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IRS expected to drop UBS lawsuit
Officials with the Internal Revenue Service last week said that the agency would drop its civil lawsuit against UBS following assurances from the Swiss government that is was in the process of delivering information on thousands of American clients suspected of using UBS accounts to evade U.S. taxes.
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.
'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.

Pigs might not fly, but for Somerset CPAs, they can drive a racecar

09/01/2010 - 15:09 - 494 reads

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.

Company announcements: Week of August 30

09/01/2010 - 12:15 - 279 reads

Following is the latest roundup of firm news for the week of August 30, 2010.

Know thy client

09/01/2010 - 09:08 - 376 reads

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.

'Who’s the IRS?' Spanish former day trader about to find out

08/31/2010 - 14:59 - 481 reads

When Marcos Esparza Bofill got a tax bill from the Internal Revenue Service for more than $172 million, he asked a friend, “Who’s the IRS?” He’d spent more than a year working as a day trader in New York. Yet, he never heard about a little ritual we call: paying income tax.

Hedge fund investors sue Ernst & Young over fraudulent auditing practices

08/31/2010 - 11:34 - 699 reads

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.

Employees clamoring for basic workplace financial education

08/31/2010 - 10:22 - 1068 reads

In a recent survey conducted by the Personal Finance Employee Education Foundation with the support of the Employee Benefits News, 91 percent of respondents cited employee financial literacy as being extremely important or important in reducing the vulnerability of the American economy to major economic crises.

IRS looking for feedback on Roth 401(k) regulation

08/31/2010 - 10:06 - 428 reads

The Internal Revenue Service is seeking comments on an existing regulation that provides guidance on Roth 401(k) arrangements.

Democrats seek to legislate retirement savings

08/31/2010 - 09:12 - 4394 reads - 3 comments

In an effort to increase the number of Americans who are saving for retirement – roughly 50 percent of employees have no retirement savings at all – the Automatic IRA Act of 2010 has been introduced in both houses of Congress.

Recession blues: 401(k) loans and hardship withdrawals on the rise

08/31/2010 - 02:41 - 756 reads

Fidelity Investments, one of the nation's providers of workplace retirement savings plans, has released its quarterly data on the state of the 401(k) that show positive, steady savings behavior by the majority of participants. However, it also cited an increase in the use of loans and hardship withdrawals by participants.

Flexible spending account consumer campaign launched

08/31/2010 - 02:34 - 643 reads

Piggy_bank,stethoscope,medical,health,insurance

WageWorks Inc., an independent provider of consumer-directed benefits solutions, has announced the launch of the nationwide consumer education campaign.

One IRS attacker goes to prison, others under investigation

08/30/2010 - 16:16 - 666 reads

Frustration with the Internal Revenue Service is nothing new. But in recent months, acts of violence and inappropriate treatment of agents are escalating.

Don't drink and tweet: Illinois CPA Society president speaks at nation's largest state CPA conference

08/29/2010 - 23:45 - 857 reads

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.

Would you like your bagel with a side of extra tax?

08/27/2010 - 14:27 - 1317 reads - 2 comments

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.

Laughter can be cure for workplace ills

08/27/2010 - 11:34 - 297 reads

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.

Survey: Professional groups, social media best ways to enhance career visibility

08/25/2010 - 16:50 - 1594 reads - 1 comment

In business, it’s not what you know or even who you know, but who knows you that matters, according to results of a survey by Robert Half Management Resources.

Company announcements: Week of August 23

08/25/2010 - 16:21 - 549 reads

Following is the latest roundup of firm news for the week of August 23, 2010.

More News >>

4 Companies in 1 Help Please

Posted by NewRookie on 08/20/2010 - 15:18 - 550 reads - 4 comments

One Company has aquired 2 warehouses Help Please

HIRE Act

Posted by Anonymous on 08/17/2010 - 10:32 - 458 reads

HIRE Act question

QuickBooks Online's Running Balance Column in Receivable Balance Detail

Posted by briggsie on 08/09/2010 - 10:08 - 873 reads

Running balances in Tenant Balance Detail report in QuickBooks Online does not always reflect each tranaction's impact

Overhead versus G&A cost pool?

Posted by CindyF on 08/05/2010 - 20:09 - 990 reads - 1 comment

Corporate costs related to labor such as Social Security, Worker's Comp, FUTA, Medicare - Overhead versus G&A cost pool?

Obama HIRE act

Posted by viking on 08/03/2010 - 19:47 - 928 reads

HIRE act info

Duct tape no more!

CPAs Mandated To Take Live Training

FASB Chairman Bob Herz Retiring Oct. 1; Board To Return To Seven Members

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New York knows how to kick people when they're down

There's nothing new about the bagel tax in New York, except that nobody has been enforcing it for ages. Now that times are tough, New York State, facing a budget deficit of over $9 billion, has decided to hit people where it hurts - by enforcing a tax on sliced bagels. "Sliced" is key - if you can find a way to stuff your bagel with the requisite lox and cream cheese and onion and tomato (my mouth is watering as I write), without actually slicing the bagel in half, and then scurry out of the store and eat said stuffed bagel on the sidewalk (because the tax applies to any bagel, sliced or otherwise, that is consumed on the premises from which it was purchased), then maybe you can circumvent the tax, but good luck with that.

Taxing bagels in Wyoming probably wouldn't raise much of a stink (or much tax money, for that matter), but taxing bagels in New York is like taxing cheese in Wisconsin or barbecue in the Carolinas. You might as well start taxing mothers' milk. This whole redistribution of money has me befuddled. A national sales tax (on everything but essentials, like medicine, clothing, and food, including bagels), seems so sensible and fair. But fair is not what taxes are about.

Regards to all,
Gail Perry, CPA
Managing Editor, AccountingWEB
editor@accountingweb.com

- Books by Gail Perry


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