep 22, 2015

$20 a Barrel of Oil – Are You Serious?

The below post was authored by guest blogger John Gabrielski. 

The summer of 2014 concluded with oil prices hovering around $100 per barrel. Just one year later, oil prices have reached a six-year low; in August oil dropped to as low as $38 per barrel.  The drastic decrease in price can be attributed to the massive supply glut that producers are now facing. » Read More

May 29, 2015

Taxpayers take note of the June 30, 2015 deadline for the Fincen 114, Report of Foreign Bank and Financial Accounts (“FBAR”)

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).» Read More

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