Accounting Today articles from March 2007

Accounting Today archives from March 2007

Technology Issues: Information security still tops AICPA's list of technology issues.
March 19, 2007... NEW YORK -- When the American Institute of CPAs' top tech gurus sat down to coordinate its annual top technology initiatives survey for 2007, they decided to broaden its focus to identify technology issues - not just products - in an effort to...

Tax Credits: 1 in 5 miss out on EITC.(Earned Income Tax Credit)
March 19, 2007... WASHINGTON, D.C. -- At least one in five workers eligible for the Earned Income Tax Credit will leave that money on the table this tax season, and Congress is looking to accountants and other tax professionals to help address the problem. ...

Small biz relief added to minimum wage packages.
March 19, 2007... WASHINGTON, D.C. -- The decision by the Senate to attach small business tax relief to its minimum-wage bill ensured the inclusion by House lawmakers of a similar package in their minimum-wage measure. The catalyst for the bill was the...

Despite past RAL problems, Block refund card gains steam.(H&R Block Inc.)
March 19, 2007... KANSAS CITY, MO. -- In spite of legal woes over its refund anticipation loan program, tax preparation services giant H&R Block recently announced that it had passed the 1 million mark with its tax refund card - a figure that it said could reach...

Corrections.(Correction notice)
March 19, 2007... An item in People in the Jan. 29-Feb. 11, 2007, issue (page 26) about Frederick Kostecki's appointment to the PCPS Executive Committee of the American Institute of CPAs misidentified his firm; he is, in fact, a partner at RubinBrown LLP. Our...

In Brief.
March 19, 2007... SENATORS TARGET TAX HAVENS WASHINGTON - A trio of senators has proposed legislation targeting overseas tax havens. Such havens cost the U.S. upwards of $100 billion a year in lost tax revenues, according to Sen. Carl Levin, D-Mich. The...

Sage's Sheridan succumbs to cancer.(death of Susan Sheridan)(Obituary)
March 19, 2007... NOVATO, CALIF. -- Susan Sheridan-Austin, who began her distinguished career as one of the first 25 employees of Microsoft, and who later rose to the role of general manager at Sage Accpac, passed away in February after a two-and-a-half-year...

Phone tax abuse tops IRS's list of 'Dirty Dozen'.(Internal Revenue Service)
March 19, 2007... WASHINGTON, D.C. -- The Internal Revenue Service has rolled out its annual list of the 12 most blatant tax return scams. Topping the "Dirty Dozen" are fraudulent claims for the one-time Telephone Excise Tax refund. Also new to the list this...

Editor's desk: The height of fashion.(for certified public accountants)
March 19, 2007... What seems like a century ago, my father arrived home one night with a Nehru jacket. The Nehru was a single-breasted jacket from India that sported a band collar and was often accompanied by a string of beads. It straddled the line between hip...

Commentary: Lease accounting rules need to be changed.(Column)
March 19, 2007... In March, the working group assembled by the Financial Accounting Standards Board and the International Accounting Standards Board will meet in London for the first time to make a comprehensive review of lease accounting rules. Because...

Commentary: Mobility matters!(Survey)
March 19, 2007... As managing partner of a 60-person firm in Abilene, Texas, whose clients are generally located in West Texas, one might wonder why I feel strongly that CPA mobility is a critical issue for the profession. By CPA mobility, I mean the ability to...

Avoid these tax prep ambushes: Once the client sees the late-payment penalty amount, they 'forget' the phone call on April 15.
March 19, 2007... Backed by a 20-year resume in claims experience, Redwood City, Calif.-based Camico Mutual Insurance Co. has identified the areas and sources of frequent tax claims lodged against CPAs. With tax season in full swing, here are some of the...

Critics assail tax gap proposals: Measures seen as too small, too few to narrow $290 billion divide.
March 19, 2007... The measures to close the tax gap offered by President Bush in his 2008 budget are somewhat modest, according to observers. The president's $2.9 trillion budget contains a number of legislative proposals to close the gap in four areas: by...

In Brief.(Internal Revenue Service's tax penalty regulations)(PricewaterhouseCoopers L.L.P. (New York, New York) acquired RSM Advisory Services Private Ltd.)(Internal Revenue Service appointed Robert Buggs and Jim Falcone )
March 19, 2007... IRS HELPS CITIZENS ABROAD WASHINGTON - The Internal Revenue Service and the U.S. Treasury have released guidance on the estimated tax penalty for citizens or residents of the United States living and working abroad. The Tax Increase...

'What ifs' in the Treasury's new Blue Book.(administration vs Congress on tax proposals)
March 19, 2007... While an administration and Congress may differ on the tax proposals that they want to see passed, especially when each is controlled by a different political party, there often are some areas of agreement. In addition, certain provisions may...

Commentary: It's time to modernize the financial reporting paradigm.(Column)
March 19, 2007... In 2007, financial reporting is at a crossroads - with far-reaching implications for businesses, investors and the capital markets. Appropriately, the International Accounting Standards Board and the Financial Accounting Standards Board...

Change of auditors.(BearingPoint Inc., PricewaterhouseCoopers L.L.P.)
March 19, 2007... PWC EXITS AS BEARINGPOINT AUDITOR Big Four firm PricewaterhouseCoopers resigned as independent accountant to troubled global consulting firm BearingPoint Inc., declining to stand for re-election. In a filing, the McLean, Va.-based...

Authority, submission and professional responsibility.
March 19, 2007... Not long ago, one of us noted an inspirational quotation on the editorial page of the hometown paper. It captured our full attention because its insight applies to a major issue facing the financial reporting community and profession: "The...

IRS offers guidelines for family transfers.(Internal Revenue Service)
March 19, 2007... Individuals typically transfer assets to family partnerships hoping to achieve large estate tax discounts for the assets that would not otherwise be available if the assets were retained in outright ownership. The discounts, in turn, could...

In Brief.
March 19, 2007... FIDELITY GIFT FUND HAS RECORD YEAR The Fidelity Charitable Gift Fund reported its largest grant-making year in history, as overall grants to charity surpassed $950 million in 2006, up 13 percent from 2005. Since its inception in 1991, the...

Software Review: Affordable planning software can $peed your practice niche.
March 19, 2007... The term "financial planning" covers a lot of area. On the high end, it can mean managing millions of dollars in assets, and continuously analyzing the results, yields and needs to determine the best allocation of capital. Financial...

Software Review: Practice management software runs gamut in pricing, functionality.
March 19, 2007... For accounting firms, the term "practice management" covers a range of definitions that includes virtually everything from codes of practice to the assignment of parking spaces. But when it comes to software, the term rapidly focuses on four...

In Brief.
March 19, 2007... INTUIT TAPS HALVORSEN AS CTO Tax and financial software provider Intuit remained "in-house" in filling the role of chief technology officer: Per-Kristian Halvorsen, who previously worked as the company's chief innovation officer, and who...

Intelligent succession.(accounting services and management techniques)
March 19, 2007... Great leaders develop successors. Where is your firm's intelligence? Is it in the partner group? Is it in your staff? Or is it in both your staff and partner group? The answer is a significant indicator of your firm's destiny. If you...

Whose loyalty is worth more - your clients' or your employees'?
March 19, 2007... Without clients, we wouldn't have a firm - but without employees, we wouldn't have clients. So when it comes to answering the question of whether it is more important to have client or employee loyalty, I would have to answer that employee...

New Products.
March 19, 2007... Software A PEACE DIVIDEND Now that they're sure the Spanish-American War is safely behind us, Congress has seen fit to repeal the tax on long-distance telephone service that they enacted to pay for it, and they're graciously allowing...

People.(Resources Global Professionals appointed Mark Bernardini)(Henry V. Paradis and Cristina DeHippolytis joined Kosovsky, Pratesi & Co. LLC)(Santora CPA Group appointed Heath N. Kahrs )
March 19, 2007... CALIFORNIA Mark Bernardini has been appointed to lead the new government services industry efforts of Resources Global Professionals, Costa Mesa.... Tony Price and David Reule have been named partners at the newly renamed KMJ l Corbin &...

People: SEC Names Deputy Chief Accountant.(James L. Kroeker appointed at Securities and Exchange Commission)(Brief article)
March 19, 2007... WASHINGTON -- The Securities and Exchange Commission has appointed James L. Kroeker as deputy chief accountant in the agency's Office of the Chief Accountant. Kroeker, 37, started work at the commission in mid-February, where he will be...

Firms.(briefs)(Brief article)
March 19, 2007... BERMUDA AmerInst Insurance Group, a provider of professional liability reinsurance to CPA firms, announced that the Michigan and New Hampshire State CPA Societies are the inaugural winners of two $5,000 grants from the AmerInst Community...

People: IRS Selects New Members for Advisory Council.(Internal Revenue Service )(Brief article)
March 19, 2007... The Internal Revenue Service announced the selection of 16 new members for its advisory council. The appointees will join 11 returning members who are in the last year of a three-year term. The council members are scheduled to meet in...

Coming Events.(Calendar)
March 19, 2007... MARCH 23: Tax Roundtable, The National Conference of CPA Practitioners, New York City Chapter. Empire State Building, New York City. Contact: Chapter office (212) 599-7204. 26-27: Canadian Conference on IT Audit, Governance & Security,...

2007 Top technology initiatives.(Brief article)
March 19, 2007... 1. Information security management. 2. Identity and access management. 3. Conforming to assurance and compliance standards. 4. Privacy management. 5. Disaster recovery planning and business continuity management. 6. IT...

Advertiser Index.
March 19, 2007... Advertiser Page ADP Small Business Services 32 CCH, a Wolters Kluwer business 40, SR7 Cougar Mountain Software 19 Epson 15 GlobalStep...

Meeting a Growing Need.(accounting services and managing regulatory compliance)(Brief article)
March 19, 2007... A key challenge facing businesses today is the increased focus on regulatory compliance and a corresponding trend toward penalties for non-compliance. With tax and accounting regulations growing more complex and the potential for...

Benefits, Challenges, and Opportunities.(outsourcing tax accountants)
March 19, 2007... More accounting firms will utilize tax outsourcing services this tax season than any prior season. SurePrep, a leading provider of tax outsourcing services, is seeing its volume increase by more than 25 percent this tax season and anticipates...

Best Practices for Successful Outsourcing.(outsourcing of accountants)
March 19, 2007... As the Baby Boomer generation ages and moves into retirement, experts predict that accounting professionals will become inundated with requests for family estate and financial planning. While a surge in business is always welcomed, it...

Accelerate Your Marketing Efforts.(using e-newsletters for marketing of accounting services)
March 19, 2007... Successful marketing is as important to your firm as keeping up with the latest tax laws. But effective marketing takes time, and these days, it may even require technological expertise. Many cutting edge CPA firms stay in touch with clients,...

Outsourcing is Not a Bad Word.
March 19, 2007... Outsourcing's getting a bad rap lately. Odds are you've read about or even know someone whose job has been eliminated because someone outside their company could do it cheaper. Who hasn't heard about miserable customer service from call centers...

Take a GlobalStep.
March 19, 2007... Our profession is undergoing a dramatic transformation. Today, with the right off-shoring strategy, it is possible for you to have instant access to a pool of qualified professionals, cut your costs in half, improve quality, reduce time to...

Leveraging to Gain Global Assets.
March 19, 2007... The outsourcing industry has made significant investments around the globe to help provide its clients with a broad range of global service delivery options. This is certainly the case for the CFO and for finance and accounting (F&A) services....

Maximizing Opportunities with Outsourcing.
March 19, 2007... The demand for CPAs is at an all-time high and the opportunities ahead are even greater. There is growing need for services across firms, corporations and regulatory agencies; increased regulatory complexity; and more demand for higher...

The Payroll Dilemma.
March 19, 2007... Today, accountants are embracing payroll unlike ever before, thanks to technology advancements made by companies like PayCycle. However, others are still referring clients away, or even off-shoring work to other countries. As you mull over what...

Beyond Tax Returns.(tax preparation services outsourcing thier work)
March 19, 2007... The evolution of tax outsourcing from a prediction to a reality is evident today. Outsourcing has become commonplace in many firms around the country and is projected to increase substantially year over year. Client resistance, mainly...

Lead Generation and Marketing.
March 19, 2007... The concept of outsourcing functional aspects of your business to organizations that can perform these services more effectively is not new. In fact, some of the best companies in the U.S. are also the biggest outsourcers, like IBM, Cisco,...

Reducing IT Risks.
March 19, 2007... IT Outsourcing is not a new proposition for cost savings, but it has become increasingly popular in recent years as virtually every industry explores how best to leverage it as a smart business practice. But the greatest roadblock to leveraging...