Accounting Today articles from June 2008

Accounting Today archives from June 2008

Minor Annoyances: Smooth sailing in 2008, despite a variety of small problems and hiccups.
June 2, 2008... While late-year legislative changes again delayed filing for some taxpayers, the season proceeded relatively smoothly, according to veteran practitioners. It was one of the smoothest ones Ive had, and my colleagues say the same. In part...

Amper merges with Goldenberg.(Amper Politziner & Mattia merges with Goldenberg Rosenthal)
June 2, 2008... Edison, N.J. -- In one of the larger unions between CPA firms in recent years, Amper Politziner & Mattia has merged with Goldenberg Rosenthal, creating a formidable presence in the Northeast with a combined entity that includes 84 partners, 600...

Finally! After years of discussion, new valuation standard in play.
June 2, 2008... For those CPAs performing business valuations, January brought a new standard into their sphere, a long-awaited pronouncement that has garnered both praise and some mixed reviews. Despite the critique, most business valuation appraisers...

AICPA publicizes new peer review standards.(Brief article)
June 2, 2008... New York -- The American Institute of CPAs has begun publicizing the revised set of peer review standards that it quietly issued earlier this year. The new standards are designed to be more principles-based and less of a checklist-based...

Study: SOX compliance costs declining.(Sarbanes-Oxley Act of 2002)
June 2, 2008... Florham Park, N.J. -- In a good news/bad news scenario for many publicly traded companies, a recent poll of financial executives showed that while the costs of audit fees rose in year-over-year comparisons, there was a marked decline in...

In Brief.
June 2, 2008... IRS WORKING ON TAX GAP Washington, D.C. The Internal Revenue Service is making progress on devising a strategy to narrow the tax gap, but significant challenges remain, according to a new report by the Treasury Departments inspector...

Editor's Desk: Taxes made simple?(Editorial)
June 2, 2008... In 1976 I cast my first vote in a presidential election choosing incumbent Gerald Ford over the peanut farmer from Plains, Ga. Back then, I knew or cared little about taxes and tax policies, as the meager income I accrued during my college...

Commentary: Willy Loman and the M&A mania of private equity.
June 2, 2008... Im talking about your father! There were promises made across this desk! You mustnt tell me youve got people to see I put 34 years into this firm, Howard, and now I cant pay my insurance! You cant eat the orange and throw the peel away a man...

IMA names Thomson acting chief.(Institute of Management Accountants' chief Jeffrey C. Thomson)
June 2, 2008... Montvale, N.J. -- When the Institute of Management Accountants received the resignation of president and chief executive officer Paul Sharman last month, it didnt take long to find a replacement. Within hours, the institutes board of...

The 'state' of nexus.(state taxation on business enterprises)
June 2, 2008... Despite the constitutional, judicial and legislative pronouncements affecting nexus, states vary widely on what level of activity renders a business liable to pay state tax. There are plenty of gray areas, and on some issues a state will...

In Brief.
June 2, 2008... IRS ENFORCEMENT PAID OFF LAST YEAR Washington, D.C. The Internal Revenue Service stepped up its compliance activities last year and saw its revenues jump, according to a new report. The percentage of tax returns examined by the IRS...

Tax Strategy: Tax provisions survive farm bill negotiations.
June 2, 2008... The huge farm bill working its way through the final stages of the House/Senate Conference Committee appears to have preserved at least a few tax provisions. In March, the conference committee had stripped out the tax provisions that had...

IRS allows tax-free rebate withdrawals from IRAs.(Internal Revenue Service on individual retirement accounts)(Brief article)
June 2, 2008... Washington, D.C. -- The Internal Revenue Service said that economic stimulus payments directly deposited to individual retirement accounts and other tax-favored accounts may be withdrawn tax- and penalty-free. The relief is designed to help...

GASB adds to 2008 agenda.(Governmental Accounting Standards Board)
June 2, 2008... Norwalk, Conn. -- With governmental accounting changing fast in a fast-changing financial environment, the Governmental Accounting Standards Board has added projects to its agenda to deal with the increasing variety of public/private...

In Brief.
June 2, 2008... KPMG SETS UP IFRS INSTITUTE New York KPMG has established the IFRS Institute to address the needs of companies, investors and academics affected by the transition to International Financial Reporting Standards. The goal is to help...

The spirit of accounting: Don't blame mark to market for the subprime bubble.(Reprint)
June 2, 2008... The May 2008 issue of The Journal of Accountancy ran opinion pieces on the role of accounting in the subprime crisis and subsequent bursting of the credit market bubble. Paul Miller was invited to comment on a controversial claim that...

FASB may tighten rules on subprime selloffs.(Financial Accounting Standards Board)(Brief article)
June 2, 2008... Norwalk, Conn. -- The Financial Accounting Standards Board may change some accounting rules to make it more difficult for banks to get subprime loans off their books. At an accounting conference held last month in New York, FASB Chairman...

Software Review: Stability is byword for 2008 retirement planning applications.
June 2, 2008... There are some classes of software that simply dont change much from year to year, and retirement planning software is one of them. In any given year, you may see tax tables updated or compatibility with new operating systems and hardware...

In Brief.
June 2, 2008... PLANNING NICHE GROWS FOR CPAS Financial planning has helped fuel an increase in revenues at CPA firms, according to a new study by the American Institute of CPAs and CPA firm Moss Adams. The survey found an average financial planning...

Software Review: Trial balance software remains a 'Swiss Army knife': For audits, tax prep and more, TB software is still plenty useful.
June 2, 2008... Before write-up became a popular application, trial balance software ruled the market. The popular ATB (Accountants Trial Balance) is probably one of the best-known accountant-oriented applications ever created, even years after it ceased...

In Brief.(Brief article)
June 2, 2008... CABINET NG UPGRADES QB SYSTEM Cabinet NG has unveiled the latest version of CNG-Books 6.0, its document management system designed for Intuits QuickBooks. Incorporating .Net technology and Microsoft SQL database features, CNG-Books 6.0...

In Brief.
June 2, 2008... ENTERPRISE SUITE LAUNCHES The Tax & Accounting business of Thomson Reuters has introduced an Enterprise Suite containing a set of software for large tax and accounting firms. The Enterprise Suite combines tax prep, engagement, practice...

Boomer's Blueprint: The technology planning life cycle.
June 2, 2008... Many firms have great intentions coming out of the busy season, but put off technology decisions until later in the year. This causes frustration and reduces time for implementation and training. Go ahead and take some vacation, but also...

How deep is your bench (really)?(Certified Public Accountants firms)
June 2, 2008... Yes, we have a human capital dilemma. Yes, the next biggest concern for CPA firms is succession planning. As you consider these issues, which of the following statements most closely matches your beliefs about your firms succession? * My...

New Products.
June 2, 2008... SOFTWARE & SERVICES THE CONTROL CHAIN So companies institute internal controls to make sure they function properly, and then internal auditors check the controls to make sure they function properly, and then external auditors check...

People.
June 2, 2008... CALIFORNIA Arlene Tom has been promoted to principal in the business advisory services practice of Grant Thornton LLP, San Francisco.... Tammy DeGrande, Troy Dahlberg and Doug Farrow have joined the Los Angeles office of KPMG LLP as...

Coming Events.(Calendar)
June 2, 2008... JUNE 2-3: Conducting Internal Investigations, Association of Certified Fraud Examiners. The Conference Center at the Maritime Institute, Baltimore. Contact: www.acfe.com. 2-3: Texas School District Accounting & Auditing Conference,...

Firms.
June 2, 2008... ARIZONA For the second time, Henry and Horne LLP, Scottsdale, has won an Alfred P. Sloan Award for Business Excellence in Workplace Flexibility from the When Work Works Initiative of the Alfred P. Sloan Foundation, the Families and Work...

Advertiser Index.
June 2, 2008... Advertiser Page 1st Global 19 AccountantsWorld 39 ADP Small Business Services 21 The Advisory Board 29 ATX/TaxWise, a Wolters Kluwer business 4 CCH, a Wolters Kluwer business 40 Christian Stanley 23 ...

Council approves forensic credential.(American Institute of Certified Public Acoountants)
June 16, 2008... Amelia Island, Fla. -- After floating the proposal roughly one year ago, the American Institute of CPAs has approved the creation of the Certified in Financial Forensics credential, a new designation that will include expertise in a range of...

Retention Strategies: Please don't go!: Retaining younger workers is crucial.
June 16, 2008... Its a good news/bad news/good news story. Demand for the services that CPA firms provide is widely expected to remain strong into the foreseeable future. The bad news is that an impending tide of Baby Boomer retirements will tax...

Extenders bill seeks to even preparer standards.(Energy and Tax Extenders Act)
June 16, 2008... A provision in a bill that recently made its way through the House would correct the imbalance between tax payers and preparers that was created by legislation last year. Changes to the Tax Code by the Small Business and Work Opportunity...

Vitale Caturano co-founder resigns.(Richard Vitale)(Brief article)
June 16, 2008... Boston -- Richard Vitale, co-founder of CPA firm Vitale Caturano, resigned after allegations arose that he assisted ticket brokers in getting favorable legislation passed in Massachusetts without first registering as a lobbyist. Vitale...

CRM: A to Z: Thinking of implementing a CRM system? Here's how one firm did it.(customer relationship management system)
June 16, 2008... A billing system is not the best or most efficient strategy for managing contacts. Greg Kosinski and Jennifer Loftin of Atlanta-based Bennett Thrasher PC know this because thats the way they used to coordinate their firms contacts and key...

In Brief.
June 16, 2008... SEC VOTES FOR MANDATORY XBRL FILING Washington, D.C. The Securities and Exchange Commission voted at an open meeting to propose that companies begin filing financial statements in an interactive tagged format as early as next year. The...

Editor's Desk: Windfall or free fall?(Editorial)
June 16, 2008... With summer on the proverbial doorstep, theres always a certain nostalgia that accompanies the onset of warmer climes. For me, its for a childhood spent in a red 1962 Bel Air station wagon as it ambled to various vacation spots in the...

Commentary: State of the profession.
June 16, 2008... Article II, Section 3, of the United States Constitution, on the presidency, provides, He shall from time to time give to the Congress information of the state of the union. President George Washington delivered the first State of the Union...

Letter: Why not audit-only firms?
June 16, 2008... Thank you for the fact that Accounting Today continues to provide an independent voice for the CPA profession. Bill Carlinos editorials are important because, as my following comments on one of his recent editorials indicates, I believe...

The Hill tries to outline tax reform: House, Senate mull proposals, assail HSAs.(Health Savings Account)
June 16, 2008... Washington, D.C. -- With the 2008 presidential election looming, proposals that could turn the most sanguine tax accountants into habitual nailbiters came under serious discussion on both sides of Capitol Hill. In the Senate, congressional...

The credit crisis, risk management, hedge funds and U.S. tax implications.
June 16, 2008... One of the consequences of the credit crisis that began in the summer of 2007 was the deterioration in the U.S. housing market, rendering the valuations of securitized or structured mortgage-backed assets volatile. The contracting demand...

In Brief.
June 16, 2008... IRS PLANS TAX SHELTER CRACKDOWN Washington, D.C. u Internal Revenue Service Commissioner Douglas Shulman promised to continue enforcement efforts against tax shelters. oIn the first phase, the IRS aggressively rooted out abusive tax...

Tax Strategy: New 409A regs apply to inbound/outbound workers, too.
June 16, 2008... International work assignments both inbound and outbound, short-term and long-term have become more common as the world gets smaller and flatter. While on foreign soil, most employees feel that they deserve additional compensation and...

ASB hands off hierarchy, proposes new procedures.(Auditing Standards Board)
June 16, 2008... In a long-awaited shift in purview, the Auditing Standards Board has eliminated its standard on the hierarchy of generally accepted auditing standards just as the Financial Accounting Standards Board issued a new standard establishing the same...

In Brief.
June 16, 2008... SECS ATKINS TO STEP DOWN Washington, D.C. Securities and Exchange Commissioner Paul Atkins said that he plans to leave the SEC at the end of his term, the latest in a string of departures for the commission. Atkins has been in office...

The Spirit of Accounting: Mythbusters: Original cost is not a reliable estimate of initial value.
June 16, 2008... With all the recent brouhaha over the subprime controversy and claims that mark-to-market accounting contributed to or even caused problems for investors in collateralized debt obligations, lots of people have been commenting on the relative...

Reduce OPEB liability with VEBAs.(Other postemployment benefits and Voluntary Employees' Beneficiary Association)
June 16, 2008... In 1994, the Governmental Accounting Standards Board established standards for public employee pension plans. Government and public employers have to report and account for pension benefits costs. However, until recent years, there was no...

In Brief.
June 16, 2008... IPRO ONE ACQUIRES OWNERSHIP IN HBK SORCE FINANCIAL iPro One has reached an agreement to purchase an ownership interest in HbK Sorce Financial, an investment advisory and wealth management firm with more than $1 billion in assets under...

New chief, product launches highlight Sage confab.(Sage Software's Sue Swenson)(Conference news)
June 16, 2008... National Harbor, Md. -- Education, collaboration and innovation were the central themes swirling around Insights 2008 the sixth annual reseller conference of business management software provider Sage Software. More than 3,000 attendees,...

In Brief.
June 16, 2008... ORRTAX RENAMED INTELLITAX Orrtax Software Solutions has renamed itself IntelliTax to reinforce its current software line. The company said that the new identity would better reflect its future growth and direction, and echoes the companyEs...

Boomer's Blueprint: IT planning in mergers & acquisitions.(Boomer Technology Circles)
June 16, 2008... Its no secret that mergers and acquisitions are an active function of todays accounting profession. Unfortunately, the M&A process is often conducted in tight secrecy, with only a privileged few aware that an acquisition is being planned. As a...

The road to CRM implementation.(customer relationship management)
June 16, 2008... Fifty percent of successful customer relationship management initiatives are based on people buy-in, 30 percent are based on improved processes, and the remainder are rooted in technology, according to Barton Goldenberg, president of ISM Inc.,...

Survival techniques for small firms.
June 16, 2008... Lets face it: The next 15 years are going to be hard for small firms to compete and survive. The external environment and demographic facts speak clearly: * 8,000 Baby Boomers are retiring each day. * The average age of CPAs in public...

New Products.(accounting books and software)
June 16, 2008... Software SAAS AND PAAS Coda has launched Coda2go, an on-demand accounting system built from the ground up on SalesForce.coms Force.com platform-as-a-service. Because of its connection with SalesForce, the early release lets users go...

People.
June 16, 2008... CALIFORNIA Cheryl Cooper has joined Green Hasson & Janks LLP as a senior manager in the Sills & Gentille division.... Burton M. Goldfield has been named chief executive of TriNet, San Leandro. Founder, president and CEO Martin Babinec...

Firms.(Brief article)
June 16, 2008... CALIFORNIA Employees of Green Hasson & Janks LLP, Los Angeles, spent the firms recent Community Day planting flowers, providing childcare and serving meals at the Union Rescue Mission. FLORIDA Daszkal Bolton LLP has opened a...

Coming Events.(Calendar)
June 16, 2008... JUNE 16: Not-for-Profit Form 990 Half-Day Conference, Illinois CPA Society. Metropolitan Chicago Healthcare Council, Chicago. Contact: (800) 993-0393 or www.icpas.org. 16-18: Investigating Conflicts of Interest/Money Laundering:...

Firms.(Houston CPA Societys Northeast Satellite)(Brief article)
June 16, 2008... ACCOUNTANTS OF THE FUTURE The Houston CPA Societys Northeast Satellite recently presented three $500 scholarships to accounting students at Kingwood High School. According to the group, the scholarship fund for next year has already...

Advertiser Index.
June 16, 2008... Advertiser Page 1st Global 17 ADP Small Business Services 7 CCH, a Wolters Kluwer business 32 The Rainmaker Academy 13 Sage Software ...