Weekly News Round Up: FASB Clarifies Guidance for Using Pushdown Accounting; and Corporate Tax is Smallest Source of U.S. Tax Revenue

Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase a series of news stories that span everything from government contracting to personal finance to state and local tax issues.

This week, we have compiled stories about how the Financial Accounting Standards Board published a new rule seeking to clarify pushdown accounting. In addition, a new study found that corporate taxes are a small source of U.S. tax revenues, and a story on how to keep your holiday spending down.

FASB Clarifies Guidance for Using Pushdown Accounting

The Financial Accounting Standards Board has published a new rule that seeks to clarify at what threshold an acquired business or nonprofit organization can apply the pushdown accounting method.

Corporate Tax Is Smallest Source of U.S. Tax Revenue, Study Finds

The smallest source of U.S. tax revenue in 2011 was the corporate income tax with federal, state and local governments collecting about 10 percent of total tax revenue, according to a study issued last week by the Tax Foundation.

CEO Pay Exceeds Taxes Paid by Big Firms

Seven of the 30 largest U.S. corporations paid their CEOs more in compensation than they paid the IRS in federal income tax last year, reflecting “deep flaws” in the corporate tax system, a new report says.

FAF Promotes Benefits of U.S. GAAP

The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, has launched a new Web page highlighting the benefits of U.S. GAAP.

CAQ and AICPA Warn Auditors about Independence Rules

The Center for Audit Quality and the American Institute of CPAs have jointly issued a new member alert reminding audit firms of the independence rules required by the Securities and Exchange Commission and the Public Company Accounting Oversight Board.

Personal Finance: Seven Ways to Cut Your Holiday Expenses

With the average U.S. household spending $600-$700 in 2014 for the holidays, putting that money together shouldn’t be a game of chance. Here are some tips to get it right.