Accounting Today articles from April 2009

Accounting Today archives from April 2009

Off to a running start; An early filing surge, DIY tax prep and a sagging economy highlight the first half of the 2009 tax season.(Tax Season)
April 6, 2009... Byline: Roger Russell An early-season surge in tax filing - attributed by most observers to the declining economy - has thus far characterized this year's filing season. At press time, the Internal Revenue Service had received roughly...

In Brief.(Crisis Center)
April 6, 2009... Schenck Forms Crisis Team Appleton, Wis. - Schenck Business Solutions has formed a Financial Crisis Response Team to guide and assist companies challenged by the current economy. The multi-disciplinary team is comprised of firm members...

Madoff investors: Tax victims, too?(Tax Practice)
April 6, 2009... Byline: David Lifson Many are surprised to learn that while it sometimes appears that the Internal Revenue Code reaches into every aspect of our lives, it lacks focus in addressing the complex tax consequences that face the unfortunate...

IN BRIEF.(Tax Practice)
April 6, 2009... More Taxpayers to File Online New York - Approximately 40 percent of online households plan to file their federal taxes via the Internet this year, up from under 34 percent four years ago, according to a report by researchers at the...

TAX STRATEGY: Maximizing small-biz incentives in the Recovery Act.(Tax Practice)
April 6, 2009... Byline: George G. Jones and Mark A. Luscombe The $787 billion American Recovery and Reinvestment Act of 2009 (P.L. 111-5, Feb. 17, 2009) provides almost $300 billion in tax relief. As a stimulus package, the bill makes available over $280...

COMMENTARY: Build a better financial statement.(Assurance)
April 6, 2009... Byline: Marc A. Siegel Are you able to get what you need from reviewing financial statements? Do you think there are ways to enhance the usefulness of the presentation of the information? If you have ever experienced frustration in...

THE SPIRIT OF ACCOUNTING: Rethinking the rush toward convergence.(Assurance)
April 6, 2009... Byline: Paul B.W. Miller and Paul R. Bahnson The transition to the Obama administration provides a unique opportunity for rethinking existing government policy, especially proposed changes left on the table by the previous administration....

SOFTWARE REVIEW: Basic Analysis Software: A toolkit for the financial planner.(Financial Planning)
April 6, 2009... Byline: Ted Needleman Given the current economic situation, conducting a financial planning practice isn't getting easier. With the financial uncertainty of the past several years, investors have become uncomfortable with the "business as...

IN BRIEF.(Financial Planning)
April 6, 2009... PCAOB Starts Registering Broker/Dealer Auditors The Public Company Accounting Oversight Board has issued guidance on the recent requirement for registration of auditors of privately held broker/dealers. Until recently, by order of the...

XBRL and document management: The perfect storm.(Technology)
April 6, 2009... Byline: Diane Mueller How can companies turn the Securities and Exchange Commission's XBRL mandate into an opportunity? By implementing an XBRL-enhanced document management strategy as part of their internal corporate filing workflow,...

Employees fuel green initiatives.(News)
April 6, 2009... Byline: Liz Gold 'Going green" has evolved beyond a trendy catchphrase - it has paid financial dividends and has often helped bridge the generational gap at CPA firms. As more firms start to incorporate environmentally friendly...

IN BRIEF.(Technology)
April 6, 2009... Dynamics AX Goes Green Microsoft has added the Environmental Sustainability Dashboard to Microsoft Dynamics AX to help midsized businesses capture data that will allow them to measure indicators related to energy consumption and greenhouse...

BOOMER'S BLUPRINT: Who's in charge of technology?(Technology)
April 6, 2009... Byline: L. Gary Boomer This sounds like an easy question, but it may be one of the most important decisions your firm makes as you move forward in rapidly changing times. In some firms, the name of the person will be obvious, while in...

Sales success in a recession.(Practice Resources)
April 6, 2009... Byline: Ron Holm and Roy Chitwood The tight economy means more accounting professionals pursuing fewer quality engagements. Consolidators, larger practices, telemarketers, rainmakers and others establish new footholds during tough times....

Tomorrow's Look Today.(Accounting Tomorrow)
April 6, 2009... Byline: Liz Gold What's the hottest issue in the accounting profession right now? No, it's not IFRS, or fair value accounting or even the latest President Obama-driven tax legislation. It's - get ready for it - social networking...

New Products.(Practice Resources)
April 6, 2009... Software Still Going! The economy may have ground to a halt, but it's nice to see that some companies are still forging ahead. Software-as-a-Service vendor Intacct, for instance, continues to improve and expand its offerings. Its...

PEOPLE.(Practice Resources)
April 6, 2009... Arkansas Brian Hall, Joshua Parker and Kartika Hopper have been promoted to in-charge accountant, and Amber Brady, Andrea Parker, Christopher Cluck and Larissa Miller to senior accountant, at Beall Barclay, Fort Smith. California ...

FIRMS.(Practice Resources)
April 6, 2009... Georgia Frazier & Deeter LLC, Atlanta, will open a second office in the Alpharetta/North Fulton area in May. The office will be led by partner Roger W. Lusby III. Greece Protypi Economici, Athens, has joined Enterprise Network...

Coming Events.(Practice Resources)
April 6, 2009... April 6: Savvy Networking, Association for Accounting Marketing. Webcast. Contact: www.accountingmarketing.org. 6-7: IT Audit, Governance and Security Conference, Canadian Institute of Chartered Accountants. Toronto. Contact:...

Paperless - and green.(News)
April 6, 2009... Steven Ladd, chief executive of Copanion Inc., a tax automation company in Andover, Mass., offered up the following statistics: * The IRS reported that 66 million individual tax returns were filed on paper in 2007 - 400,000 trees' worth of...

CLARIFICATION.(News)(Correction notice)
April 6, 2009... "Small business to face closer audit scrutiny" (March 16-April 5, 2009, page 5) suggested that small businesses might be targeted by the nation's accounting standard-setters. Naturally, we meant those accounting organizations that set standards...

IRS nixes private collection.(News)
April 6, 2009... Washington, D.C.-The Internal Revenue Service has decided not to renew its contracts with two private debt collection agencies. The IRS said that the decision came after an extensive review of the controversial program. A provision to end...

Lawmakers petition IRS for greater leniency.(News)
April 6, 2009... Byline: Ken Rankin Washington, D.C.-With millions of Americans needing help to survive the recession, job losses and home foreclosure, Congress is urging the Internal Revenue Service to cut some slack for taxpayers who are "struggling to...

Editor's Desk: Hey, big spender!(Opinion)
April 6, 2009... Byline: Bill Carlino, Editor-in-Chief In a classic episode of I Love Lucy, a fast-talking door-to- door salesman convinces Lucy she can't do without one of his "Handy Dandy" kitchen helpers, which in no time he quickly upsells to a Handy...

COMMENTARY: Get independent: Escrow the fees!(Opinion)
April 6, 2009... Byline: Steve Erickson Given the significant number of audit failures in recent years and now the meltdown of the financial industry in the United States, the issue of auditor independence, audit fees and audit quality needs to be...

Protecting businesses from fraud.(Crisis Center)
April 6, 2009... Byline: Ilan Haimoff As the economy continues its downturn and the financial pressure on business increases, the risk of fraud becomes higher than ever. To help your clients protect their businesses, suggest that they evaluate the...

In need of review? Madoff Ponzi revives push for peer review.(Peer Review)
April 20, 2009... Byline: Richard Stolz Can anything good come out of a $65 billion Ponzi scheme? Dave Moynihan, CPA, the incoming president of the New York Society of CPAs, has a candidate: The Bernie Madoff debacle helped to push his state's...

IN BRIEF.(Crisis Center)
April 20, 2009... Trim Benefits, Don't Cut Troy, N.Y. - Corporate Benefits Solutions, a full-service firm in New York and Florida, offered the following strategies for saving on employee benefits without making across-the-board cuts: * Offer voluntary...

IRS issues guidance for Ponzi victims.(Tax Practice)
April 20, 2009... Byline: Roger Russell Washington, D.C.-In the wake of several high-profile Ponzi schemes - most notably, the $65 billion fraud perpetrated by the now-jailed Bernard Madoff - the Internal Revenue Service has issued new guidance for victims...

IN BRIEF.(Tax Practice)
April 20, 2009... IRS Reforms Contracting Washington, D.C. - In the wake of the Internal Revenue Service's decision not to renew contracts with two private debt collection agencies, a new report from the Treasury Department's Inspector General for Tax...

TAX STRATEGY: Ponzi scheme guidance: More details.(Tax Practice)
April 20, 2009... Byline: George G. Jones and Mark A. Luscombe The Bernard Madoff situation is just the most notorious of dozens of Ponzi schemes that have surfaced since the current recession made it more difficult for the operators of those schemes to keep...

Economy causes internal audit upheaval.(Assurance)
April 20, 2009... Byline: Glenn Cheney Among the many changes born of the financial crisis that's sweeping the globe are changes in internal auditing departments. Just as duties have expanded and responsibilities increased, tighter budgets are squeezing...

IN BRIEF.(Assurance)
April 20, 2009... FASB cautious on IFRS map Norwalk, Conn. - The Financial Accounting Standards Board and its parent organization, the Financial Accounting Foundation, have sent a comment letter to the Securities and Exchange Commission giving a thumbs-up...

THE SPIRIT OF ACCOUNTING: Premises, premises: Out with the old, in with the new.(Assurance)
April 20, 2009... Byline: Paul B.W. Miller and Paul R. Bahnson About a year ago, we began hearing a clamor that accountants exacerbated the financial debacle by reporting market values in financial statements. In turn, accountants ducked the blame by arguing...

Shooting for the stars; The IRS takes aim at the income of foreign athletes and entertainers.(Financial Planning)
April 20, 2009... Byline: Lucy S. Lee, Esq. The Internal Revenue Service now has a new interest in sports and entertainment - and not just as a spectator. At the start of October, Helio Castroneves, a two-time Indianapolis 500 winner and Dancing With...

IN BRIEF.(Financial Planning)
April 20, 2009... New PFP Web Resource Financial educator The American College has unveiled a proprietary online video portal, TheWealthChannel.com, that features breaking news, public policy and financial events, and free streaming video, as well as...

SOFTWARE REVIEW: Recession relief: Using online payroll can save you money.(Technology)
April 20, 2009... Byline: Wayne Schulz The economic meltdown has many companies evaluating methods for preparing payroll. Some are looking anew at whether to bring the administrative nightmare of payroll processing in house, where they can avoid the...

Is there a doctorate in the house? Profession, academia join in effort to boost ranks of Ph.Ds.(News)
April 20, 2009... Byline: Liz Gold Each year, approximately 140 students graduate with a Ph.D in accounting - not nearly enough to sustain the demand estimated at 500, according to research by David Leslie, chancellor professor of education at the College...

IN BRIEF.(Technology)
April 20, 2009... CCH Integrates Sales Tax Software with Dynamics CCH has closely integrated its hosted CorpSystem Sales Tax Office software with Microsoft Dynamics GP, providing monthly updates of U.S. sales tax rates and data from CCH, along with the...

BOOMER'S BLUEPRINT: Great teams equal big wins.(Technology)
April 20, 2009... Byline: L. Gary Boomer Accelerating your firm's progress with technology is more imperative than ever. With new business models emerging in light of the fluctuating markets, firms must be prepared to compete under a variety of scenarios....

Implementing accountability.(Practice Resources)
April 20, 2009... Byline: August Aquila In my last article (March 16-April 5, 2009, page 19), I discussed the concept of accountability. In this article, I want to explain how to implement a culture of accountability and the barriers that can stop you from...

Tomorrow's Look Today.(Accounting Today)
April 20, 2009... Accounting Tomorrow needs you. Our new site, www.accountingtomorrow.com, which focuses on intergenerational dynamics in accounting firms, is seeking perspectives on workplace issues such as mentoring, diversity, green initiatives, practice...

News Products.(Practice Resources)
April 20, 2009... SOFTWARE & SERVICES Many Monies We here at New Products recently took a trip abroad, and were shocked - shocked! - to discover not only that some other countries think their money is worth more than ours, but that they re-appraise...

PEOPLE.(Practice Resources)
April 20, 2009... California Leinani Nakamura has been appointed managing partner of Mohler, Nixon & Williams, Campbell.... Norman Shikuzawa and Van Jagtiani have joined Greenstein Rogoff Olsen & Co., Fremont, as director of audit and manager of audit,...

FIRMS.(Practice Resources)
April 20, 2009... California Crowe Horwath LLP has expanded its bankruptcy and insolvency services practices through a deal with Grobstein, Horwath & Co. LLP, Los Angeles, that added more than 120 people in two new offices in Southern California, including...

Coming Events.(Practice Resources)
April 20, 2009... APRIL 20-21: Introduction to Taxation of Financial Products, Atlas Information Group. Chicago. Contact: www.atlas-sfi.com. 20-21: Conducting Internal Investigations, Association of Certified Fraud Examiners. Atlanta. Contact:...

UPDATE.(News)
April 20, 2009... The annual Top 100 Firms report that accompanied our March 16-April 5, 2009, issue contained Accounting Today estimates of the fee split for No. 1-ranked Deloitte & Touche; the firm has since reported actual figures. Its 2008 fee split was A&A...

J.H. Cohn rolls out new campaign.(News)
April 20, 2009... New York-Northeast super-regional CPA and business advisory firm J.H. Cohn has unveiled a new ad campaign with the tagline, "The Experience to Face the Unprecedented." The effort, which continues to use Major League Baseball manager Joe...

Economy, legislation threaten to impact S corps.(News)
April 20, 2009... Byline: Roger Russell The economic downturn, coupled with proposals to make the Research and Development Credit permanent, the potential repeal of LIFO, and higher individual tax rates under the Obama administration, could significantly...

IN BRIEF.(News)
April 20, 2009... IRS Employees Abuse Phone Cards Washington, D.C. - Employees at the Internal Revenue Service are running up millions of dollars in charges on agency-issued telephone calling cards with little control over their spending. A new report by...

EDITOR'S NOTE: Let's skip this movie.(Opinion)
April 20, 2009... Byline: Bill Carlino, Editor-in-Chief Among the most terrifying movies I've ever seen was Last House on the Left, a 1972 movie that was loosely based on a series of murderous events in the late 1950s. Now Hollywood has seen fit to remake...

COMMENTARY: The next big thing: 'Substantial doubt'.(Opinion)
April 20, 2009... Byline: John Coughlan Over the next couple of years, "substantial doubt" and "going concern" will be the biggest issues in litigation involving CPA firms. If the patient approaches death, the doctor should not issue assurances of survival....

They need help! Small businesses need you to tell them how to survive the economic crisis.(Crisis Center)
April 20, 2009... Byline: Michael Alter It's safe to say there hasn't been a time in recent history when small-business owners needed guidance from their accountants as much as they do now. It's becoming clear that for all their knowledge and energy, most...