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| Tax Rules for March Madness Brackets | | by MICHAEL COHN | | | College hoops fans will be filling in their brackets this month for the March Madness betting, but many may not be aware of the tax rules surrounding gambling wins and losses. The Illinois CPA Society has some tips from the pros who know how to make the layups.
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| FASB Clarifies Standards for Prepaid Cards | | by MICHAEL COHN | | | The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an accounting standards update to address the extinguishment of liabilities and recognition of breakage for prepaid stored-value products, such as gift cards, telephone cards and traveler’s checks.
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| Removing the Pain of Sales Tax Compliance | | by MICHAEL COHN | | | Sales tax technology vendors have been expanding their efforts to help small and midsize businesses cope with the dizzying array of tax rates and rules across states, localities and countries.
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