IRS Issues Guidance on Buying Non-Prescription Drugs in Health Accounts
|
|
|
The Internal Revenue Service has issued guidance on the purchases of over-the-counter medicines and drugs with flexible spending arrangements and health savings accounts next year in light of the changes in the health care reform bill.
|
Employer Expectations of Accountants Change
|
|
|
The International Federation of Accountants' Professional Accountants in Business Committee has released a paper highlighting how employer expectations of professional accountants in business are expected to change in light of global trends and evolving organization needs.
|
Former BDO Partner Convicted of Tax Crimes
|
|
|
A jury has entered a guilty verdict against a former BDO Seidman partner who advised a client on how to include false items on his joint income tax returns for three years in a row.
|
Unemployment Remains Little Changed
|
|
|
The Labor Department reported Friday that non-farm payroll employment fell by 54,000 in August, largely because of government layoffs, including 114,000 temporary workers hired for the census being laid off, along with state and local government workers.
|
PCAOB Drafts Bill to Make Disciplinary Proceedings Public
|
|
|
The Public Company Accounting Oversight Board has written to Congress with a draft bill that would amend the Sarbanes-Oxley Act to allow it to make its disciplinary hearings of accounting firms and auditors public.
|
H&R Block to Sell 150 More Tax Offices
|
|
|
H&R Block is cutting costs and will be closing more offices before next tax season, allowing the company to reduce its continuing losses.
|
Boniface to Help Lead PwC's Indirect Tax Practice
|
|
|
PricewaterhouseCoopers announced that Tom Boniface has joined the firm as co-leader of PwC's Indirect Tax practice in New York, focusing on value-added taxes.
|
|
Los Angeles-based accounting and business advisory firm RBZ LLP has promoted 11 of its accounting professionals.
|
Crocodile Dundee Snaps at Aussie Tax Officials
|
|
|
Crocodile Dundee star Paul Hogan lashed out at Australian tax authorities after he was barred from leaving the country until he settles a multimillion-dollar tax debt.
|
Treasury to Test Tax Refunds on Debit Cards
|
|
|
The Treasury Department said it would launch a new pilot program next tax season for people without bank accounts, directly depositing their tax refunds in special accounts that they will be able to access with debit cards.
|
Fraud Examiners Draw Profile of Typical Fraudsters
|
|
|
The average fraud perpetrator has no prior fraud charges or convictions, is between the ages of 31 and 45, and is somewhat more likely to be male than female, according to new research by the Association of Certified Fraud Examiners.
|
IRS Taxpayer Advocate Service Getting Squeezed
|
|
|
The IRS's increased emphasis on enforcement, rising caseloads, the economy, and recent legislative changes are among the many challenges confronting the Taxpayer Advocate Service, according to a new report.
|
CCH Intros Outsourced Sales Tax Compliance Service
|
|
|
CCH has begun offering outsourced sales and use tax return preparation and filing services to corporate accounting and tax departments.
|
FASB Retools Pension Plan Standards
|
|
|
The Financial Accounting Standards Board has issued a proposed set of standards that aim to shed more light on the financial reports of organizations that participate in multi-employer pension plans and other post-retirement benefit plans.
|
Revenues Flatlined at CPA Firms
|
|
|
Revenue inched up an average of just 1.4 percent at CPA firms around the country last year, in sharp contrast to previous years, as the recession hit the accounting industry with full force.
|
Small Business Federal Contractors Make Gains
|
|
|
Small businesses won a record $96.8 billion in federal prime contracts in fiscal year 2009, an increase of more than $3 billion from fiscal year 2008, but still fell somewhat short of the federal government's 23 percent goal for small business contracting.
|
Small Businesses Brace for Double-Dip Recession
|
|
|
Eighty-six percent of small business owners are concerned that the economy may experience a double-dip recession, according to a new survey.
|
Small-Business Job Growth Slows in August
|
|
|
A pair of employment reports indicated that small businesses cut back on their hiring last month.
|
Doc.It Partners with Technology Services Corp.
|
|
|
Document management solutions provider Doc.It Corp has inked a partnership with Technology Services Corp. to deliver a set of document management technology and services to the U.S. accounting market, including workflow, portals, backup and implementation services.
|
Thomson Reuters Adds Client Access Product and Enhances Tax Software
|
|
|
The Tax & Accounting business of Thomson Reuters has released a new product that helps accountants and clients collaborate online, along with the latest version of its tax-provisioning software.
|
IRS Lost $90M on Faulty Foreign Income Tax Claims
|
|
|
The Internal Revenue Service lost an estimated $90 million in revenue for tax year 2008 because of erroneously claimed foreign earned income tax exclusions, according to a new government report.
|
New Taxonomy Proposed for U.S. GAAP Reporting
|
|
|
The Financial Accounting Foundation and the Securities Exchange Commission have released a proposed 2011 U.S. GAAP Financial Reporting Taxonomy that public companies will be expected to use when filing their financial reports with the SEC.
|
SEC Charges Koss Accountants with Fraud
|
|
|
The Securities and Exchange Commission has charged two former senior accounting professionals at headphone maker Koss Corp. with accounting fraud, books-and-records violations, and related misconduct arising from the embezzlement of more than $30 million from the company.
|
2,000 Employers Accepted into Early Retiree Reinsurance Program
|
|
|
The Obama administration said that nearly 2,000 employers and unions have been accepted in the first round of the $5 billion Early Retiree Reinsurance Program created under the health care reform bill.
|
Financial Planners Push to Extend Fiduciary Standard
|
|
|
The Financial Planning Coalition has asked the Securities and Exchange Commission to extend the fiduciary standard of care to broker-dealers and other financial professionals who provide personalized investment advice to retail customers.
|
Consumer Bankruptcy Costs Climb Sharply
|
|
|
People filing for Chapter 7 and Chapter 13 consumer bankruptcy protection are facing as much as a 55 percent cost increase as one result of the 2005 comprehensive bankruptcy reforms, according to a new study.
|
Wesley Snipes Asks for Retrial
|
|
|
Actor Wesley Snipes has filed documents with a Florida court requesting a new trial, claiming "jury misconduct."
|
AICPA, NACVA to Develop Forensics Exam Course
|
|
|
The American Institute of CPAs has contracted with the National Association of Certified Valuation Analysts to develop a course to help CPAs prepare for the qualifying exam for the Certified in Financial Forensics credential.
|
Texas CPAs Critique Financial Instruments Standards
|
|
|
The Texas Society of CPAs pointed to what it sees as several problems in the Financial Accounting Standards Board's proposed standards for financial instruments in a stinging letter addressed to the board.
|
Personable Launches Scan-and-Populate Software for QuickBooks
|
|
|
Personable Inc. has introduced ScanWriter for QuickBooks, a technology that will allow for automation of all previously keyed entries into QuickBooks.
|
NetSuite Unveils Accountant Program
|
|
|
Cloud-based financial and enterprise resource planning software suite developer NetSuite Inc. has created an accountants network program with the goal of educating the CPA community about the product and enlisting them as recommenders when their clients look to switch or upgrade from current accounting systems.
|
Thomson Reuters Acquires International Trade Concern
|
|
|
The Tax & Accounting business of Thomson Reuters has acquired Boskage Commerce Publications Ltd., a provider of international trade publications and training materials, WebCPA has learned.
|
IRS Seized $31,000 Watch and Scarface Poster from Rapper Young Buck's Home
|
|
|
The Internal Revenue Service seized a movie poster of the Al Pacino remake of "Scarface," along with a Breitling Bentley wristwatch, when it raided the home of rap singer Young Buck earlier this month.
|
CCH SFS to Offer Tax Refunds on Western Union Debit Cards
|
|
|
Taxpayers will be able to receive their income tax refunds on a reloadable prepaid Western Union MoneyWise MasterCard next tax season as a result of a new agreement that CCH Small Firm Services has struck with Western Union.
|
SEC Associate Enforcement Director to Leave
|
|
|
Christopher R. Conte, the Securities and Exchange Commission's associate director of enforcement, who led enforcement actions against Dell, Comverse Technology and other companies over their accounting violations, plans to leave the agency after nearly 18 years.
|
IRS Expects to Register 1.2 Million Tax Preparers
|
|
|
The Internal Revenue Service anticipates that the number of individuals who will request Preparer Tax Identification Numbers will swell to 1.2 million after its new rules for registration of paid tax preparers go into effect at the end of the year.
|
Armanino Expands Dynamics Biz with 1 Source Buy
|
|
|
Armanino Consulting, the tech consulting arm of Armanino McKenna LLC, has expanded its West Coast presence and Dynamics reseller business through the purchase of San Jose.-based 1 Source Solutions.
|
Ground Zero Mosque Developer Said to Owe Back Taxes
|
|
|
The real estate developer who is trying to set up a controversial Islamic cultural center two blocks away from Ground Zero reportedly owes New York City over $224,270 in back property taxes for the location.
|
Dell Execs to Pay $200,000+ for Accounting Fraud
|
|
|
The Securities and Exchange Commission has charged Dell's former chief accounting officer and assistant controller with accounting fraud, and they agreed Monday to collectively pay $200,000 in penalties, plus disgorgement and interest, to settle the charges.
|
Sage and Intuit Phase Out Online Products
|
|
|
Sage North America and Intuit are phasing out some of their online services for accountants and their small business and individual clients.
|
Wolters Kluwer Taps Evans as Asia Pacific Head
|
|
|
Wolters Kluwer Tax & Accounting, a global provider of tax, accounting and audit products and information, has named Russell Evans as president of its Asia Pacific region, effective August 30.
|
Thomson Reuters Expands Tax Withholding Software
|
|
|
The Tax & Accounting business of Thomson Reuters has expanded its products for helping businesses comply with tax withholding requirements.
|
CCH Adds Single Audits to ProSystem fx Knowledge Coach
|
|
|
CCH's ProSystem fx Knowledge Coach now supports single-audit engagements, with the latest product update and release of the new Knowledge-Based Single Audits KBA title.
|
AICPA Wants Delay in Loss Contingency Standards
|
|
|
...
|
Social Media Helps Accountants Enhance Visibility
|
|
|
Staying connected through professional groups and social networking sites is the best way for accounting and finance managers to enhance their professional visibility, according to a new survey of CFOs.
|
Pro-Israel Group Sues IRS for Discrimination
|
|
|
...
|
DOJ Sues Man over Fake Pension Plan Tax Fraud
|
|
|
The Justice Department has filed suit to stop a Pasadena man from promoting a tax fraud scheme involving sham pension contributions and welfare benefit plans.
|
Campaign Contributions May Have Swung Tax Rulings
|
|
|
Taxpayers with complex tax dispute cases before the California State Board of Equalization were more likely to win their cases if they or their representatives made campaign contributions to the elected board members, either directly or through political action committees.
|
Weaver Names Lund Houston Office Executive Partner
|
|
|
Mark E. Lund, the Houston audit location leader at the accounting firm Weaver, was recently named executive partner of the Houston office.
|
Citrin Cooperman Adds Two Partners
|
|
|
Brian J. "BJ" Hoffman and Michael J. Kline, formerly shareholders with Shechtman Marks Devor PC, have joined Citrin Cooperman as partners in the firm's Philadelphia accounting, tax and business consulting practice.
|
Biden Pushes for Small Business Tax Cut Bill
|
|
|
...
|
BatesCarter Debuts New Firm Branding
|
|
|
BatesCarter has launched a new firm brand and logo focused on the firm's commitment to consistently exceed clients' expectations.
|
Crocodile Dundee Star Held by Aussie Tax Officials
|
|
|
The Australian Taxation Office has barred actor Paul Hogan, who played Crocodile Dundee in a trio of Hollywood movies, from leaving the country until he settles a multimillion-dollar tax debt.
|
IRS Criminal Investigators Step Up Enforcement
|
|
|
The Internal Revenue Service's Criminal Investigation Division showed signs of improvement in meeting its objectives for combating tax evasion, corporate fraud, financial crime and even terrorism, according to a new report.
|
E&Y Sued over Audits of Failed Hedge Fund
|
|
|
A group of investors has filed a securities fraud lawsuit against Ernst & Young for its audits of a failed Texas hedge fund connected with H. Ross Perot.
|
Small Businesses Cautious about Hiring
|
|
|
U.S. small businesses are experiencing stable or improved financial performance, according to a new survey, but an increased number of businesses have grown more cautious about near-term plans for adding employees and spending on business development and investments.
|
Health Care Reform Small Business Tax Credit Calculator Goes Online
|
|
|
H&R Block has teamed up with Blue Cross and Blue Shield of Kansas City to offer an online calculator that can help small businesses understand the financial impact of health care reform and determine their health insurance savings by using tax credits under the bill.
|
Intuit Enhances Small Business Websites Service
|
|
|
Intuit is adding new capabilities to its Intuit Websites service, including social networking features.
|
Beazer's Former Chief Accounting Officer Indicted
|
|
|
The former chief accounting officer for home builder Beazer Homes USA has been charged with 11 criminal counts accusing him of conspiracy, securities fraud, obstruction, witness tampering, false statements to a financial institution, misleading conduct, and destruction of records.
|
SEC Eases Shareholder Nominations of Directors
|
|
|
The Securities and Exchange Commission has adopted changes to the federal proxy access and other rules to facilitate the rights of shareholders to nominate directors to a company's board.
|
AccuFund Adds Support for SQL Server
|
|
|
AccuFund has released the latest version of its accounting software for nonprofit, municipal and government organizations, with new features that provide support for Microsoft SQL Server 2008 and enhancements to various modules.
|
NSA Tells IRS to Level Playing Field for Tax Preparers
|
|
|
The National Society of Accountants and the American Institute of CPAs testified before the Internal Revenue Service on the agency's proposals for registering, testing and requiring continuing education for paid tax preparers.
|
IRS to Crack Down on Non-compliant Political Groups
|
|
|
The Internal Revenue Service plans to do more to ensure that tax-exempt political organizations fully report their contributions and expenditures to the IRS on time, according to a new government report.
|
CFP Board Wants More Disclosure by Target Date Funds
|
|
|
The Certified Financial Planner Board of Standards has recommended enhancements to the Securities and Exchange Commission's proposed rules in target date funds, including better disclosure in the funds' advertising and marketing materials.
|
Critical Illness Can Slash $12,000 from Income in First Year
|
|
|
Experiencing a critical illness, such as cancer, a heart attack, or stroke, can reduce a family's income by more than $12,000 in the first year alone — even with medical coverage in place — primarily due to the inability to work, according to newly released studies.
|
Intuit ProLine Tax Import Aims at Scan and Populate Market
|
|
|
Intuit is looking to take scan-and-populate technology to the next level with the release of ProLine Tax Import, designed to allow tax professionals to import tax data from scanned source documents and digitally download data from financial institutions directly into Intuit Lacerte and Intuit ProSeries.
|
PwC to Acquire Diamond Consulting Firm for $378M
|
|
|
PricewaterhouseCoopers plans to acquire Diamond Management & Technology Consultants for $378 million.
|
CCH SFS Offers Firms Discount on Credit Card Processing
|
|
|
CCH Small Firm Services has introduced a service that can help CPAs and other accounting professionals save their business clients up to 30 percent on credit card processing costs.
|
Mountjoy Chilton Medley Merges in Hawkins
|
|
|
Kentucky-based accounting firm Mountjoy Chilton Medley has merged in Hawkins Company CPAs, a Louisville firm that specializes in providing assurance, tax, internal audit, information systems, compliance and regulatory-related consulting services to regional financial institutions.
|
FASB Chairman Herz to Retire Next Month
|
|
|
Financial Accounting Standards Board Chairman Robert Herz plans to retire after more than eight years of leading the board, which will now increase in size to seven members.
|
Illinois Society CEO Maps Top Concerns for CPAs
|
|
|
The multitude of issues affecting the CPA community continues to grow, but top industry concerns mapped out by Illinois CPA Society president Elaine Weiss remain — in no particular order — the economy, globalization, technology, regulations and legislation, and generational issues.
|
California AG Sues 'Tax Lady' Roni Deutch for $34M
|
|
|
California Attorney General Jerry Brown has filed a $34 million lawsuit against TV's "Tax Lady" Roni Deutch for orchestrating a "heartless scheme" that swindled thousands of people facing serious and expensive tax collection problems with the IRS.
|
Alaskan Accountant Indicted for Defrauding Clients
|
|
|
The owner of an Anchorage accounting and tax prep business has been indicted on charges that she engaged in a scheme to defraud her clients and her own family members of nearly $1 million.
|
GAO Revises Government Auditing Standards
|
|
|
The Government Accountability Office is making changes to Government Auditing Standards, commonly known as the Yellow Book.
|
Accounting Education Standards Handbook Released
|
|
|
The International Accounting Education Standards Board of the International Federation of Accountants has released the 2010 edition of its Handbook of International Education Pronouncements.
|
Inactivity Fees Banned for Credit Cards
|
|
|
Credit card companies have been prohibited from charging their customers inactivity fees under the latest set of protections that went into effect from the Credit Card Act.
|
Checkpoint Gets New Audit and IFRS Tools
|
|
|
The Tax & Accounting business of Thomson Reuters has released two new modules for its Checkpoint online research service aimed at improving single audits and International Financial Reporting Standards disclosures.
|
Report Questions IRS Oversight of Stimulus Funds
|
|
|
Some $203 million in funding under last year's Recovery Act for the Internal Revenue Service to reprogram its computer systems and update tax forms, publications and customer service may be at risk due to inadequate oversight, according to a new government report.
|
|
Aarons Grant & Habif LLC has merged Donner, Weiser & Associates into its Atlanta-based practice.
|
IRS Releases Guidance on Expanded NOL Carryback
|
|
|
The Internal Revenue Service has published Notice 2010-58, which provides guidance in Q& A format under Section 13 of the Worker, Homeownership, and Business Assistance Act of 2009, which allows taxpayers to elect a three, four, or year-year net operating loss carryback instead of a normal two-year carryback.
|
Mileage Tracker Released for Smart Phones
|
|
|
Mobile application developer, Izatt International, has introduced a version of its Apple iPhone mileage tracker mobile phone app, MileBug, for Google Android and Nokia Symbian smart phones.
|
Man Gets 4 Years for Ramming SUV into IRS Building
|
|
|
A federal judge has sentenced a man to more than four years in prison for driving his SUV into an Internal Revenue Service building in Birmingham in 2008.
|
Equipment Leasing Group Balks at FASB Proposal
|
|
|
The leader of a trade association representing the equipment finance sector criticized the new accounting standards for leasing contracts proposed by the Financial Accounting Standards Board and the International Accounting Standards Board this week.
|
IRS Agent Pleads Guilty to Soliciting a Bribe
|
|
|
An Internal Revenue Service agent has pleaded guilty in a federal court in St. Paul, Minn., to soliciting and receiving a $9,700 bribe.
|
Nussbaum Yates Appoints Timoshenko as COO
|
|
|
Walter Timoshenko has been named chief operating officer at accounting and consulting firm Nussbaum Yates Berg Klein & Wolpow LLP.
|
Rothstein Kass Names New Principals
|
|
|
Rothstein Kass has appointed Camille Asaro, Frank Attalla, Jeff Kollin and Navin Sethi as principals at the international professional services firm.
|
IRS Expands Use of Electronic Payments
|
|
|
The Internal Revenue Service issued proposed regulations on Thursday to significantly increase the number of electronic transactions between taxpayers and the federal government.
|
Thomson Reuters Acquires TaxSimple
|
|
|
Thomson Reuters has acquired TaxSimple, one of the last independent software companies in the tax software market.
|
IRS Files $63,487 Tax Lien Against Naomi Campbell
|
|
|
The Internal Revenue Service has fitted out a plus-size tax lien of $63,487 for supermodel Naomi Campbell.
|
Sage Offers Peachtree Certification for Accountants
|
|
|
Sage North America's Sage Accountants Network members can now earn certification on Sage Peachtree, whereby they can enhance their product knowledge and earn CPE credits.
|
IRS Readies Tax Return Preparer Application System
|
|
|
The Internal Revenue Service said Thursday that its new online application system for compensated tax return preparers is expected to go live in mid-September, and that the fee will total $64.25 to receive a Preparer Tax Identification Number.
|
Davis & Bellomo Acquires Gilpin CPA Practice
|
|
|
Tax and accounting firm Davis & Bellomo has acquired the accounting practice of Gordon Gilpin, CPA, of Leawood, Kan.
|
University to Teach Forensic Accounting Online
|
|
|
Golden Gate University plans to offer a forensic accounting certificate completely online in the fall semester.
|
IRS Releases Tanning Tax Form
|
|
|
The Internal Revenue Service has released an updated Form 720, the Quarterly Federal Excise Tax Return, to reflect the new 10 percent excise tax on indoor tanning salons in the health care reform bill.
|
Banks Start to Ease Lending to Small Business
|
|
|
Banks have begun to loosen their lending standards for the first time since 2006, according to a new survey by the Federal Reserve.
|
Former E&Y Partner Settles Insider Trading Charges for $250,000
|
|
|
A former Ernst & Young partner has settled insider trading charges after he was accused of tipping off his stockbroker girlfriend about at least seven different acquisition targets that happened to be his firm's clients.
|
Lawmaker Introduces Bill to Extend Unemployment Benefits for '99ers'
|
|
|
Congresswoman Shelley Berkley, D-Nev., has introduced legislation that would provide additional assistance for workers who have exhausted their unemployment insurance and are living in states like Nevada with elevated unemployment rates.
|
FASB Extends Comment Period for Contingencies Standard
|
|
|
The Financial Accounting Standards Board has voted to extend the comment period by an additional 30 days for its proposed standards on the disclosure of loss contingencies.
|
Study Finds Investors Distrust Negative Forecasts
|
|
|
A new study finds that investors are not only skeptical of upbeat financial forecasts from the management at public companies, but they often believe downbeat forecasts are overly optimistic and less credible than positive news about the company's outlook.
|
New York City Rebuffed on Taxing U.N. Missions
|
|
|
A federal appeals court has ruled against New York City in its bid to collect about $47 million in property taxes from two foreign governments that have been using parts of their United Nations missions for non-diplomatic purposes.
|
