Accounting Today articles from May 2006

Accounting Today archives from May 2006

Big Four: SOX 404 costs are dropping.(Sarbanes-Oxley 404 compliance costs)
May 15, 2006... New York -- An independent report, backed by data from Big Four clients, shows that corporate auditing costs for Sarbanes-Oxley 404 compliance dropped significantly in 2005. The report, conducted by Boston-based economic consulting firm CRA...

Hooking up Tax research gets platform 'agnostic'.
May 15, 2006... Internet tax research is becoming platform "agnostic," as a researcher can access, link to and search multiple sources from a single platform. BNA's Tax Management Portfolios are available across a wide array of platforms, including CCH's...

Lawmakers: Vendors are abusing Free File.(online tax preparation services)
May 15, 2006... Washington -- Online tax preparation services are using the Internal Revenue Service's Free File program to promote "get rich quick" schemes and overpriced refund anticipation loans to low-income taxpayers, some lawmakers have charged. In...

Beyond the Peter Principle.(professional development of an accountant)(Brief article)
May 15, 2006... Forget all that stuff about being promoted one level above your abilities - your talent and abilities are boundless, after all. But how do you get yourself into the position at your firm that's appropriate? * Know where you want to go....

Court order helps put IRS data source back on TRAC.(Internal Revenue Service)(Transactional Records Access Clearinghouse)
May 15, 2006... The people behind the Transactional Records Access Clearinghouse are celebrating a recent court victory that reinstated the nonprofit organization's access to statistical data from the Internal Revenue Service. The U.S. District Court for...

Rootkits: Like a bad neighbor.(influence of rootkits)
May 15, 2006... Rootkits spy in through Windows to see what you are buying; then steal what they can, cloak their existence and leave the door open behind them so more intruders can follow. Not a friendly neighbor. A set of spyware software tools used...

Ex-RSM CEO joins Grant Thornton.(Thomas G. Rotherham joins Grant Thornton L.L.P.as managing partner )(Brief article)
May 15, 2006... Chicago -- Thomas G. Rotherham, the former chief executive and president of RSM McGladrey Inc., has returned to the accounting world, joining Grant Thornton LLP as the firm's new U.S. managing partner of client service. Rotherham will be...

Tyco to settle charges for $50M.(Tyco International Ltd.)(accounting fraud)(Brief article)
May 15, 2006... Pembroke, Bermuda -- Tyco International Ltd. will pay $50 million to settle allegations by the Securities and Exchange Commission that the company inflated its earnings by more than $1 billion between 1996 and 2002. The improper accounting...

IRS OPR head returns to old gig.(Cono R. Namorato joins Caplin and Drysdale )(Brief article)
May 15, 2006... Washington -- After two years as director of the Internal Revenue Service Office of Professional Responsibility, Cono R. Namorato returned to Washington-based law firm Caplin & Drysdale as a partner. Namorato was appointed to the IRS job in...

IMA pursues alternative to COSO guidance on SOX 404.(Committee of Sponsoring Organizations of the Treadway Commission)(Institute of Management Accountants)
May 15, 2006... Montvale, N.J. -- Make no mistake about it: The Institute of Management Accountants supports the Sarbanes-Oxley Act. It has even said that the legislation was long overdue. But that doesn't mean that the IMA thinks SOX is working. IMA...

Employee management: Who says that accountants don't have personalities?
May 15, 2006... As an employee, have you ever noticed how glad you are that you don't have the job of the guy across the hall, even though he seems perfectly happy doing his job? Or as an employer, have you ever noticed that among several employees...

Just for Fun.(websites and their usage)(Brief article)
May 15, 2006... * BizHat.com - http://jokes.bizhat.com A joke site with a whole section devoted to accounting. If those hit a little too close to home, try the lawyer jokes. * Dilbert.com - www.dilbert.com Just about any one who works will...

Footnotes.(Beers and Cutler P.L.L.C. is establishing James R. Beers Accounting Scholarship Endowment )(Brief article)
May 15, 2006... BEERS & CUTLER SUPPORTS GEORGE MASON U.: Washington, D.C.-area CPA and business advisory firm Beers & Cutler said that it plans to establish the James R. Beers Accounting Scholarship Endowment at George Mason University. The scholarship will...

Tax and a haircut - two bits.(United States. Government Accountability Office)
May 15, 2006... As I've mentioned on more than one occasion, tax season for me carries all the enjoyment of a two-hour MRI. True to form, this year was no different - exacerbated by the fact that the national payroll vendor that my wife's company employs was...

Protect taxpayers, generate revenue with deduction change.
May 15, 2006... Every spring, the average American grabs a shoebox jammed with slips of paper or a neatly organized file and goes to visit their tax preparer, usually a CPA firm or a franchised tax company. Others go to a person referred to by many CPAs as...

'Daylight' and dignity.(Letter to the editor)
May 15, 2006... Seldom, if ever, have I responded to an editorial column. Not that I have necessarily agreed with all that Bill Carlino has written, but the passion for the issues had never driven me to write - at least until now. His column on Gene O'Kelly's...

Practice management: The 25 best practices of wildly successful CPA firms.
May 15, 2006... I always tell people I'm one firm better than the last firm I worked with - and it's true. Throughout nearly 20 years of consulting to over 500 CPA firms, I've learned what the best practices are from dozens of world-class firms I've been...

RIA unveils Checkpoint upgrades.(Brief article)
May 15, 2006... New York -- Tax research and software provider RIA has upgraded its proprietary Checkpoint service to include expansion of user access to BNA content, international standards and titles from sibling Thomson company PPC. The company,...

GAO study boosts interest in preparer registration.(Government Accountability Office)
May 15, 2006... On the heels of last month's Government Accountability Office study on the errors committed by commercial chain tax preparers, the legislative push toward preparer registration and licensing appears to have gained considerable traction. ...

Sale of principal residence strategies have to adapt.(Statistical data)
May 15, 2006... Almost nine full years have passed since the $250,000/$500,000 exclusion of gain on the sale of a principal residence first became available. Little did many of us imagine how much would change in nine years. While the basic...

Taxing Issues.(Tax Return Choice Act of 2006)(Government Accountability Office)(Internal Revenue Service)(Statistical data)
May 15, 2006... LEGISLATION PROPOSED TO BAN 'RETURN-FREE' SYSTEM: H.R. 5114, the Tax Return Choice Act of 2006, was introduced in the House and referred to the Ways and Means Committee. The bill, which has 88 Republican and 17 Democrat co-sponsors, would...

Fla. couple sues E&Y over tax shelters.(Florida)(Ernst and Young L.L.P)(Brief article)
May 15, 2006... New York -- A husband and wife have filed a case against Ernst & Young, blaming the firm for the loss of $40 million in a shelter deemed abusive by the Internal Revenue Service. The Florida couple, Rocco and Mary Abessinio, are seeking...

FASB launches proposal on reporting for pensions.(Financial Accounting Standards Board)
May 15, 2006... Norwalk, Conn. -- In four months flat, the Financial Accounting Standards Board has cranked out a proposal for a new standard on accounting for post-retirement benefit plans, including pensions. Not only has the board been quick to write...

Top 10 absurd comments on pension accounting.
May 15, 2006... On March 31, the Financial Accounting Standards Board issued an anticipated exposure draft that proposed significant changes in accounting for defined-benefit pension and health plans. As we explained a couple of columns back, it will recognize...

Changes of Auditors.(Brief article)
May 15, 2006... CAL-BAY DISMISSES ARGY & CO.: Tustin, Calif.-based Cal-Bay International Inc. said that it dismissed its auditor, Argy & Co., and has named Lawrence Scharfman & Co. as its new independent accountant. The operator of environmental service...

Audit Firm Inspections: The PCAOB's first inspections: What did they find?(Public Company Accounting Oversight Board)
May 15, 2006... As of late December, the Public Company Accoun- ting Oversight Board had published on its Web site the results of some 173 inspections of audit firms. The purpose of this article is to attempt to identify the more prevalent audit...

Integration remains crucial for point-of-sale systems.(Microsoft Corp.)(Quickbook.com)
May 15, 2006... Joe Gibbons worked in retail management at a now-defunct national sporting goods company for six years before establishing Gibbons & Gibbons PC, a CPA firm in Vienna, Va. Since then, he has witnessed firsthand how far integration has come...

XBRL Int'l forms standards board.(Extensible Business Reporting Language)(XBRL International)
May 15, 2006... New York -- XBRL International, the consortium working toward global adoption of the Extensible Business Reporting Language, said that it would form a standards board to upgrade its technical materials and to oversee and monitor their...

Tech Briefs.(CCH)(Microsoft Corp.)(Epicor Software Corp.)(Sage Group PLC)
May 15, 2006... CCH INTEGRATES WITH MICROSOFT DYNAMICS: CCH, a Wolters Kluwer business and provider of tax and compliance software, has launched seamless integration between its CertiTax product and Microsoft Dynamics enterprise resource planning solutions....

Streamlining the phases of disaster recovery.
May 15, 2006... All too often, companies either rely upon personal knowledge and skill to recover from emergency situations, or they write a multi-volume encyclopedia of recovery procedures. When disaster strikes, neither approach lends itself to rapid...

Make sure you're piloting the plane!(need for financial advisors)
May 15, 2006... Imagine a plane that is about to take off. On the plane are a client's financial advisors. Who is in the pilot's seat? Who is in the co-pilot's seat? Who is in first class and who is in coach? These are questions CPAs should ask themselves in...

People.(Wayne Pinnell appointed to the Board of Directors of Laura's House)(Alan J. Lurie, Mary A. O'Connor and Trevor B. Williams appointed by RGL Forensic Accountants and Consultants)
May 15, 2006... CALIFORNIA Wayne Pinnell, managing partner of Haskell & White LLP, Irvine, has been appointed to the Board of Directors of Laura's House, a nonprofit that aims to prevent and reduce domestic and family violence. COLORADO Alan J....

Coming Events.
May 15, 2006... - MAY - 15: Business Valuation Conference, New York State Society of CPAs/Foundation for Accounting Education. FAE Conference Center, New York City. Contact: (800) 537-3635 or www.nysscpa.org. 15-17: Super Seminar, California ...

Firms.(BDO Seidman L.L.P. opened an office in Phoenix)(Rosen Seymour Shapss Martin and Co. celebrating 50th anniversary)(Tysons Corner and Beers and Cutler P.L.L.C. are best places to work)(Brief article)
May 15, 2006... ARIZONA BDO Seidman has opened a new office at 2201 East Camelback Road, Suite 360, in Phoenix. The office will have approximately 25 staff members. FLORIDA Kirkland, Russ, Murphy & Tapp PA, St. Petersburg, has been named one of...

Advertiser Index.
May 15, 2006... Advertiser Page 1st Global 21 AccountantsWorld 39 ADP 7 BNA Software 27 Capital One ...

Editor's Note: What a Season.
May 15, 2006... Did you ever notice that when you put the words "The" and "IRS" together, it spells "THEIRS?" This Special Report from the Accountants Media Group at Source Media takes a look at what has transpired this past tax season, which to many...

Managing More Efficiently.(accounting firms document management)(GoFileRoom)
May 15, 2006... Tax season is challenging for any CPA firm-the increased workflow and mounds of paper may seem like enough to drown even the most capable accountants. For most firms, the worries about a flood of work are mostly symbolic. But after the...

A Necessary Strategic Partner.(CCH, a Wolters Kluwer business)
May 15, 2006... With client expectations rising and complex new regulatory rules emerging almost daily, accountants are time-pressed as never before. As a result, professionals are looking for solutions to streamline workflows and stay ahead of an...

Tax Season and Employee Retention.(Thomas Schulte of RBZ L.L.P.)(Interview)
May 15, 2006... The Los Angeles-based accounting and business consulting firm of RBZ LLP is known for its marketing initiative and forward thinking. In the past years, the firm has not only increased its employee retention rate, but is actually doing what many...

Online Products Pay Off.(V-Tax from Petz Enterprises Inc.)
May 15, 2006... Petz Enterprises, Inc. a leading provider of tax preparation and filing solutions for the professional and consumer markets, reports the effects of major initiatives to improve automating federal, state and local tax compliance: V-Tax is...

A New Brand of Innovation.(Brett Cleaver )
May 15, 2006... It all started in 2003, Brett Cleaver of Agoura Hills, Calif. recalls. "When I heard Scott Cook address accountants on what Intuit was doing in the way of innovation, I was primed for change," he says. "After the last tax season I had run out...

CPAs Becoming Tax Wise.(TaxWise added a number of key enhancements designed to make the job easier for tax and accounting professionals)
May 15, 2006... The 2006 tax season was yet another record year for Universal Tax Systems, Inc. and its TaxWise(r) family of tax and accounting products. TaxWise professionals prepared and filed an estimated 10 million personal, business, and specialty returns...

Increasing Customers' Productivity.(PPC)(RIA)
May 15, 2006... Enhancing our customers' productivity is our number one goal. Integrating RIA and PPC information, guidance, and work tools on one platform-Checkpoint(r)-enabled our customers to have one of the best tax seasons ever. Our offerings include a...

Enjoying a Great Tax Filing Season.(Orrtax IntelliTax from Orrtax Software Inc.)
May 15, 2006... Orrtax Software Solutions enjoyed one of its most successful tax filing seasons ever during 2006. We kicked off the season by becoming the first transmitter to deliver IRS acknowledgements and RAL checks to our customers. This was the second...

Paperless Possibilities.
May 15, 2006... Is a paperless tax process really possible? It's a question on the minds of many practitioners as they look toward improving efficiency and elevating client services. The answer is simple. Yes, a paperless tax process is possible, and looking...

Looking Ahead.(tax savings strategy)
May 15, 2006... You've filed your 2005 tax return. Did you get the desired results? Did you lower your tax bill? Tax planning works best when it begins early in the year. The following strategies and new opportunities offer immense benefits for your 2006 tax...

Editor's Note: Efficiency is spelled T-E-C-H.
May 15, 2006... Welcome to the spring edition of Marketplace. For this issue, let's take a step back before, if you'll pardon the pun, we spring forward. Who over the age of 40 doesn't remember a time when you actually had to get off the couch to change...

Featured Product Index.
May 15, 2006... Accounting Media AccountingWeb 11 Client Write-Up AccountantsWorld 16 Thomson Creative Solutions 16 Document Management CCH 17 Computhink 17 Financial Planning ...

Wi-Fi? Why not?: Evolving wireless access can save your firm time and money.(accounting services)
May 15, 2006... When a CPA saves an hour or two by stopping at a wireless Internet hot spot and doing some work online, the benefits can be "huge," according to Peter Henley, a CPA and director of information technology at Clark Nuber, a Seattle-based CPA...

Laps v. desks: So where should you put your computer?
May 15, 2006... Some accountants are so dedicated to the idea of portable electronics, they have even hurt themselves to prove it. Eighteen years ago, Tom Davis, CPA and owner of the Valdosta, Ga.-based CPA firm Tom C. Davis CPA LLC, had one of the very...

The possible IM dream: Instant messaging isn't always an instant solution.
May 15, 2006... At the CPA firm of Hamilton, Boynton and Associates, 35 employees communicate with each other from two different locations - one in Simi Valley and the other in Orange County, Calif. - by using instant messaging. "It's a lot quicker than...

Who's got your back?: Online accounting can relieve you of an important, but time-consuming, chore - if you trust it.
May 15, 2006... Warren Ullman and Timothy Hart, co-owners of Fort Lauderdale, Fla.-based CPA firm Ullman & Hart CPAs, have not had a headache from a back-up issue in four years. Ever since they started using NetSuite, an online accounting software provider,...

Advertiser Index.
May 15, 2006... 2nd Story Software 5925 Dry Creek Lane NE Cedar Rapids, Iowa 52402 (800) 573-4287 20 AccountantsWorld 140 Fell Court Hauppauge, N.Y. 11788 (888) 999-1366 16,...