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| September 2, 2010 |
| Publisher's Note |
  Last week at the Midwest Accounting Show in Chicago, the AccountingWEB team encountered several accountants who were there to find new employment after being downsized. We all agreed that we’ve seen more of this kind of thing in 2010 than in any other year.I was reminded of this last Sunday morning when I played tennis against someone with whom I’ve played at least 50 times and had never beaten. This time was different, however, as I did a much better job of focusing on my strengths (the few that I possess), and minimizing reliance on my weaknesses. While playing this guy in tennis is always a lot of fun, I knew if I had to play him 1,000 times before tasting victory, I would. Failure was not an option. All job seekers out there: Best wishes to you all. Play to your strengths and never give up! If I can beat my friend Gopal in tennis, anything is possible! Rob Nance Publisher publisher@accountingweb.com |
| Top News |
| Would you like your bagel with a side of extra tax? |
 Until recently, residents of Albany, New York, have not had to pay tax on the purchase of their morning bagels. At least for one major bagel chain – Bruegger’s – that’s all over. Why? Because the city of Albany needs cash and they are going to get it one bagel at a time. |
| One IRS attacker goes to prison, others under investigation |
| Frustration with the Internal Revenue Service is nothing new. But in recent months, acts of violence and inappropriate treatment of agents are escalating. |
| Convictions upheld, fine reduced in KPMG tax shelter case |
| A $6 million fine levied against former KPMG LLP senior manager John Larson for selling illegal tax shelters was reduced by half last week by a U.S. appeals court. |
| Last Chance for Early Bird Savings on PPC and AuditWatch Mega-Conference Week in Las Vegas! |
 Three exciting accounting and auditing conferences in Las Vegas:Early Bird: Save 10% through September 6! Mega-Conference: Save ADDITIONAL 10% for two or more! Caesars Palace Discount: $149 per single/double room! Sessions include: Oct 5 – 8 Key Accounting and Auditing Developments - 16 CPE credits; Audit Quality and Efficiency – 16 CPE credits; Technology Solutions for Increased Audit Efficiency – 8 CPE credits. Call 800.231.1860 or click here to find out more or to register now! |
| Featured Articles |
| Pigs might not fly, but for Somerset CPAs, they can drive a racecar |
 Indianapolis is known as "The Racing Capital of the World," and it just so happens there are employees at Indianapolis-based Somerset CPAs P.C. who follow auto racing. So it’s no surprise that the firm created and entered a racecar-themed structure for the CANstruction event at the Indiana State Fair. |
| Don't drink and tweet: Illinois CPA Society president speaks at nation's largest state CPA conference |
| Last week's Midwest Accounting and Finance Showcase in Rosemont, IL, kicked off with approximately 1,700 CPAs in attendance, a group so large that it was clear the need for knowledge and networking is still alive. |
| Laughter can be cure for workplace ills |
| Employee satisfaction, worker productivity, and customer service continue to be priorities. The challenge for most organizations is to achieve high levels of productivity and customer service while maintaining a satisfied, motivated workforce. |
| Know thy client |
| Use what you know to take care of your clients. Ensure that they get the most relevant and timely advice from their proven and reliable source – their accountant. |
| Reality Check: Make Next Tax Season Your Best Ever! |
 You've been through multiple busy seasons and you have great ideas about what you could do to make the next one better. But do you have the tools to take you there? Maybe it's time to take another look at the professional’s first choice, ProSystem fx Tax. Reliable. Comprehensive. Accurate. Always up-to-date. Hear what other tax professionals are saying. Visit CCHGroup.com/Tax or call 1-800-739-9998 for more information. |
| Firm/State/People News |
| Hedge fund investors sue Ernst & Young over fraudulent auditing practices |
 Five investors who lost millions of dollars following the collapse of a Plano, TX-based hedge fund in 2008 filed a lawsuit against Ernst & Young LLP last week that accuses the Big Four accounting firm of fraud during its time as the fund’s auditor. |
| 'Tax Lady' Roni Deutch: Charlatan or political target |
| You’ve probably seen the hard-hitting advertisements from Roni Deutch advising taxpayers who owe federal taxes to let her help them fight the Internal Revenue Service. Now, California Attorney General Jerry Brown is fighting her. |
| Company announcements: Week of August 30 |
| Following is the latest roundup of firm news for the week of August 30, 2010. |
| The Sleeter Group's 2010 Accounting Solutions Conference |
 Save the date: Monday, November 8, 2010 to Wednesday, November 10, 2010. The Sleeter Group’s 2010 Accounting Solutions Conference will empower accountants and consultants who work with small- and medium-sized businesses, giving them the knowledge and essential tools necessary to be successful in the accounting services market. Register using promo code AW2010 and a receive $50 discount off regular pricing! |
| Blogs! What do you have to say today? |
| When is enough, enough? |
| Although I applaud the decisions of Warren Buffett and Bill Gates, I ask myself, "What else could you do with so much money?" Are they the best people to decide who should benefit from the endowments they will bestow on the poor and needy, and do they help mend a broken roof? |
| Washington publishes Economic Nexus Worksheet and Calculator: Helpful or confusing? |
| The Washington Department of Revenue recently published this tool on its Web site. The worksheet/calculator is pretty elaborate. Take and look and let me know what you think. |
| Illinois enacts amnesty program! (carrot and stick) |
| Illinois has enacted an amnesty program set to begin on October 1, 2010, and run through November 8, 2010. |
| Diary of a fraudster: Catch me if you can! |
| Dear Diary: I’ve been in charge of the accounting department for nine years now and have done well. At last count, I’d embezzled cash in the mid-six figures and no one has suspected, not even our auditors. |
| 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. |
| Partners |
| Latest industry news |
 Click the link above to find out what's going on among our advertising partners — or check out the stories below: |
| Personable launches ScanWriter for QuickBooks |
| CCH enriches ProSystem fx Knowledge Coach with Single Audits support |
| Journyx Timesheet 8.0 launches; features organization charts, compliance, scalability |
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