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| February 25, 2010 |
| Publisher's Note |
The New York Times reported on a school bus in Vail, Arizona with Wi-Fi access that turned the once rowdy bus into a “rolling study hall.” I think this is a terrific idea. Students are reported to be using their school commute time much more productively—and teachers are noticing the difference. Other school systems in Florida, Missouri, and Washington D.C. are also reported to be jumping on the bandwagon.Wouldn’t this be a great thing for your firm or company to sponsor? If you contact your school system and make it happen, please let me know! Rob Nance Publisher publisher@accountingweb.com |
| Top News |
| The SEC approves Work Plan to assess U.S. adoption of global accounting standards |
 The SEC on Wednesday approved a statement supporting the adoption of global accounting standards for U.S. companies, but Chairman Mary Schapiro cautioned in a speech at the Commission's open meeting that, "Incorporating [International Financial Reporting Standards] IFRS into our financial reporting system would involve a significant undertaking." |
| IRS addresses issues regarding disclosure of uncertain tax positions |
| Heather Maloy, IRS commissioner, large and mid-size business division, joined Ernst & Young LLP professionals this week for a discussion of the IRS proposal to require disclosure of uncertain tax positions on a schedule that will be attached to corporate income tax returns. |
| The Internet nexus sales tax debate: "Amazon Laws" vs. the Streamlined Sales Tax Project |
| While the precise amount of sales tax revenue that is lost through online retailing may be in question, there is little doubt that the amounts are large enough to warrant attention by state budget directors who are looking for money. |
| Employee or independent contractor? White House budget depends on the answer |
| At least seven billion dollars… that's the amount President Barack Obama has penciled into his 2010 budget to be collected in the next 10 years, from firms that misclassify workers. Toward that end, the Obama administration has announced it will target 6,000 firms for special audit, with an emphasis on worker classification. |
| Featured Articles |
| Tax return preparation fees vary by type of return, geographic region |
 Individuals who hire professional tax return preparers are getting their money's worth, according to the National Society of Accountants.
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| Credit card rules changes: Do you still know what’s in your wallet? |
| A new set of provisions kicked in under the 2009 Credit Card Accountability, Responsibility, and Disclosure Act (CARD) on February 22. The rules are designed to give consumers a break. |
| Deadly tax protest in Texas |
| After decades of frustration with the tax system and accountants he called “incompetent,” a Texas man turned his torment into a suicidal attack. |
| ERP systems for life |
| Not long ago, selecting a new enterprise resource planning system (ERP) every 5 to 10 years was the norm. But now, the more successful products have matured and much of them offer the same basic functionality. Today, organizations typically don’t select and implement a new system unless they have no choice. |
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| Firm/State/People News |
| Can your clients tell if you are faking it? Take the Passionate Accountant Quiz |
 Are you really passionate about what you do or are you just pretending? Do you get excited about helping your clients be more successful? Do you seek out opportunities to learn new things that will help your clients overcome their most difficult challenges?
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| Survey indicates surprising 401(k) trends |
| A recent survey of defined contribution plan participants conducted by MassMutual’s Retirement Services Division revealed unexpected findings about participant attitudes and approaches toward investing. |
| Graf Repetti & Co. expands Long Island presence through merger |
| New York City-based Graf Repetti & Co. has announced that it combined with Zeidman, Lackowitz, Prisand & Co.'s Commercial and Tax Division on January 1, taking on four partners and staff in its Plainview, NY, office on Long Island. |
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Blogs! What do you have to say today? |
| Credit CARD Act of 2009: Provisions Start February 22, 2010 |
| A new federal credit card law that takes effect this week could have changes that impact you and your business. On May 22, 2009, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, Act of 2009 into law. |
| How much is 2 plus 2? |
| In a classic book about the accounting profession some 40 years ago, Unaccountable Accounting: Games Accountants Play, Abraham Briloff recounts a supposedly true story suggesting the primary criterion corporations employed in selecting their public accounting firms. |
| What Does Your Income Statement Look Like? And Why Doesn't GAAP Seem to Care? |
| I don't know the percentage, but I'd guess at least 80% (probably 90%) of business have income statements that make no sense. |
| Shouldn’t Ethics Be the same for all CPAs? |
| Does it make sense that each state has a different continuing education ethics requirement for its CPAs? |
| Kaplan Weekly Quiz |
 Are you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz. |
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