Below please find daily updates pertaining to the latest in financial, business, and tax news:
AccountingWEB.com - NewsAICPA asks Congress to repeal new 1099 reporting provision
The American Institute of Certified Public Accountants (AICPA) has asked members of Congress to repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.
KPMG Foundation awards $470,000 in scholarships
The KPMG Foundation this week announced it has awarded a total of $470,000 in scholarships to 47 minority accounting doctoral students for the 2010-2011 academic year.
BP seeks $9.9 billion tax credit for oil spill costs
On the same day it announced a $17 billion loss for the second quarter of 2010, BP this week said that it plans to claim a $9.9 billion taxation credit from the U.S. government for costs incurred during the oil spill cleanup operation in the Gulf of Mexico. Jason Bramwell reports.
Revenue worries don't stop states from offering tax holidays
Taxpayers in 16 states will get sales tax breaks on the purchase of various school-related purchases during certain dates in July and August, according to CCH, a Wolters Kluwer business and provider of tax, accounting, and audit information, software, and services.
Simple Web site tools to eliminate redundant phone calls
By Chad Brubaker
