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| AccountingWEB Top 10 Articles of 2009 |
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| Tax return preparers must e-file for 2010 tax returns |
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| Tax return preparers will have to pay attention to an amendment added in the Senate version of the Worker, Homeownership, and Business Assistance Act of 2009, which extended the First Time Homeowner Credit and unemployment benefits, because beginning in 2010, this amendment will require tax return preparers to file any individual tax return electronically unless the preparer expects to file fewer than 10 returns in a calendar year. |
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| Obama pushes for mandatory retirement savings plans |
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| Part of President Obama’s budget proposal would require employers who do not offer a pension plan to provide their employees with a direct-deposit retirement savings plan, modeled after a traditional Individual Retirement Account (IRA). |
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| Social networking in business: When is the right time to get involved? |
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| When is the right time to jump into social networking initiatives and why should you research many sites before settling into just one? First, it’s practically impossible to manage what you don’t understand. Second, determining the right time to jump in is not as important as investigating the sites to determine if your involvement would complement your firm’s existing marketing, sales, client communication, or any host of business initiatives. Finally, social networking sites vary in form and function, which is why your business should do research and perhaps consider launching through multiple outlets. |
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| Cash for Refrigerators program might not be ready by Christmas |
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| If the federal government has its way, they will soon roll out a program that is unofficially being dubbed "Cash for Refrigerators." It's kind of a redo of the Cash for Clunkers program, designed to boost the appliance manufacturing industry and increase the nation's energy efficiency. |
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| 2009 Recap of celebrities with tax woes |
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| Television and movie stars, politicians, athletes, musicians - it seems that no one is above the law, particularly when there are taxes involved. Here is a recap of those notables who faced off with the IRS in 2009. |
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| IRS may regulate tax return preparers |
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| Internal Revenue Service (IRS) Commissioner Douglas Shulman told members of an oversight subcommittee of the U.S. House of Representatives Ways and Means Committee last week that by the end of the year he would submit to the Treasury Secretary and the President a "comprehensive set of recommendations" that may include new regulations for tax return preparers. These recommendations would be designed to increase compliance and ensure ethical standards. The IRS will launch a review of tax return preparers that in the early stages will include input "from the broadest possible range of stakeholders," Schulman said. |
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| Personal calls on your employer's cell phone? New tax rules may soon apply |
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| It's not a new idea... taxing the personal use of a business cell phone. Actually it's a law that has been around for two decades and it permits businesses that provide employees with cell phones to treat an employee's personal use of that phone as a taxable fringe benefit. At the time the law was passed in 1989 cell phones themselves were more expensive than they are today and so were calls. These days, with phones everywhere and unlimited call plans easily accessible, the rules need a facelift. |
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| Obama's first tax increase: National sin tax is effective April 1 |
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| The first major tax increase from the president who promised no tax increases on 95 percent of the population goes into effect today, April 1. This is not an April Fool's Day joke - this is a tax increase that hits approximately 21 percent of adults age 18 and over, regardless of income level, and approximately 20 percent of teenagers, many of whom are not normally considered to be among the ranks of taxpaying citizens. |
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| Who gets what in the Stimulus Bill? |
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| A lot of people get a little bit. Some, like certain home buyers or car buyers get more than a little. Some projects that do seem related to stimulating the economy get billions, and they may hold the power to create or protect jobs. And some programs that are not related to economic stimulus but do represent Democrat wish lists items are promoted and enhanced. The official name is the Recovery and Reinvestment Act of 2009, passed by a partisan vote on February 13th. The signing of the bill into law was delayed until Tuesday, February 17th for the holiday weekend. |
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| Castroneves Tax Trial Diary |
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| On April 17, 2009, Helio Castroneves and his sister Katiucia were acquitted on all counts of tax evasion. The trial began on March 2: The days of seemingly endless hearings are finally over for racecar driver Helio Castroneves as jury selection in his federal tax evasion case began on March 2nd. But don't look for speedy justice, since the trial is expected to last at least four weeks and to be a major attraction for paparazzi. Among those expected to testify are Roger Penske, Jimmie Johnson, and ex-House member Jack Kemp. |
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Top Blogs of 2009
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FAS 166, 167 Issued Amending FAS 140, FIN 46R on Securitizations, SPEs
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Earlier today, the Financial Accounting Standards Board issued a press release announcing the publication of Statement of Financial Accounting Standards No. 166 (FAS 166), Accounting for Transfers of Financial Assets (an amendment of FAS 140), and FAS 167, Amendments to FIN 46R. (FIN 46R is: Consolidation of Variable Interest Entities.) FASB has also posted a briefing paper giving a brief, plain English explanation of the new standards.
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Business kissing: The accountants' guide
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| Have you noticed how suddenly everyone's kissing? I'm not talking continental kissing, pecking one cheek, and then the other. I mean a bit of a hug then a kiss on the cheek or the side of the face at least. And it's not just extended family and very close friends here. Though certainly they're at it too. No, I mean kissing in a business context. |
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FAS 157 Is Dead, Long Live Topic 820
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| I would venture to say that FAS 157 has been the most controversial statement ever to come out of FASB. This fair value standard has been blamed for the current recession and there is increasing pressure on FASB to change it. So change is coming. The first change is the name – FAS 157 is now Topic 820. |
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Social media adoption: How will marketing spending patterns change?
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| Although social media adoption rates are still relatively low—more and more companies are jumping in. And, as they do, we may see a dramatic shift in marketing spending patterns. |
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Federal Reserve Chairman Ben Bernanke is TIME’s “Person of the Year.” How do you feel about that designation? I have mixed feelings about this selection. On the upside, at least TIME did not bestow this honor upon someone in the entertainment field, a computer industry mover ‘n' shaker or someone who is not in a position to enact future change.
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