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July 29, 2010    
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Assistant Managing Editors Note
Bill Grabarek, Assistant Managing Editor 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.
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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
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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.
Be Prepared with UltraTax CS® Electronic Filing Resources Ultratax CS
A new IRS e-filing mandate is coming in 2011. Are you ready? UltraTax CS is rated #1 by the IRS for 1040 e-file accuracy—for three years running. Be prepared to e-file with these helpful resources. Get e-filing info.
Firm/State/People News
Is Bond, James Bond a cheat, tax cheat?
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.
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.
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.
Illinois CPA Society’s Midwest Accounting & Finance Showcase Aug. 24-25
This year marks the 30th anniversary of the Illinois CPA Society’s event for business and finance professionals, the Midwest Accounting & Finance Showcase. The showcase is being held August 24-25, in Rosemont, Illinois.
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Blogs!
What do you have to say today?
Niche Marketing Really Does Work!
In a book I read recently, written specifically for families in business, the author makes the point of sharing case studies of successful companies with his readers. One of the common characteristics of the most profitable businesses he studied was the development of niche strategies.
Data Analysis Tools on the Cheap
I often remind participants in my seminars that every accountant I’ve ever met shares a common favorite four letter word. That word is, of course, FREE.
Marketing Blunders: What Not to Call Your Web Site
When it comes to creating your company Web site, be careful which domain name you choose – bad choices can send out the wrong message about your firm.
Be the Gourmet Accountant, But Don't Cook the Books
Besides being the QuickBooks guru at Accountants CPA Hartford, LLC, Carole Romatisalso is the Gourmet Accountant at our firm.
Kaplan Weekly Quiz
KaplanAre 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.
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Illinois CPA Society - Midwest Accounting & Finance Showcase
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