	April 7, 2011

Tax

Accounting & Auditing

For those of you in management at your public accounting firm or company, how are you dealing with the rising costs of health insurance? It's no surprise that benefit levels are dropping for employees, as firms and companies find 20%+ annual premium increases difficult to absorb.

I really have to feel for people without health insurance. It's easy to get nickel 'n dimed for basic health needs, that's for sure. Even with good insurance, for a recent bout of pneumonia I had an out-of-pocket cost of $200 (two office visits and a load of drugs). Without health insurance, this figure would have been far, far higher.

Regardless of your political affiliation, the term "ObamaCare" is ingrained in today's vernacular. How do you feel about our country's health care situation? Since you're a CPA, controller, EA, bookkeeper or some type of accountant, how do you feel about these challenges from a financial perspective? Voice your opinion here. You may do so anonymously, if you like.

Rob Nance
Publisher
publisher@accountingweb.com

Senate repeals 1099 provision; bill goes to President Obama for signature

The Senate voted on Tuesday, April 5, by a vote of 87 to 12, to repeal the provision in the Patient Protection and Affordable Care Act (aka ObamaCare) that would have required businesses to file 1099 tax forms beginning in 2012 for all purchases over $600. The measure now goes to the president, who is expected to sign it. The measure was sponsored by Senator Mike Johanns (R-NE). Read More...

IRS recognizes Japan disasters but warns taxpayers about non-deductibility of contributions

The Internal Revenue Service has issued guidance that designates the earthquake and tsunami in Japan in March, 2011 as a qualified disaster for federal tax purposes. This guidance affects recipients of disaster relief payments as well as employer-sponsored private foundations. Read More...

April is Financial Literacy Month; financial fitness programs abound

Clients are filing away their tax returns, ready to put taxes aside for another year, and accountants are dreaming about the beach, the golf course, or just the recliner. But now, when the client's financial position is in clear focus, is the best time to talk about ways to improve their personal and business financial management and results. Read More...

Globalsym: International accounting students lock business horns in this fierce competition

It's not often you find a heated contest between Texans and… the Irish. No, it's not sports, dancing celebrities, a weight-loss challenge, or politics. This competition involves bean counting and business know-how. Post graduate accounting students at the University of Texas at El Paso (UTEP) and third-year accounting students at Galway's National University of Ireland (NUI), area going head to head in an international business simulation. It's called Globalsym. Read More...

'Bonus depreciation' and 'Eligible small business' are top tax researcher requests

Intuit ProLine Tax Research has provided AccountingWEB with the monthly results of its internal search engine, showing the most-searched words and phrases made by tax preparers in the month of March.
Read More...

Jaw-dropping budgeting errors make headlines in Maine and Ohio

Some recent budgeting mistakes have plenty of taxpayers scratching their heads as the issue shines a spotlight on the need for efficient accounting systems. Read More...

CPA combines his love of Indian cinema with a heart for service

Who said accountants aren't passionate? Shreedhar Kothari, a partner with the Santa Monica, CA accounting firm of Gumbiner Savett, Inc. found a way to indulge his love of Indian films and at the same time provide guidance to a local not-for-profit organization. Kothari has been a participant at the Indian Film Festival of Los Angeles (IFFLA) since its inception nine years ago. Read More...

INSIDE Public Accounting announces launch of annual benchmarking survey

Each year, INSIDE Public Accounting (IPA) provides rankings for the Top 100 firms, the Best of the Best, and All-Star firms. 2011 marks the 21st year for the IPA survey. In addition to the other rankings, beginning in 2010, IPA ranked the Top 200 firms in the U.S. Read More...

Company announcements: Week of April 4, 2011

Following is the latest roundup of accounting community news for the week of April 4, 2011. Read More...

Arkansas enacts Amazon.com nexus law!!!!

The Governor of Arkansas has signed an "affiliate nexus" law and "click-through nexus" (or Amazon.com nexus) law into effect as of April 1, 2011 (SB738). The laws take effect 90 days after enactment. Under the Affiliate Nexus law, a seller is presumed to be engaged in the business of selling tangible personal property or taxable services for use in the state if an affiliated person is subject to the sales and use tax jurisdiction of the state and... Read More...

The Not To Do list

Have you ever walked into a situation that was such a big mess that you didn't know where to start? Or what about a project that started small, but kept growing and growing? Or maybe you have a staff member who is not operating at full effectiveness because they are spreading themselves too thinly. These are all good places to have a Not To Do List, i.e. a list of things you have decided not to do. Read More...

The best technology skill you can have in an employee is...

My wife is a second grade teacher - her day is filled with inspiring and educating eight year olds. While the tactics used to educate eight-year-olds is different than those used for 18-, 38-, and 58-year-olds, one common factor does apply - the desire to teach yourself. Read More...

Increasing audit profits Series No. 3--Know your stuff!

Years ago, I remember meeting auditors that reasoned this way: "To complete an audit, all I have to do is support balance sheet classifications 100% at the beginning and the end of a year. Everything else will drop out on the income statement." Some of these auditors are still around! This approach may have worked decades ago but not now! Read More...

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