Accounting Today articles from February 2009

Accounting Today archives from February 2009

INTERNATIONAL TAX: The new hunt for tax havens; Lawmakers talk tough on offshore tax evasion.
February 23, 2009... Byline: Roger Russell Congressional leaders are looking to clamp down on offshore tax havens after a Government Accountability Office report found that 83 of the 100 largest publicly traded U.S. corporations have subsidiaries in...

In Brief.(Walter C. King Associates is offering tax recovery and forensic accounting services)(American Institute of Certified Public Accountants)(survey of executives from the banking and securities in accounting fraud)
February 23, 2009... Accounting Firm Targets Madoff Investors Westport, Conn.-Walter C. King Associates is offering tax recovery and forensic accounting services to investors who fell victim to Bernard Madoff's Ponzi scheme. "The magnitude of the Madoff...

Olson calls for simplification aid to taxpayers.
February 23, 2009... Byline: Roger Russell National Taxpayer Advocate Nina E. Olson urged Congress to simplify the U.S. Tax Code and recommended measures to reduce the burden on taxpayers who are struggling to pay their bills. In the first of this year's...

In Brief.(Section 529 college savings plans)(temporary regulations on foreign-based company sales income)(403(b) plans )
February 23, 2009... IRS Revises 529 Plan Rules Washington, D.C. - The Internal Revenue Service has given Section 529 college savings plans the ability to change their investment strategies more frequently in response to the financial crisis. In 2001, the...

TAX STRATEGY: Maximizing cash flow by accelerating refunds or even (gasp!) preventing them.
February 23, 2009... Byline: George G. Jones and Mark A. Luscombe When every dollar counts a bit more dearly, a greater number of taxpayers are taking a closer look at ways to improve cash flow. Increasing (or at least accelerating) tax refunds for past years...

In Brief.
February 23, 2009... Guidance Issued on Tax Stats Washington, D.C. - The Internal Revenue Service has issued interim guidance on the ability of a tax return preparer to use statistical compilations of anonymous tax return information to support their business....

COMMENTARY: The post-IFRS world.(International Financial Reporting Standards)(Generally Accepted Accounting Principles)(Viewpoint essay)
February 23, 2009... Byline: Ian Mackintosh From my vantage point on the other side of the Atlantic, I was delighted to see the Securities and Exchange Commission publish its roadmap to adoption of International Financial Reporting Standards. I just hope the...

In Brief.
February 23, 2009... Broker/Dealer Auditors Must Register with PCAOB Washington, D.C. - The Public Company Accounting Oversight Board said that the financial statements of non-public broker/dealers now need to be certified by PCAOB-registered auditing firms....

THE SPIRIT OF ACCOUNTING: Convertible debt: Progress at a glacial rate.
February 23, 2009... Byline: Paul B.W. Miller and Paul R. Bahnson Page 330 of our 2002 book, Quality Financial Reporting, includes this comment: "No one should accuse accountants of being glacial; after all, glaciers move." Contrary to our jab, the...

Straight talk on Boomer retirement.
February 23, 2009... Byline: Herb White A growing number of Baby Boomers, America's largest generation, are considering retirement in the midst of what many are calling the worst economic environment since the Great Depression. This year alone, Americans have...

In Brief.(Financial Planning)(Brief article)
February 23, 2009... Millionaires' Worth Plunges 30% U.S. households worth $1 million or more have seen their assets decline 30 percent during the financial crisis, according to a new report. The Spectrem Group, a consultancy specializing in the affluent...

MUTUAL FUNDS: Don't count out mutual funds! They still offer important investment options.(investment strategies)
February 23, 2009... Byline: Liz Gold Talking with your clients about investment strategies may not be easy given the current economic climate, but preparation and ongoing assessment of an investor's portfolio are the keys to restoring confidence. Money...

SOFTWARE REVIEW: Shaky economy dictates need for business planning software.(business management software)
February 23, 2009... Byline: Dave McClure Economic recessions are no time to be plowing into software development unless the company either needs the cash flow from a new version to keep going, or the product is so outdated that an update is mandatory....

In Brief.(Technology)(Sage North America)(Figtree Software )
February 23, 2009... Sage Upgrades Customer Management Software Sage North America has released an upgraded version of its customer relationship management software for small and midsized businesses with new branding and e-mail campaign features. SageCRM...

BOOMER'S BLUEPRINT: The ROI on learning.(Return On Investment)
February 23, 2009... Byline: L. Gary Boomer Training budgets are tempting targets during tight times, but should firms really cut expenses in this area? According to Gartner Research, every hour of information technology training provides 5.75 hours of...

Managing risk in difficult times.
February 23, 2009... Byline: Ric Rosario An economic triple threat - the collapse of equity markets, declining top-line revenue, and stingy banks - makes it a risky time to be in business or investing, and equally risky to be a CPA. All businesses are...

Tomorrow's look today.(www.accountingtomorrow.com)
February 23, 2009... Byline: Liz Gold You're reading Accounting Today - but you could be reading Accounting Tomorrow. We've launched www.accountingtomorrow.com to keep tabs on intergenerational issues that are popping up in firms today. Targeted at...

New Products.(Practice Resources)
February 23, 2009... SOFTWARE Empty Books Some claim that accounting is "recession-proof," since people always need their books kept and their taxes filed. But the fact that it has to be done doesn't mean you'll get to do it. In the market for very small...

PEOPLE.(managing partner Martin D. Williams joins Machen, McChesney & Chastain LLP)(Bondi & Co announced a number of promotions)(Janet M. Nahorney promoted in Blum Shapiro)
February 23, 2009... Alabama Martin D. Williams has been named managing partner of Machen, McChesney & Chastain LLP, Auburn.... Jaime Elliot, a senior accountant at Barfield Murphy Shank & Smith, Birmingham, has received her CPA license, while shareholder...

FIRMS.(Green Hasson & Janks launched GH&J Creative Financial Staffing)(Berkowitz Dick Pollack & Brant has opened a new office)(Crowe Horwath LLP has been named the 2008 Accounting Due Diligence Firm )
February 23, 2009... Australia BlackLine Systems has established local operations in Sydney, with sales and customer service/support staffing to start, and training and implementation services to be added in the near future. California Green Hasson &...

Coming Events.(Brief article)(Calendar)
February 23, 2009... February 24: Co-ops, National Conference of CPA Practitioners, Nassau/Suffolk Chapter. Holiday Inn of Plainview, Plainview, N.Y. Contact: Chapter office (516) 997-9500. 24: Nonprofit/990s, NCCPAP, Westchester/Rockland Chapter....

Staying disciplined.
February 23, 2009... The consensus among financial experts is that mutual funds are showing many investment opportunities, despite the volatile market - and it isn't in just one category. According to Andrew Godfried, director of mutual fund research and...

Security, privacy issues claim top spots on AICPA's Top Tech poll.(American Institute of Certified Public Accountants)
February 23, 2009... Byline: Liz Gold The more things change, the more they stay the same. Such is the case for information security management, which has been voted - for the seventh consecutive year - the most important issue affecting IT strategy,...

Schapiro approved as SEC chair.(Securities and Exchange Commission)(Brief article)
February 23, 2009... As expected, the Senate approved Mary Schapiro by a unanimous vote as chair of the Securities and Exchange Commission. Schapiro, who has a reputation as a tough-minded regulator, noted during the confirmation process that she planned to ramp up...

Accounting PACS flash plenty of cash for favorite pols.
February 23, 2009... Byline: Ken Rankin As the 111th Congress grapples with tax legislation and other issues of concern to CPAs, more than a few House and Senate leaders are likely be feeling a deeper appreciation for the accounting profession. At least...

In Brief.(News)
February 23, 2009... KPMG's Flynn and Veihmeyer Step Up New York - KPMG has named John Veihmeyer as the new CEO of its U.S. member firm, KPMG LLP, as Timothy Flynn assumes the role of chairman of KPMG International's newly formed Global Executive Team. ...

EDITOR'S DESK: Of solar panels and tax cuts.(Editorial)
February 23, 2009... Byline: Bill Carlino, Editor-in-Chief On one blazing Arizona afternoon what now seems like a century ago, I found myself seated at a lunch counter next to an older man who told me that he peddled solar panels for a living. This was at...

COMMENTARY: Ponzis.(Securities Exchange Co)(Biography)
February 23, 2009... Byline: Eli Mason There have been many Ponzis in the past and there will be many Ponzis in the future, but it will take at least a century before we see another $50 billion Bernard Madoff Ponzi. Carlo "Charles" Ponzi was born in 1882...

Accounting in uncertain times.(fair value measurement accounting standard)
February 23, 2009... Byline: Nicole Mannarino In today's economic climate, companies and accounting firms that give opinions on their clients' financial statements are sure to face new and significant challenges. Determining fair value, new policies...