|
| Assistant Managing Editor’s Note |
|
  One hundred days after the worst oil spill in U.S. history began wreaking havoc in the Gulf of Mexico, BP PLC appears to be making strides in containing the leak. Negative public opinion, however, continues to flow like so much of the thick, greasy crude – and BP does little to halt this particular gusher. The company is doing just the opposite, actually.
BP officials said this week that the company plans to claim a $9.9 billion tax credit from the U.S. government for costs incurred during its response to the Deepwater Horizon disaster. When asked about the tax credit, outgoing BP CEO and lightning rod Tony Hayward said, "We have followed the IRS regulations as they're currently written."
White House Press Secretary Robert Gibbs told reporters, "I don't think anybody would prefer that [BP] do that." He also stopped short of saying whether President Barack Obama would discuss the taxation issue with BP.
The oil company seems to be well within the tax code. Then again, bunting to break up a no-hitter in the ninth inning is frowned upon, even if there is nothing in baseball's rulebook that says a team can't do it. Is BP needlessly pouring more gasoline onto an already incendiary situation, or is this just business? Tell us what you think.
Sincerely,
Bill Grabarek
Assistant Managing Editor
bgrabarek@accountingweb.com
|
|
|
| Top News |
|
| 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. |
|
| AICPA 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. |
|
| Blue Ribbon Panel leans toward separate GAAP for private companies |
|
| At its most recent meeting, held in Chicago on July 19, the Financial Accounting Foundation's Blue Ribbon Panel Chairman Rich Anderson asked the panel to define the problem that private companies faced with U.S. GAAP and the standard-setting system and to narrow the field for proposed alternative models. |
|
| New financial reform legislation might be jobs bill for attorneys |
|
| Is there any industry that seems happy with the new financial reform bill? Definitely. Some attorneys are making it very clear they welcome the flood of new business that the recently signed Restoring American Financial Stability Act (RAFS) will bring…and already has brought. |
|
|
| Join the Sage Accountants Network for Free … a $3,100 Value |
 |
|
| Register for your Free one-year Peachtree Sage Accountants' Network membership, which includes a Free 5-user version of Sage Peachtree Quantum – Accountants Edition, Sage Peachtree Simply Payroll service, unlimited access to the Sage Peachtree – Essentials Anytime learning courses on Sage University, and more. There is no obligation to renew and no credit card required to join. Register Now. |
|
|
| Featured Articles |
|
| Simple Web site tools to eliminate redundant phone calls |
|
 You have your Web site online, and the site includes a description of your services, staff biographies, and the name of the firm and your contact information. But you can take this site up a notch by including content that actually results in saving you valuable time. |
|
| Motivating yourself to get employees motivated |
|
| We all want our employees to be motivated. Of course, we do. We know motivated employees work harder. But what are they motivated to do? That’s a much more important question. |
|
| Consulting work enables CFOs to stay active |
|
| They might be ready to hand over the keys to the company car, but chief financial officers aren’t ready to hit the golf course full time. For this segment of the workforce, a career in consulting holds some appeal. |
|
| Inexpensive social media marketing in a slow economy |
|
| With money tight in a sluggish economy, firms must fine-tune their Web sites using search engine optimization (SEO) principles to take full marketing advantage of a business world where free social media is becoming increasingly popular. |
|
|
| Kaplan Weekly Quiz |
|
 Are you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz. |
|
|
After years of playing secret service agent James Bond in the movies, Sean Connery might be on the wrong side of the law. The latest worry for 79-year-old Connery and his wife is a tax fraud investigation involving the sale of their land in Spain. 
Drake Software offers an award-winning package including tax software, practice management, conversion, client write-up, business development, research, and more! Free Evaluation Software - fully functional program download or call 800-890-9500 and mention AccountingWEB.
See Drake Software in action! Watch our Drake Software Webinar now.
