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| March 11, 2010 |
| Publisher's Note |
"Do, or do not. There is no try." Little green Yoda from the "Star Wars" films wisely proclaimed this years ago. His declaration applies to so many situations. Succeed or fail -- in life, in business, in sports, everything. Yoda’s dictum certainly rings true with every one of us, too. Senior citizens, young children, business people, homemakers, students, everyone. Succeed or fail.It is our goal at AccountingWEB to constantly give you the tools, information, and resources to help you succeed in your accounting life. May the force be with you. Rob Nance Publisher publisher@accountingweb.com |
| Top News |
| Citibank apologizes after exposing 600,000 Social Security numbers |
 More than half a million Citibank customers received mail from the credit card company with their Social Security number printed on the outside of the envelope. |
| Massachusetts tax attorney suspended for failing to meet tax filing obligations |
| Massachusetts Tax Attorney Kevin Kilduff has been barred from practicing before the Internal Revenue Service for 48 months for failing to file a federal tax return, and for filing another five returns late. |
| Retaining African Americans in the accounting profession |
| The low number of African Americans in the accounting profession is discouraging, and that number might even be declining despite the best efforts of hiring firms. |
| Featured Articles |
| Basketball and income tax: An unlikely pair? Not necessarily |
 What does it take to get spectators in the seats at a New Jersey Nets basketball game? The latest promotion is to give away free state tax preparation by well-known tax professional Roni Deutch. |
| Interesting vs. interested – advice from a prospect |
| I think it’s great that you ride a Harley, raise chickens, enjoy food and wine, skydive, or volunteer at a homeless shelter. But are you just as interested as you are interesting? |
| Hiring outlook good for accounting pros |
| At a time of high unemployment and low hopes, jobs in the accounting and auditing fields are expected to grow. |
| Read Any Good Books Lately? |
 Have you discovered our Book of the Week section? Each week, we feature a different selection, ranging in topics from informative to funny, proactive to provocative. Whether you're looking for a lesson in "how to" from one of today's best-selling business gurus, or are just in the mood for a good book to curl up with, chances are we've got you covered. Check out this week's selection. |
| Firm/State/People News |
| Charles Rangel steps aside as House Ways and Means chairman |
 Bowing to pressure from Republicans and Democrats in the U.S. House of Representatives, Charles Rangel, chairman of the tax-writing House Ways and Means Committee, agreed to step down “temporarily.” |
| Grant Thornton takes a stand regarding SEC, IFRS Roadmap |
| Grant Thornton has been a staunch supporter of the ongoing movement toward one set of high-quality, globally accepted accounting standards. At present, that language of financial reporting features several different dialects, depending on where a company operates. |
| Thomson Reuters releases 2010 edition of Mexico Tax, Law, and Business Briefing |
| The tax and accounting business of Thomson Reuters recently updated its Mexico Tax, Law, and Business Briefing book, which is designed to help companies comply with Mexico's new tax and finance legislation changes, explore opportunities for minimizing the change impacts, and proactively manage audit risk. |
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Blogs! What do you have to say today? |
| Does Audit Risk Affect Materiality? |
| Most of us would answer that audit risk does affect materiality. That's what SAS No. 107 says, SAS No 47 before that. Drilling down, perhaps the question should be, "Do we appropriately reflect risks of material misstatements in setting materiality levels that guide audit engagement performance?" Again, most of us would answer yes. |
| The Lost Wages of Youth |
| Since 2007, Congress has increased the minimum wage three times (from $5.15 to $7.25). Politicians do this because they believe it helps the poor and disadvantaged. But does this have some negative impact and unintended consequences? |
| Violence in the Workplace: Are You Next? |
| Workplace violence can be any act of physical violence, harrassment, intimidation, or other threatening and disruptive behavior that occurs in the workplace. Domestic violence in the workplace also is on the rise. How can we keep our employees safe? |
| PCAOB Forums On Small Business Will Address Emerging Issues |
| On Friday, March 5, the Public Company Accounting Oversight Board announced the 2010 schedule of its Forum on Auditing in the Small Business Environment. The one day forums, offered in various cities, are designed to provide information to, and receive feedback from, small audit firms and auditors of small public companies. |
| Q&A |
| S Corp - Profit (Taken to Personal Tax Return) Not Taken out of Business |
| A small S Corp has a large profit that goes to her personal tax return - and doesn't take anything out of the business except a reasonable paycheck. Can she take the previous profits and consider them a loan that the company owes her so she can pay her taxes? Add your input! |
| Nonprofit Needs QuickBooks Time-Tracking Report by Project |
| We have timetracker from Quickbooks and I am looking to be able to create a report that not only has the employees names and hours worked for each project, but I also want the amount that is charged to each project by employee as well. Share your suggestions! |
| 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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