Accounting Today articles from October 2008

Accounting Today archives from October 2008

WOMEN IN ACCOUNTING: Head for the top! Senior women CPAs share their thoughts on being leaders and managers.(News)(certified public accountant)(Mosebach Griffith and Co. appoints Krista McMasters )
October 6, 2008... Byline: Liz Gold Krista McMasters hasn't celebrated her new executive position at regional CPA and business advisory firm Clifton Gunderson just yet. "I've been so busy I really haven't taken a whole lot of time to celebrate," she told...

Who owns America? IRS data details explosive growth in foreign-controlled domestic corporations.(Tax Practice)(Internal Revenue Service)
October 6, 2008... Byline: Roger Russell New data from the Internal Revenue Service suggests that American corporations controlled by foreigners are now responsible for a larger share of total U.S. corporate assets and earnings than ever before - despite a...

IN BRIEF.(Tax Practice)
October 6, 2008... Judge Declines to Dismiss Jackson Hewitt Suit New York - A federal judge has turned down Jackson Hewitt's request to have a class-action lawsuit dismissed against the company and some of its franchises. The plaintiffs, Dana Watts and...

TAX STRATEGY: Preparing tax-exempt clients for filing season.(Tax Practice)
October 6, 2008... Byline: George G. Jones and Mark A. Luscombe The Internal Revenue Service has been working for a couple of years on revisions to Form 990 (Return of Organization Exempt From Tax), which has not had a major update in 30 years. With the...

Forget the 'China price' - what's the 'China cost'?(Assurance)
October 6, 2008... Byline: Glenn Cheney Montvale, N.J. -What's "dumping?" Depends on whom you ask. It could be an intentional policy, or it could just be a matter of how manufacturers cost their products. In the case of Chinese products entering the...

IN BRIEF.(Assurance)
October 6, 2008... SEC Approves independence rule Washington, D.C. - The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board's proposed ethics and independence Rule 3526, Communication with Audit Committees...

THE SPIRIT OF ACCOUNTING: What good are principles without principles?(Assurance)(International Financial Reporting Standards )
October 6, 2008... Byline: Paul B.W. Miller and Paul R. Bahnson Like others, we heard loud gushing sounds following the Securities and Exchange Commission's August announcement of its timetable for converting the U.S. public financial reporting system to...

The future of CPAs in financial planning.(Financial Planning)(certified public accountants)
October 6, 2008... Byline: David M. Desmarais What's the future of CPAs in the financial planning area? The answer has been the same for the past 100 years. Although it has only been since the 1980s that the PFP Section and the Personal Financial...

IN BRIEF.(Financial Planning)
October 6, 2008... Survey: Employees work harder with stock plans Some 76 percent of employees participating in a Fidelity Investments survey indicated that they work harder for a company that offers employee stock purchase programs and employer-sponsored...

Audit and compliance features define fixed assets software.(Technology)
October 6, 2008... Byline: Dave McClure While there was a minor flurry of fixed asset activity surrounding the Economic Stimulus Act of 2008 and its depreciation and tax impact on businesses, the major focus in fixed asset software packages for 2008...

IN BRIEF.(Technology)
October 6, 2008... QuickBooks Opens to iPhone and BlackBerry Intuit has added mobile access to its QuickBooks Online service via the Apple iPhone and RIM BlackBerry. The Web-based version of the company's small-business accounting software now has more than...

WORKFLOW: Get a glimpse of the bigger picture; Workflow solutions have a long past - and a bright future.(News)
October 6, 2008... Byline: Ted Needleman World War II may have ended over half a century ago, but we are still reaping the benefits of developments initiated during that conflict. While the computer may be the most obvious, the war also saw the application...

Boomer's Blueprint: The future of IT in professional service firms.(Technology)
October 6, 2008... Byline: L. Gary Boomer Exploiting technology to create new business value now trumps efficiency as the chief focus of information technology. Leadership and governance of IT in your firm must change in order to exploit new opportunities....

It's a new century, so what are we doing new? Pt. 2.(Practice Resources)(Column)
October 6, 2008... Byline: August Aquila In Part 1 of this article (Sept. 22-Oct. 5, 2008, page 27), I mentioned that I would discuss the changes that accounting firms need to embrace today. Here they are: 1. Customize services - one size does not fit...

IN BRIEF.(Practice Resources)(Bookkeeping Express)
October 6, 2008... Deloitte to Lay Off 2% of U.S. Employees New York - Deloitte & Touche plans to cut about 900 employees from its offices in the U.S. to adjust to the slowing economy. Less than 2 percent of Deloitte's 45,000 employees would be affected. The...

New Products.(Practice Resources)
October 6, 2008... Software & Hardware Workflow for All The tax folks' incessant crowing about their shiny new workflow systems risks making other departments jealous. Fortunately, the latest release of industry leader XCM Solution's workflow app...

PEOPLE.(Practice Resources)(Wilson, Price, Barranco, Blankenship & Billingsley, PC, Montgomery)(Beall Barclay & Co. PLC)(Greenstein Rogoff Olsen & Co.)(briefs)
October 6, 2008... Alabama Cliff Jackson has been promoted to principal at Wilson, Price, Barranco, Blankenship & Billingsley, PC, Montgomery, while shareholder Billy Daniels has earned the Certified Government Financial Manager credential. Arkansas ...

Firms.(Practice Resources)(Barfield Murphy Shank & Smith, Birmingham)(Wiltshire, Whitley, Richardson & English)(briefs)
October 6, 2008... Alabama Barfield Murphy Shank & Smith, Birmingham, was named to Inc.'s 2008 list of the 5,000 fastest-growing private companies in the country. It is the only CPA firm in Alabama to make the list and one of only six firms nationwide. ...

Coming Events.(Practice Resources)(Calendar)
October 6, 2008... October 6: New Jersey Ethics, National Conference of CPA Practitioners, New Jersey Chapter. Victor's Maywood Inn, Maywood, N.J. Contact: Fred Bachmann (973) 377-2009. 6-7: Single Audits and Governmental Accounting Conference, Texas...

All manner of management; Nine women leaders offer their advice on management and building a career.(News)
October 6, 2008... Leadership style -- Personal mantra -- Biggest mistake women make when starting out -- Best management tip -- Best advice they've ever received Lisa Cines Managing officer and president, Aronson & Co. * Collaborating with individuals...

VSP exempt case may impact larger HMO sector.(News)(Vision Service Plan)(health maintenance organization)
October 6, 2008... Byline: Roger Russell A case currently on appeal to the Supreme Court could affect the tax-exempt status of thousands of nonprofit health maintenance organizations. Vision Service Plan, the largest not-for-profit vision benefits and...

Crowe Chizek gets new name.(News)(Crowe Horwath )(Brief article)
October 6, 2008... Oak Brook, Ill.-Crowe Chizek has changed its name to Crowe Horwath to reflect the firm's membership in the Horwath International network. The change went into effect Sept. 1, although the firm will continue to operate for a time under its...

The McCain tax plan; We complete our analysis of the presidential candidates' tax plans with a look at the GOP contender.(News)
October 6, 2008... Byline: Ken Rankin Washington, D.C.-With the hoopla of both the Democratic and Republican National Conventions still reverberating throughout the country and the election less than a month away, Accounting Today examines the tax plans...

IN BRIEF.(News)(International Financial Reporting Standards )(Survey)
October 6, 2008... Universities Not Planning for IFRS Education New York - Comparatively few universities will be educating students in international accounting standards this academic year, despite plans by the Securities and Exchange Commission to impose...

EDITOR'S DESK: No second acts!(Opinion)(Editorial)
October 6, 2008... Byline: Bill Carlino, Editor-in-Chief In high school, I once tried out for a production of West Side Story. Since I could neither sing nor dance very well, the drama teacher out of pity awarded me the role of the dour Lt. Shrank. My...

COMMENTARY: The case of Google; The irrational exuberant taxation of intellectual informational enterprises.(Opinion)
October 6, 2008... Byline: Abraham J. Briloff and Leonore A. Briloff In the Jan. 29-Feb. 11, 2007, issue of Accounting Today, there appeared an article by Abraham J. Briloff titled "Google's SOS to the SEC." That article discussed Google's July 2006 appeal...

LETTERS: Life settlements require an experienced partner.(Opinion)
October 6, 2008... Byline: Susan J. Bruno I believe there are some important points that should be addressed in response to the author's perspective of the life settlement industry ("Be your own life settlement broker," Accounting Today, Aug. 4-17, 2008,...

Liability Insurance: The blame game; A sour economy means more claims against accountants.(News)
October 20, 2008... Byline: Roger Russell Claims against accountants typically pick up in tough times, which makes professional liability insurance all the more crucial, according to observers. "When the likelihood of claims is higher, the real question...

Education by the numbers; CPAs have taken the lead in pushing for financial literacy, but work remains.(News)(certified public accountants)(Survey)
October 20, 2008... Byline: Richard Stolz If there were any doubt about Americans' urgent need for basic financial enlightenment, the economic meltdown that has been taking its heavy toll on Wall Street and Main Street of late should lay it to rest. But...

Study results boost preparer registration movement.(Tax Practice)
October 20, 2008... Byline: Roger Russell Two recent reports suggest that the movement to register tax return preparers will continue. Within a week of a Treasury Inspector General for Tax Administration report highlighting the failures of unenrolled...

In Brief.(Tax Practice)(Tax Committee)
October 20, 2008... Intuit, block to Offer Free 1040 E-Filing Next Year Washington, D.C. - Intuit and H&R Block plan to provide free electronic filing in response to a request from Congress and the Internal Revenue Service. Intuit will offer free filing...

Tax Strategy: 2008 year-end tax strategies - a legislative checklist.(Tax Practice)
October 20, 2008... Byline: George G. Jones and Mark A. Luscombe Getting a handle on 2008 year-end tax planning is especially challenging this year because of several areas of uncertainty. Are traditional income/deduction timing techniques dwarfed by the...

GASB pulls reporting lit from AICPA.(Assurance)(Governmental Accounting Standards Board)(American Institute of Certified Public Accountants)
October 20, 2008... Byline: Glenn Cheney Norwalk, Conn.-In what can be termed a shift in placement, the Governmental Accounting Standards Board and the American Institute of CPAs are proposing that certain guidance in the latter's literature belongs in the...

In Brief.(Assurance)(International Accounting Standards Board's partnership with Financial Accounting Standards Board)(PricewaterhouseCoopers L.L.P's guide on accounting standards)(Ashland Inc's contract with PricewaterhouseCoopers L.L.P.)
October 20, 2008... Convergence Reset to 2011 Norwalk, Conn. - The International Accounting Standards Board and the Financial Accounting Standards Board have accelerated their 2006 memorandum of understanding and set a goal of completing their major joint...

The Spirit of Accounting: What we did on our summer vacation.(Assurance)(Indecent Disclosure: Gilding the Corporate Lily)(Book review)
October 20, 2008... Byline: Paul B.W. Miller and Paul R. Bahnson One benefit of the academic life is flexibility to spend some time each summer catching up on our reading. Admittedly, some of it is purely for pleasure, but many of the pages we turn are...

Encouraging late-starters to save for retirement.(Financial Planning)
October 20, 2008... Byline: Herb White The Census Bureau estimates that there are nearly 78 million Baby Boomers, many of whom are facing retirement in the next few years with little or no savings. These 40-, 50- and even 60-year-old late-starters have...

In Brief.(Financial Planning)(Ameriprise Financial Inc's acquisition of H and R Block Financial Advisors)(Wachovia Securities L.L.C's settlement with Division of Enforcement)(Weaver and Tidwell L.L.P's Alan Goldfarb in the list of Worth Magazine's Top 250 Wealth Advisors)(Brief article)
October 20, 2008... Ameriprise to add 900 Blockers In the wake of its agreement to acquire H&R Block Financial Advisors for $315 million in cash, Ameriprise Financial said that it would add more than 900 former H&R Block advisors to its distributions. The...

Vendor Profile: Doc.It wants to be your paperless partner.(Technology)(Company overview)
October 20, 2008... Byline: Liz Gold The biggest obstacle for firms that have attempted to go paperless has been the resistance to a cultural change, according to Roger Mongeon, co-vice president of sales and marketing of document management provider Doc.It....

Tax Suite Update: Tax software vendors get ready for change.(News)
October 20, 2008... Byline: Roger Russell Tax software manufacturers predict that the impending election will fuel the tax prep market, as both presidential candidates propose significant changes to the Tax Code. "The tax side of business will be brisk...

In Brief.(Technology)(Sage Software Inc's updation of FAS fixed assets software)(NetSuite Inc. has updated its customer relationship management and e-commerce software)(CaseWare Inc. is protesting against Securities and Exchange Commission)
October 20, 2008... Sage Upgrades Fixed Assets Sage Software has updated its FAS fixed assets software with new reporting and tax features that reflect the Economic Stimulus Act of 2008. Version 2008.2 of Sage's FAS 50, FAS 100 and FAS 500 product lines...

Boomer's Blueprint: Reacting to the economy: Stay confident!(Technology)
October 20, 2008... Byline: L. Gary Boomer The recent news about the economy is not as significant as how you react to it in determining your future. CPAs are the most trusted business advisors, and clients look to them for leadership, relationships and...

Strategies for holding others accountable.(Practice Resources)
October 20, 2008... Byline: Jennifer Wilson What do you do when your team lacks accountability? In a prior article (Accounting Today, Aug. 18-Sept. 7, 2008), we explored how integrity and ownership affect accountability and how managing your personal...

In Brief.(Practice Resources)(Brief article)
October 20, 2008... KPMG Holds Virtual Jobs Fair New York - KPMG hosted a 48-hour worldwide recruiting fair over the Internet in mid-September. The KPMG World Jobs Fair attracted more than 10,000 people to sign up at KPMG's Web site. Job candidates were...

PEOPLE.(Practice Resources)(Beall Barclay & Co. PLC)(briefs)
October 20, 2008... Alabama Dr. Tommie Singleton, scholar-in-residence at Carr Riggs & Ingram LLC, Enterprise, has been appointed to the American Institute of CPAs' Information Technology Executive Committee for a three-year term.... Adrienne Forrer, Chase...

Coming Events.(Practice Resources)(Calendar)
October 20, 2008... October 20-21: Money Laundering: Tracing Illicit Funds, Association of Certified Fraud Examiners. Doubletree Hotel Seattle Airport, Seattle. Contact: www.acfe.com. 20-21: Tax Aspects of International Acquisitions and Reorganizations,...

FIRMS.(Practice Resources)(briefs)
October 20, 2008... Alabama Barfield Murphy Shank & Smith, Birmingham, has been named a Best Place to Work for the third year in a row by the Birmingham Business Journal, and also received the 2008 Alfred P. Sloan Award for Business Excellence in Workplace...

The profession's favorites.(News)(Brief article)
October 20, 2008... Byline: Ken Rankin Accounting political action committees supplied financial support to hundreds of House and Senate candidates in this year's elections, but the biggest donations were earmarked for a select group of political "favorite...

Election 2008: Accounting PACs pony up as campaign winds down.(News)
October 20, 2008... Byline: Ken Rankin Washington, D.C.-Political fundraisers for the accounting profession have been hedging their bets during this year's election campaigns, earmarking significant support for powerful House and Senate Democrats while...

CORRECTION.(News)(Correction notice)
October 20, 2008... "Gotta stay? Gotta pay!" (Sept. 22-Oct. 5, 2008, page 1), on long-term care insurance, incorrectly described how customers can increase their coverage under MetLife's LifeStage Advantage product. They can, in fact, increase their coverage every...

Rehmann merges in MSW Group.(News)(Brief article)
October 20, 2008... Detroit-The Rehmann Group plans to merge with MSW Group to create Michigan's second largest wealth management and consulting firm. The merger is expected to take effect on Jan. 1, 2009. Financial terms of the deal were not disclosed. The...

Rising to the occasion; Texas CPA firms come through Ike with flying colors.(News)(certified public accountants)
October 20, 2008... Byline: Liz Gold When Hurricane Ike blew through the southern coast of Texas, hitting cities such as Galveston and Houston on Sept. 12, it brought destruction and displacement, but it wasn't able to dissolve something perhaps even more...

In Brief.(News)
October 20, 2008... Senate Passes Tax Extenders, AMT Patch Washington, D.C. - The Senate passed a bill that would extend expiring tax cuts, patch the Alternative Minimum Tax for another year, provide clean energy incentives and equalize the disclosure...

Editor's Desk: Inexperience at 1600.(Opinion)(Editorial)
October 20, 2008... Byline: Bill Carlino, Editor-in-Chief I was going to begin this column with a wry joke about the current banking and financial crisis, something on the order that if you have Lehman, you've got to make Lehman-aid. Instead, I'll turn my...

COMMENTARY: CPAs I have known - Pt. 10.(Opinion)(certified public accountants)(Viewpoint essay)
October 20, 2008... Byline: Eli Mason John C. Burton, Jr. As senior partner of a modest accounting firm with a dozen publicly traded clients, I learned early on that the best resources for technical advice were the chief accountants of the Securities and...