Accounting Today articles from March 2008

Accounting Today archives from March 2008

Tax Rulings: Codification may be in future for economic substance doctrine.
March 17, 2008... The economic substance doctrine, for long a focus more of judges and tax professors than practitioners, has been thrust into the limelight by recent court decisions. And, despite the failure of legislative proposals to codify the doctrine over...

Firm Networking: Social gatherings: More firms and vendors are seizing online networking opportunities.
March 17, 2008... When David van Toor of Sage Software took over the position of senior vice president and general manager for the companys CRM solutions in North America, he wasnt aware hed be taking on Amazon.com too. Van Toor found that users of the Act!...

Stimulus bill brings rebates - and fraud schemes.(Internal Revenue Service)
March 17, 2008... Washington D.C. -- The ink hadnt dried on the new economic stimulus bill before federal tax authorities began receiving complaints about vicious new tax rebate scams targeting taxpayers and their accountants. The new flurry of fraudulent...

Correction.(Correction notice)
March 17, 2008... An item in the New Products section of the Jan. 28-Feb. 10, 2008, Accounting Today (page 24), misidentified the product that BizNet Softwares BizExcelerator works with; it is designed for users of Sage MAS 500. (c) 2008 Accounting Today...

GAO's Walker steps down.(David Walker resigns from Government Accountability Office)(Brief article)
March 17, 2008... Washington, D.C. -- David Walker, comptroller general of the United States and head of the Government Accountability Office, has resigned to take over as president and CEO of the newly established Peter G. Peterson Foundation. His resignation...

Politics: Holding the candidates accountable.
March 17, 2008... Northbrook, Ill. -- Theres an 800-pound gorilla on the presidential campaign trail, but none of the candidates is talking about it. That gorilla has doom written all over it, to the tune $55 trillion - and counting. A quick perusal of...

In Brief.(Securities and Exchange Commissions Advisory Committee on Improvements to Financial Reporting releases its progress report)(Ernst & Young L.L.P. partners Robert Coplan, Martin Nissenbaum, Richard Shapiro and Brian Vaughn, charged with tax fraud)
March 17, 2008... ADVISORY COMMITTEE ISSUES PROGRESS REPORT Washington, D.C. The Securities and Exchange Commissions Advisory Committee on Improvements to Financial Reporting has released a progress report on its work to date. The key themes include...

Editor's Desk: Brief respite.
March 17, 2008... A multi-episode plot of the classic sitcom All in the Family had Archie Bunker and his union colleagues on the loading dock staging a strike and demanding higher wages and better working conditions. When the walkout is finally settled, his...

Commentary: Associations support successful people.(Report)
March 17, 2008... What common characteristic do many successful people in various fields of endeavor have in common? Recent research showed that its membership in a trade or professional association in their chosen field. The William E. Smith Institute for...

XBRL slow to gain traction in EU.(Extensible Business Reporting Language)
March 17, 2008... Brussels -- The European Union is pressing the economic zones 27 different national securities regulators to ensure that financial data is reported under a single harmonized format. However, its been a slow build. The regulatory...

Penalties, the AMT and more: Bush's FY 2009 budget.
March 17, 2008... The administrations budget proposal to conform the penalty standards applicable to preparers and taxpayers has been welcomed by tax professionals concerned about possible conflicts of interest between preparers and their clients. The...

In Brief.
March 17, 2008... IRS IMPROVES ONLINE TAX TOOLS Washington, D.C. The Internal Revenue Service has improved its online refund-tracking tool and tax information publication. The online version of Publication 17, Your Federal Income Tax, now contains...

Tax Strategy: 'Blue Book' helps identify tax-planning issues.
March 17, 2008... While many Washington observers have called much of the tax revenue side of the Bush administrations Fiscal Year 2009 budget proposals dead on arrival, this years Blue Book of Treasury explanations nevertheless remains an important tax-planning...

Private company committee poised for busy 2008.
March 17, 2008... The Financial Accounting Standards Boards Private Company Financial Reporting Committee has been active for barely a year, but it has already changed the way accounting standards are set. And 2008 may well be the groups breakout year,...

In Brief.
March 17, 2008... FASB TO DELAY FAIR VALUE EFFECTIVE DATE Norwalk, Conn. The Financial Accounting Standards Board has issued final guidance that would defer for a year the effective date on which private and public entities would have to account for fair...

The spirit of accounting: Tax accounting doesn't stack up.
March 17, 2008... By the time this column appears, CPAs everywhere are going to be tackling stacks of paperwork for income taxes. This will be true whether they are up to their necks in client returns, or struggling in an audit to reconcile book and tax income...

Software Review: With basic analysis software, one size doesn't fit all.
March 17, 2008... When it comes to financial or retirement planning or wealth management, no two clients are even remotely alike. Each comes with a different level of existing investments or retirement plans; each has different life goals and a different...

In Brief.(Financial news)
March 17, 2008... AICPA RELEASES ADVISOR GUIDE The American Institute of CPAs and Fiduciary360 have published the U.S. edition of a handbook for investment advisors. Prudent Practices for Investment Advisors identifies 23 practices for advisors to follow....

Practice management software evolves beyond time and billing.
March 17, 2008... Practice management, as an application, appears differently to different viewers. To some, practice management is all about revenue management. To others, its about time management, and to yet others, its about project management. Practice...

In Brief.(Sage Software merger with Management Information Services Co.)
March 17, 2008... SAGE RECOGNIZES RESELLERS Sage Software named MIS Group as its overall business partner of the year for 2007 for North America. The Dallas-based group resells several of SageEs products, including Sage MAS 90 ERP, MAS 200 ERP, MAS 500 ERP,...

Boomer's Blueprint: The training-learning culture in 2008.
March 17, 2008... Arthur Andersen was well known for its training program and facilities at St. Charles, Ill. While Accenture now trains at that site, the requirements and strategies for training are far different than those prevalent when most firm owners...

Partners of the world, unite! Don't accept bad leadership!
March 17, 2008... This is not another article about great leadership characteristics. Its about the weak and inept leaders and what firm partners need to do to change the current situations. Partners need to stop kidding themselves regarding the effect of...

New Products.
March 17, 2008... Software NEW TAX PREP APP Its late in the season, we know, but if you find yourself unhappy with your tax preparation software, you might want to consider switching to AutoEfile 2007, a new tax prep application for individual and...

People.(Payment Processing Inc., appointed Jim Condon)
March 17, 2008... CALIFORNIA Jim Condon has been named chief financial officer of Payment Processing Inc., Newark. FLORIDA Donna Baal, of Kerkering, Barberio & Co. PA, Sarasota, has received the Certified Bookkeeper designation from the American...

Firms.(Friedman, Weissman & Associates PC Accounting services open office )
March 17, 2008... CALIFORNIA Friedman, Weissman & Associates PC, Chicago, has opened an office in Beverly Hills on Olympic Boulevard. CONNECTICUT The Deloitte Foundation, Wilton, has announced the 2008 recipients of its Doctoral Fellowship Program...

Coming Events.(Calendar)
March 17, 2008... MARCH 17-19: General Audit Management Conference, Institute of Internal Auditors. Las Vegas. Contact: www.theiia.org/iia-training. 18: Controllers Conference: Trends in Corporate Finance, Illinois CPA Society. Donald E. Stephens...

In Brief.(Mueller Yuva & Osterman and Larson and Associates accounting firms have merged)(Financial report)
March 17, 2008... GRANT THORNTON REVENUES RISE 14.4 PERCENT Chicago Global accounting and business advisory firm Grant Thornton reported that its 2007 revenues increased 14.4 percent, to $1.075 billion. In the past year, the firm has opened new offices...

Other paths: Firms find flexible work programs boost retention, productivity.
March 31, 2008... As CPA firms grapple with ongoing staffing challenges and the norm of a traditional workplace begins to erode, management must be more flexible and innovative than ever. While people are still showing up to work and plugging in with...

So far, so good: Filers, vendors encounter few bumps thus far this tax season.
March 31, 2008... This years tax return filing season appears to be proceeding smoothly, despite the initial confusion that was generated by the seemingly annual last-minute tax legislation. Included in that flurry of new guidelines were the Tax Increase...

Accounting standards-setters slated for overhaul: Norwalk, Conn.(Financial Accounting Foundations board of trustees has voted for sweeping changes)
March 31, 2008... The Financial Accounting Foundations board of trustees has voted to approve a range of sweeping changes in the oversight, structure and operations of the FAF and its two standards-setting boards the Financial Accounting Standards Board and the...

AAM confab targets senior marketing leaders By Liz Gold New York.(AAM Inc.)
March 31, 2008... While the number of conferences focused on the basics of accounting marketing has grown over the past several years, there were literally none devoted to the critical issues faced by senior-level marketers until now. In late February, the...

CAQ reports on its first year.(Center for Audit Quality )(Brief article)
March 31, 2008... Washington, D.C. -- The Center for Audit Quality marked its first anniversary with a report on its progress in improving public confidence in the audit process. The CAQ, which is affiliated with the American Institute of CPAs, originated...

Q&A: Minority interests: KPMG vet Dr. Frank Ross and the CAE are working to diversify the accounting profession.(Interview)
March 31, 2008... African-Americans comprise just 3 percent of CPAs nationwide but Dr. Frank K. Ross is working to help change that. After a 38-year career with KPMG, where he held such posts as mid-Atlantic area managing partner for audit and risk advisory...

In Brief.
March 31, 2008... IRS SENDS TAX REBATE NOTICE LETTERS Washington, D.C. The Internal Revenue Service has sent letters to more than 130 million American households reminding them to file a 2007 tax return in order to receive a tax rebate or economic stimulus...

Editor's Desk: One big inconvenience.
March 31, 2008... A reporter once asked Dr. Arthur Jones, the eccentric inventor of the Nautilus brand of fitness equipment, why he kept such a large gun collection in his home. Jones told the interviewer, Guns are a lot like tourniquets. You dont need em often,...

Commentary: Prune your client base for strategic growth: Firms need to trim tactically.
March 31, 2008... Many firms are so awash in business right now that the idea of growing their firms is, quite honestly, kind of scary. Meanwhile, theyre painfully aware that holding onto low-end work may prevent them from moving up-market to attract larger...

Meet the part-time partner.(Brief article)
March 31, 2008... The notion of the part-time partner may be relatively new, but that doesnt mean you need to be wary of them. According to Sandra Wiley, chief operating officer and senior consultant at Boomer Consulting Inc., in Manhattan, Kan., here are the...

Is the Tax Code unfair to hedge fund investors?
March 31, 2008... Much of the election-year criticism of hedge funds misses the point when it focuses on the claim that hedge fund operators get unfair tax breaks, experts say. There is abuse in the current Tax Code when it comes to hedge funds, but it...

In Brief.
March 31, 2008... IRS LAUNCHES E-POSTCARDS FOR TAX-EXEMPTS Washington, D.C. u The Internal Revenue Service has introduced an electronic filing system that allows small tax-exempt organizations to file Form 990-N oe-Postcardso to report their annual income....

Tax Strategy: Addressing the economic stimulus legislation on 2007 returns.
March 31, 2008... If you thought that the tax legislation passed at the end of 2007 both the Alternative Minimum Tax relief legislation and the mortgage debt forgiveness relief legislation finally resolved the issues that would have to be addressed for the 2007...

Strategic considerations for inter-company accounting.
March 31, 2008... A large number of organizations are expanding their businesses internationally, either growing organically or via mergers and acquisitions. With growth comes change and additional reporting processes, often followed by confusion and delays in...

In Brief.(Financial Accounting Standards Board )
March 31, 2008... FASB PROPOSES GUIDANCE ON NONPROFIT ENDOWMENTS The Financial Accounting Standards Board has issued a proposed FASB staff position on the endowments of nonprofit organizations that could have large implications for how those organizations...

The Spirit Of Accounting: A fresh look at the urge to converge and to merge.
March 31, 2008... Over this first decade of the 21st century, especially since the International Accounting Standards Board went through its reorganization, there has been a lot of talk about the advantages and even the need for convergence on a single worldwide...

In Brief.(Audit Analytics's report of financial restatements)(Report)(Brief article)
March 31, 2008... RESTATEMENTS DECLINED IN 2007 Sutton, Mass. The number of financial restatements fell last year for the first time since 2001, according to a new report. Research firm Audit Analytics found that 1,109 different companies made a total...

Family-owned businesses: Fast-growing, facing challenges.
March 31, 2008... Its often said that small business is the engine of the U.S. economy. If so, family businesses are of the high-performance, whisper-quiet, finely tuned kind, humming along at an impressive clip even if there might be a few bumps ahead. But to...

In Brief.(Survey)
March 31, 2008... CFP BOARD REVISES ETHICS The CFP Board of Standards has adopted a revised version of its Standards of Professional Conduct, which sets forth the ethical standards for CFP professionals. Effective July 1, 2008, the revised guidelines...

Beware these common Web site pitfalls.
March 31, 2008... Does most of your business result from Web sites? Or does most of it come from referrals? If it comes from referrals, as a lot of CPA firm business does, almost every potential client will still check out your Web site before giving you a call....

In Brief.(Epicor Software has named Thomas Kelly as the company as president and chief executive)(XBRL US has named Alfred R. Berkeley as the new chairman )
March 31, 2008... EPICOR TAPS NEW CEO Epicor Software has named Thomas Kelly as the companyEs new president and chief executive, succeeding former CEO George Klaus, who will continue serving as executive chairman of the board. Former president and COO...

Boomer's Blueprint: Does your firm have the right IT leader?
March 31, 2008... Firm technology requirements have changed and will continue to change. The definition of IT has expanded and impacts everyone in your firm. Its size and the amount of IT knowledge that your chief executive or managing partner has dictate the...

Shouldn't partners have written goals?
March 31, 2008... In a recent study of over 400 accounting firm compensation systems, I asked the following three questions: 1. Do you believe that firmwide goals tied to owner compensation are a useful process for achieving higher levels of profitability in...

New Products.
March 31, 2008... Software, Hardware & services NOT YET, PART 1 Its not yet the end of tax season, but its already time to start learning its lessons like the fact that both your real and your virtual workspaces are unbearably cluttered and woefully...

People.
March 31, 2008... ALABAMA David T. Williams has been named chairman of the newly formed executive committee of Pearce, Bevill, Leesburg, Moore PC, Birmingham. The firm also announced a number of new hires: Rob Shirley, Tommy Moore, Patti Burt and Doug Uhler...

Coming Events.
March 31, 2008... MARCH 31-April 2: Canadian Conference on IT Audit, Governance and Security, Canadian Institute of Chartered Accountants, Institute of Internal Auditors (Toronto Chapter), Information Systems Audit and Control Association (Toronto Chapter)....

Firms.(Arogeti & Wynne has acquired Miller Ray Houser & Stewart )(McGowen, Hurst, Clark & Smith PC was named the 2007 Business of the Year in the Small Business Division )(Brief article)
March 31, 2008... GEORGIA Habif, Arogeti & Wynne LLP, Atlanta, has acquired Atlanta-based Miller Ray Houser & Stewart LLP. ILLINOIS Becker Professional Review, Oak Brook Terrace, has launched a new Scholarships for Success program that will grant...

Advertiser Index.
March 31, 2008... Advertiser Page Christian Stanley 19 CCH, a Wolters Kluwer business 32 Keller Graduate School of Management 11 Maryland...