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It's always a challenge to communicate at the correct level with people, right? Whether they're clients, coworkers, or referral sources, most folks don't want to insult the other person's intelligence or speak way above his or her head. A CPA I worked with years ago told me that the toughest thing to figure out as a young accountant was gauging the financial level at which to speak with clients. What made me think of this was reading CFO magazine last weekend. In a sentence that read, "...company's debt-to-EBITDA has dropped..." I was surprised to see an explanation of EBITDA in parentheses after this common financial acronym. It's CFO magazine for crying out loud! I'm guessing that at least 99 percent of its readers know it stands for...well, you know.Last week in my note, things got a bit controversial. Here are comments from readers. Rob Nance Publisher publisher@accountingweb.com |
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| Historic moment for private company accounting standards | |||||||||||||||||
The final report of the Blue Ribbon Panel to the Financial Accounting Foundation (FAF) recommended a new, separate standard-setting board for private companies and modifications to U.S. GAAP for private companies. FAF, the oversight body for the Financial Accounting Standards Board (FASB), discussed the report at their February 15th meeting and is expected to release a proposal for public comment this spring.
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| Somebody must think the economy is improving: IRS raises interest rates | |||||||||||||||||
| The Internal Revenue Service (IRS) has announced that interest rates for the calendar quarter beginning April 1, 2011, will increase by one percentage point. Read More... | |||||||||||||||||
| SEC adopts say-on-pay rules for executive compensation | |||||||||||||||||
| On January 25, 2011, the SEC adopted new rules regarding shareholder approval of executive compensation and the golden parachute compensation arrangements as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More... | |||||||||||||||||
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| Revising the rules for business deductions | |||||||||||||||||
Despite John’s being employed full-time in a large corporation, he spent considerably more time at his freelancing activity this past year. The activity involves touring on his bicycle, writing articles, and taking pictures about his tours, the local attractions, and the people he met along the way. He sold these articles to various publishers and increased his income significantly in 2010 over 2009. At first only a few publishers of bicycling magazines were interested, but soon word spread and travel magazine publishers liked his “on-the-road” perspective of local attractions and the people he encountered.
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| Two things you can't avoid: Apps and taxes | |||||||||||||||||
| For many iPhone or Android owners, apps are like potato chips: You can’t stop at just one. Indeed, apps seem to be one of the leading fads of the 2010s – even the IRS has gotten into the game. Read More... | |||||||||||||||||
| Movie maker Michael Moore accuses former partner of irregular accounting practices | |||||||||||||||||
| Michael Moore rose to fame for documentaries like Fahrenheit 9/11. As the highest grossing documentary, it brought in $222 million. Moore received $20 million of the profits in a 50-50 split with his partners, Bob and Harvey Weinstein. Now, he is taking them to court for more. Read More... | |||||||||||||||||
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| Accounting firm loses Super Bowl wager; charity wins | |||||||||||||||||
A Pittsburgh-based accounting firm lost bragging rights, and its president and CEO, perhaps, lost a bit of dignity following the Green Bay Packers' victory in Super Bowl XLV.
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| Fitness program starts small, blossoms at Somerset | |||||||||||||||||
| Office fitness doesn't have to start big. It can start with one person having an idea, and an office that is willing and interested. Read More... | |||||||||||||||||
| Cincinnati return preparer gets 30 months in jail to think about filing false tax returns | |||||||||||||||||
| A former resident of Cincinnati was sentenced to 30 months in prison by U.S. District Judge Sandra S. Beckwith for aiding and assisting in the preparation of false client tax returns and for filing a false individual income return, the Justice Department and Internal Revenue Service announced. Read More... | |||||||||||||||||
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| Do you have an auditor's "sixth sense?" | |||||||||||||||||
You may be asking, “What exactly is a sixth sense?” Here is an example. A CPA firm partner was asked to prepare a proposal for an audit of a local non-profit organization. To learn more about the executive director and the organization, he arranged a meeting to discuss the organization’s needs. While the director was affable and congenial, the partner left the meeting with an uncomfortable feeling (his sixth sense!).
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| The CPA world of "I don't have enough time" | |||||||||||||||||
| With time being so valuable in the CPA firm world, isn’t it amazing how much time is wasted by everyone? Read More... | |||||||||||||||||
| Process: It's all about the rubber duckie | |||||||||||||||||
| Many of the bloggers present and past here on the Bloggers Crew have conversations on a regular basis elsewhere on social media, especially on Facebook. One day last week, my good friend Michelle Golden posted that she wasn't sure if she was being productive or completely useless. Read More... | |||||||||||||||||
| Tax help: State residency and domicile issues | |||||||||||||||||
| Residency is the area that creates the most problems in doing not only the home state return but the returns of other states. If all states would treat residency the same, it would be easy, but they don’t! Read More... | |||||||||||||||||
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