Corrections & Clarifications


  In the January 2011 issue, the “Filing Season Quick Guide—Tax Year 2010” misstated the first-time homebuyer credit for some married taxpayers. It should have said the credit is $4,000 for married taxpayers filing separately.

 

  The February 2011 article “Tax Practice Corner: Multistate Tax Considerations for S Corporations” listed Louisiana among states that “tax S corporations in the same manner as C corporations.” However, Louisiana allows an S corporation to exclude from taxable income the percentage of its net income on which its shareholders have paid Louisiana taxes.

 

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ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.