Accounting Today articles from May 2008

Accounting Today archives from May 2008

Sign up! Sign up!: Broker/dealers refine their pitch to CPAs with tools, programs.
May 5, 2008... The pitch to CPAs is familiar: Why limit your practice revenue to the number of billable hours in the day, when the income potential from leveraging your client base for wealth advisory services is, in theory at least, unlimited? Moreover,...

Patently dangerous: Profession worries over legal fallout from tax patents.
May 5, 2008... Just because the idea of violating a patented tax strategy sounds ridiculous on its face doesnt mean you wont get sued for using it. Currently, some 65 tax patents have been issued, and 109 more are pending, according to Eileen Sherr,...

Forensic Accounting: Finding the smoking e-mail: E-discovery is now a critical part of forensics - and of firm policy.
May 5, 2008... Think you have a lot of e-mails? Those who work within the e-discovery process the handling of electronic information and documents for litigation purposes most likely have more. Many of the smoking guns in a lot of these cases reside in...

Correction.(Correction notice)
May 5, 2008... The Top 100 Firms report (with the March 17-30, 2008, issue) incorrectly identified the headquarters city of the Kemper CPA Group; it is, in fact, Greenfield, Ind. (c) 2008 Accounting Today and SourceMedia, Inc. All Rights Reserved....

Treasury plans regulatory overhaul.(Brief article)
May 5, 2008... Washington, D.C. -- The Treasury Department has released a blueprint for overhauling the regulation of financial markets to forestall future crises in the mortgage and credit markets. Under the blueprint, there would be a conduct of...

KPMG cited in collapse of subprime lender.
May 5, 2008... New York -- Big Four firm KPMG could potentially face negligence litigation stemming from its audits of New Century Financial and for helping the troubled mortgage company devise strategies to hide the problems that led to its collapse last...

In Brief.(UHY LLP.)
May 5, 2008... JUDGE DISMISSES RACKETEERING, FRAUD CLAIMS AGAINST JACKSON HEWITT Chicago A federal judge has dismissed major parts of a class-action lawsuit brought against tax prep chain Jackson Hewitt and a large group of its franchisees. U.S....

A work in progress.(Column)
May 5, 2008... Victor Mature, a staple of many of the sword and sandal epics of the 1940s and 1950s, was once turned down for membership in a posh Los Angeles country club. When he inquired as to why, the chairman told him that the club frowned on having...

Commentary: With CPE, silence is anything but golden.(certified public accountants)
May 5, 2008... Accounting, the language of business, appears muted in its attempt to reconcile its pre-certification and a CPAs lifelong continuing education requirements. We need to turn the volume up and encourage a dialogue. The future of accounting...

Olson presses for tax prep standards.
May 5, 2008... Washington, D.C. -- Taxpayer Advocate Nina E. Olson is putting new pressure on lawmakers to establish nationwide standards that would weed out bad-apple tax practitioners and serve to protect the more than 60 percent of taxpayers who rely on...

As the expiration date nears, experts urge estate tax reform.
May 5, 2008... With the current estate tax regime set to expire in 2010, its time to consider what comes next, say the nations tax experts. With that sunset date fast approaching, the Tax Division of the American Institute of CPAs has taken its...

In Brief.
May 5, 2008... IRS HAS $1.2B IN UNCLAIMED TAX REFUNDS FOR 2004 Washington, D.C. u The Internal Revenue Service said that it had approximately $1.2 billion in unclaimed refunds waiting for 1.3 million people who did not file federal income tax returns for...

Tax Strategy: New restrictions on deductibility of performance-based compensation.
May 5, 2008... 2008 was to be the year that companies and their tax advisors worked to get their nonqualified deferred-compensation plans in order to comply with the new requirements under Code Section 409A and the regulations thereunder. Recent positions...

Commentary: Verity lost.(Column)
May 5, 2008... I recall a discussion in the mid-1990s as though it were yesterday. A case was made that dynamic hedging meant that everything would work out in the end and hence should not be reflected to have either gains or losses in a given reporting...

In Brief.(Survey)
May 5, 2008... AUDIT QUALITY GETTING BETTER Sarbanes-Oxley has led to big improvements in audit quality, according to a newly released survey. Seventy-eight percent of the 253 public company audit committee members surveyed by the Center for Audit...

The Spirit Of Accounting: Trickery treasury stock: It's nothing but a crock!(Column)
May 5, 2008... Because we produce 22 columns a year, were always looking for topics. Some come from readers, others from students, and some we pluck out of midair. For this column, we thank Allan Sloan, who published a piece called Buy High, Sell Low in the...

Head for the middle!
May 5, 2008... As an accountant, you observe your clients business successes and failures every day. However, many accounting firms struggle in their efforts to deliver financial planning services profitably. Why? Because they go after the wrong...

In Brief.
May 5, 2008... H.D. VEST TURNS 25 Broker/dealer H.D. Vest, which pioneered the strategy of using CPAs and tax professionals as financial planners, is celebrating its 25th anniversary. Since its founding in April 1983, 47 states now allow CPAs to accept...

Software Review: Nonprofit software gets better, even amid market turmoil.
May 5, 2008... Up until the beginning of 2008, the trends for nonprofit accounting software were simple and predictable accountability, efficiency and better utilization of resources. But the meltdown of the subprime mortgage market and the ensuing slip...

In Brief.(GoToBilling)
May 5, 2008... IMAGINETIME EXPANDS E-INVOICING Time and billing software developer ImagineTime has beefed up its paperless invoicing capabilities through alliances with Wells Fargo, ComData and GoToBilling to process payments from credit cards and...

Boomer's Blueprint: Inspire confidence - and build your business.
May 5, 2008... The confidence of many has been shaken recently by terrorism, election-year politics and the medias attention to a possible recession. Establishing priorities along with a strategic plan for your firm will become even more advantageous as we...

New Products.
May 5, 2008... Software & Hardware THE O WORD With tax season behind you, probably the last thing youre interested in hearing about is a new kind of organizer. Bear with us, though, because PPCs new LifeRecords organizer isnt about getting your...

People.(Templeton & Co)(briefs)
May 5, 2008... CALIFORNIA Dominick DiPaolo has joined BlackLine Systems, Calabasas, as vice president of global sales. FLORIDA Peter Bozetarnik, a managing director with RSM McGladrey, Fort Lauderdale, has been named tax leader for the Florida...

Firms.(Forensic Accounting LLP)(briefs)
May 5, 2008... CALIFORNIA Greenstein, Rogoff, Olsen & Co., Fremont, was a sponsor of this years Book Buck$ nonprofit program, which encourages students to read. The firms participation enables 5,000 students to participate.... Wells Fargo & Co., San...

Coming Events.(Calendar)
May 5, 2008... MAY 5: Buy/Sell Agreements, National Conference of CPA Practitioners, New Jersey Chapter. Victors Maywood Inn, Maywood, N.J. Contact: Fred Bachmann (973) 377-2009. 5-6: Worldwide Tax Update, Alliance for Tax, Legal and Accounting...

In Brief.(Chicago BDO Consulting)(Chicago BDO Consulting )(Brief article)
May 5, 2008... BDO CONSULTING STARTS CORPORATE ADVISORY PRACTICE Chicago BDO Consulting said that it is forming a corporate advisory practice to provide strategic and financial consulting services to companies in distress. The consulting arm of...

Advertiser Index.
May 5, 2008... Advertiser Page 1st Global 19 AccountantsWorld 39 AccuFund 27 ADP Small Business Services 13 CCH, a Wolters Kluwer Business...

Firm associations: It's also about giving back.(Column)
May 19, 2008... Whats the first thing to know when considering membership in a professional services firm association? Its not just about writing a check. We want firms that want to participate, said Maureen Schwartz, executive director of BKR...

IRS faces thinning ranks: Oversight Board report highlights alarming turnover.(United States. Internal Revenue Service)
May 19, 2008... Washington, D.C. -- The Internal Revenue Service is facing a troublesome manpower drain, as a whopping average of 16 percent of its total workforce is now leaving the agency each year. The soaring employee turnover rate has raised eyebrows...

Information demand spurs growth in online tax research: Platforms expanding despite availability of free sites.
May 19, 2008... Despite the availability of free searches and materials over the Internet, proprietary online tax research platforms continue to grow. We [do] use free services such as the IRS Web site and the various state Web sites, and theyre very...

Senate bill would block spread of AMT.(alternative minimum tax)(United States. Congress. Senate. Committee on Finance)(Brief article)
May 19, 2008... Washington, D.C. -- The Senate Finance Committee has proposed a new tax bill that seeks to prevent the Alternative Minimum Tax from spreading to more taxpayers next tax season. The bill, sponsored by committee Chairman Max Baucus, D-Mont.,...

SEA sick: GASB reins in concepts in governmental performance.(Governmental Accounting Standards Board)(service efforts and accomplishments)
May 19, 2008... Norwalk, Conn. -- As the Governmental Accounting Standards Board began grappling with concepts in reporting governmental service efforts and accomplishments, or SEA, it knew traditional financial statements didnt provide a complete picture of...

In Brief.(Public Company Accounting Oversight Board to adopt a new ethics and independence rule concerning communications with audit committees)
May 19, 2008... PCAOB ADOPTS ETHICS/INDEPENDENCE RULE Washington, D.C. The Public Company Accounting Oversight Board has voted to adopt a new ethics and independence rule concerning communications with audit committees, as well as an amendment to its...

Editor's Desk: Don't bet on it!(Editorial)
May 19, 2008... Despite the fact that Ive traveled to Las Vegas something on the order of 15 times over the past three years, Im the furthest thing from a seasoned gambler that youre likely to see. Not only do my hands tremble almost uncontrollably when I...

Commentary: Report on auditing should be a must-read.
May 19, 2008... The preliminary report of the U.S. Treasury Committee on the Auditing Profession was released in March. Its a well-prepared wish list of how to improve the auditing profession. Unfortunately, the report envisions solutions that have little...

House repeals IRS private debt collection program.(United States. Internal Revenue Service)
May 19, 2008... Washington, D.C. -- Coinciding with the end of tax season, House lawmakers last month passed a bill that promises to make tax preparation easier, while also repealing the Internal Revenue Services often controversial Private Debt Collection...

Updates to Sec. 7216 to affect RALS, outsourcing.
May 19, 2008... Section 7216, a part of the Internal Revenue Code since 1971, imposes criminal penalties on tax return preparers who knowingly or recklessly make unauthorized disclosures or uses of information furnished in connection with the preparation of an...

In Brief.
May 19, 2008... IRS COMMITTEE SEEKS ADVISORS Washington, D.C. The Internal Revenue Service is looking for new members to apply for its Information Reporting Program Advisory Committee, including tax preparers. The committee offers recommendations on...

Tax Strategy: Whistleblower developments ratchet up potential liability.(Law overview)
May 19, 2008... While the Internal Revenue Service has had an informant program for years, only recently have legislation and administrative developments put significant teeth into it. Most notable are the mandatory monetary awards now required for significant...

FASB, IASB call for comments on financial instruments.(Financial Accounting Standards Board and International Accounting Standards Board)
May 19, 2008... Norwalk, Conn. -- The Financial Accounting Standards Board has issued an invitation to comment on how it might proceed toward simplifying the measurement of complex financial instruments. The invitation comes amid a global controversy over...

In Brief.(American Institute of Certified Public Accountants revised standards for performing and reporting on peer reviews)
May 19, 2008... AICPA REVISES PEER REVIEW The American Institute of CPAs has issued revised standards for performing and reporting on peer reviews, along with interpretations of those standards. The document provides standards for administering,...

The Spirit of Accounting: Comparability, schmomparability.
May 19, 2008... Were not sure if were having another epiphany, or merely looking at the world a little bit differently, but we have some thoughts on an area of accounting practice and theory that wed like to share with you. Specifically, were looking...

In Brief.(Internal Revenue Service said it would watch to make sure charities and religious organizations dont violate their tax-exempt status )(Brief article)
May 19, 2008... IRS TO CRACK DOWN ON POLITICKING BY CHARITIES Washington, D.C. The Internal Revenue Service said that it would be watching to make sure charities and religious organizations dont violate their tax-exempt status by engaging in political...

What you and your clients need to know about captive insurance.
May 19, 2008... In recent months, captives have come to the forefront of the insurance industry. As a result, there has been increased interest in what they are, the benefits that they provide, and if they are a viable option for companies. WHAT IS A...

In Brief.
May 19, 2008... AICPA Finds Economic Worries Delay Life Decisions Approximately four out of 10 American adults are postponing making major life decisions either because they havenEt saved enough money or theyEre worried about the U.S. economy, according to...

Supreme Court rules in tax cases.
May 19, 2008... Washington, D.C. -- The Supreme Court has issued unanimous rulings in two tax cases, MeadWestvaco Corp. v. Illinois Department of Revenue and U.S. v. Clintwood Elkhorn Mining Co. In the MeadWestvaco case, the Supreme Court vacated and...

Vendor Profile: The allure of Alere: Sprung from manufacturing roots, TIW offers a different take on accounting.(TIW Technology Inc.)(Company overview)
May 19, 2008... Easton, Pa. -- Out in a cornfield, roughly 50 miles from Pennsylvanias Lehigh Valley, is a company you just may want to keep your eye on. TIW Technology, or Technology for the Industrial Workplace, is aptly named for its roots in...

In Brief.
May 19, 2008... IASC FOUNDATION PUBLISHES IFRS XBRL TAXONOMY The International Accounting Standards Committee FoundationEs XBRL Team has released the near-final version of the IFRS Taxonomy 2008, translating International Financial Reporting Standards into...

Boomer's Blueprint: Electricity then, computing now.
May 19, 2008... What happened during the early 1900s within the power industry presents an excellent lesson for firms today about the adoption of emerging technologies. It also reveals how existing IT strategies may be inefficient, expensive and difficult to...

Are you an effective delegater?(Viewpoint essay)
May 19, 2008... Im a great leader! Things get done because I delegate effectively. These words are powerful statements from productive executives. Have you said them recently? Are they true? Effective delegation is truly a key tactic to successfully...

New Products.
May 19, 2008... SOFTWARE & EQUIPMENT THE BIG THING NOW After years as the next big thing, software as a service seems to have finally caught on. For instance, Intacct, one of the leaders in the field, has noted that 70 percent of its growing...

People.(briefs)(appointments of)
May 19, 2008... CALIFORNIA Gary L. Curtis has joined Haskell & White LLP, Irvine, as a partner in the mergers and acquisitions practice.... Christian Tregillis has joined LECG as a managing director in the Century City office.... Sidney P. Blum has been...

Coming Events.(Calendar)
May 19, 2008... MAY 19-20: 2008 Business Valuation Conference, New York State Society of CPAs/Foundation for Accounting Education. Marriott Marquis Times Square, New York City. Contact: www.nysscpa.org or (800) 537-3635. 19-20: Energy Conference,...

In Brief.
May 19, 2008... KPMG GOES GREEN New York u KPMG said that it has set a goal of reducing its member firmsE carbon emissions by 25 percent between 2007 and 2010 as part of a oglobal green initiative.o oClimate change is now widely regarded as one of the...

Firms.(Deloitte Foundation)
May 19, 2008... BELGIUM A & F Services, Dendermond, has joined the European Region of JHI International. BRITISH COLUMBIA Sage Software has opened a new facility in Richmond to house the Canadian operations and global development teams for its...

Firms.(Brief article)
May 19, 2008... UNTIL THERES A TROPHY FOR TAX PREP, THIS WILL HAVE TO DO... Woburn, Mass. Baseball and accounting both share long, grueling seasons with a frenzy of activity at the end, but only baseball offers a trophy as its culmination, so the CPAs at...

Advertiser Index.
May 19, 2008... Advertiser Page 1st Global 19 ADP Small Business Services 9 CCH, a Wolters Kluwer business 40 Drake Software 23...