Community News news January 2006

Practice

AICPA Giving Practice Management Content Away Through Mid-May

Certified Public Accountants (CPAs) looking for information that can help them, and their firms, become more successful, have until mid-May to access members-only content from the American Institute of Certified Public Accountants’ (AICPA’s) Private Companies Practice Section (PCPS), even if their firms are not PCPS members. The normally restricted content, from noted professionals in the field, is free to all, for a limited time.Content in the PCPS membership section draws on the experience of more than 83,000 CPAs from 6,000 local and regional firms across the country.
Community News

A Look Inside the Encyclopedia of Taxation & Tax Policy

This collection of almost 250 essays, written by more than 150 tax experts, is being called a “must-have” reference for tax professionals and anyone involved in public policy and public administration.
A&A

Simply Accounting For Office Arrives

Sage Software announced, on Monday, that Simply Accounting by Sage Basic – for Microsoft Officer Users is now available in the U.S.. Simply Accounting, annually the number one selling accounting package for small businesses in Canada, has been available in the U.S. and Canada for 20 years.
Community News

Towards a Uniform National Sales Tax System

The nationwide effort to create a uniform sales tax system is under way and gaining steam, as 13 states, so far are cooperating to create a streamlined collection process.The Streamlined Sales and Use Tax Agreement is a multi-state initiative meant to simplify the varying sales tax laws for businesses that sell their products in multiple states.Forty-four states agreed, in November 2002, to participate in the program. The agreement officially took effect last October, when the 13 states became full members.
Community News

David Maister Launches Marketing Masterclass Series of Podcasts

This month, business guru David Maister launches the first in a series of unique, marketing podcasts for professional services firms. The first four of 14 podcasts will be available, free, on his web site, at www.davidmaister.com, beginning January 23.
Community News

New Laws Impact Michigan's Accounting Professionals

With the input of Michigan’s accountants and business leaders, the state’s legislature has passed legislation mandating peer review for all Michigan CPA firms and sole practitioners who perform audits, review and compilations, beginning March 2007, Crain’s Detroit.com reports. The laws also stiffen punishments for individuals falsely claiming to be CPAs and increases protection for CPAs who are required to reveal client information to government authorities.
Community News

Sage Expands Partnerships, Markets

Sage Software and CCH, a Wolters Kluwer business (CCH) on Monday announced a new partnership agreement significantly expanding their strategic alliance and strengthening each company’s ability to provide premium products and services to the accounting community. The announcement follows on the heels of news that one of the nation’s top five business partners for Sage MAS 90 and Sage MAS 200, MicroAccounting Solutions, has expanded into the Chicago market.
Community News

Students Find Real Solutions for Local and Game Businesses

In response to immediate problems experienced by local businesses in the Bloomington, Indiana area, a program established by Indiana University is finding solutions. Each fall semester, graduates students in their Kelley School of Business complete field consulting projects while being mentored by faculty advisors. More than 20 teams of four or five graduate students from the MBA in Accounting (MBA/A) and the Master of Professional Accountancy (MPA) programs partner with local businesses to complete these field consulting projects.
Community News

Practice Management Consultants Predict Bullish Year for Accounting Firms

It should be a bullish new year for accounting. Mergers and acquisitions (M&A) by firms will increase, as will as the prices those deals command, and the salaries of partners and staff alike, according to a panel of the profession’s highest-profile practice management consultants. Members of the Advisory Board consortium of consultancies, at their annual Winning is Everything client conference in Las Vegas, unanimously agreed that a broad array of changes – most for the positive- will occur within the industry.At the top of the list is increased M&A activity.
Practice

Year-End Bonuses: $1 Million or $800 or Nothing?

End-of-year bonuses on Wall Street amounted to a total of $21.5 billion, a 16 percent increase and an all-time high.New York State Comptroller Alan Hevesi predicted in Time magazine that the extra income would bring $1.5 billion in tax revenue to the state. Bankers and traders got the biggest bonuses, of $1 million and up. The average Wall Street bonus is $125,500. Most people expect far less, if anything. American workers who responded to a Salary.com 2005 Holiday Spending Survey said they expected to receive a bonus of about $800 and would use some of it to buy gifts.
Tax

Delay Louisiana State Income Tax Filing to February 1

The Louisiana Department of Revenue has asked state residents to delay their tax filings until after February 1. The state has also announced that the printing and production of state income tax forms would be delayed by about two months. This filing delay affects both paper and electronic filers.“Whenever the Legislature makes changes that impact taxation, new forms have to be designed and tested to make sure everything matches up,” Byron Arthur, Department of Revenue Communications Director, told the Times-Picayune.
Tax

Mark Your Calendar: Lessons from SAS 99 Webinar

Almost as long as there has been business, there has been fraud. Today’s regulatory environment, especially in relation to Section 404, makes it even more critical that public companies of all sizes recognize and manage risk more effectively. On Thursday, January 19, 2006, at 2:00 p.m. Eastern, Dr.
Community News

The Coming Senior Migration

A new study shows the cascading effect of taxes on the retirement population. The state of Wisconsin lost $4.7 billion in household net worth between 1995 and 2000, although gaining 4,400 households during the period. The study was completed by the Wisconsin Taxpayers Alliance (WTA).Todd Berry, WTA president, explained for Gazette Extra that tax structure is important for Wisconsin and other states to consider as they lose highly paid, or well educated residents to other states, such as Florida.
Community News

America’s First Self-Made Man: Ben Franklin

January 17 is the 300th birthday of Benjamin Franklin. While Franklin lived to the advanced age of 84, he has not survived three centuries. His wisdom, however, has. Today, he stands as a shining example of what it means to be an American business man or woman.Franklin was a citizen of the world, well-traveled, well-read, multi-lingual and always striving to improve himself. He learned his trade, printing, by working for someone else but eventually went out on his own.
Community News

Novogradac Uses Tech to Beef Up Affordable Housing Consulting Niche

National CPA firm Novogradac & Co. has beefed up its affordable housing and community development services niche fields as well as its general real estate services by developing an online system that provides detailed housing data, on urban and non-urban markets nationwide.The Compsmart too, which culls rental and occupancy rates.
Community News

H&R Block Mailed Free Software with Recipient’s Social Security Number on Label

H&R Block acknowledged last week that it had mailed unsolicited packages, containing their TaxCut software, to former customers early in December and that some of these packages had the former client’s social security number (SSN) embedded in the source code on the mailing label, CIO-today.com news reports. This kind of software mailing is a common marketing practice in many industries, according to WTVQ.com in Lexington, Kentucky.
Community News

UK Software Firm Buys U.S. Payment-Processing Company

Sage Group, a business software firm based in England, on Monday announced the $323 million purchase of Verus Financial Management, the Nashville-based payment processor.The purchase expands Sage's reach beyond accounting products and into credit card and check processing for small and medium-sized businesses.
Tax

Watchdog Group Steps Up Battle with IRS Over Records

A federal government watchdog group has stepped up its fight against what it alleges is a blatant concealment of public records by the Internal Revenue Service (IRS).The Transactional Records Access Center (TRAC) last week filed a motion in U.S. District Court in Seattle, Wash., accusing the IRS of failing to abide by a 1976 court order requiring the agency to make available certain detailed information regarding its enforcement of tax laws. In a separate action in April, TRAC sued the IRS in U.S. District Court in Washington, D.C.
Community News

CBIZ Completes Big Deal, Says More May Follow

CBIZ, the Cleveland-based business services firm affiliated with national CPA firm Mayer Hoffman McCann of Kansas City, has begun 2006 much like it started 2005—completing a major acquisition. More significantly, the company formerly known as Century Business Services, is indicating more deals may follow this year.On January 1, CBiz closed the purchase of The TriMed Group of Flint, Mich., a 200-employee provider of billing services and in-house computer systems to medical care providers.
Community News

A Busy End of the Year for RSM McGladrey

The last month has been busy at RSM McGladrey. The firm came to the defense of mid-sized business owners; acquired Philadelphia-area Mantas Ohliger McGary & Quinn (MOMQ) and announced Jean Stephens’ promotion to chief executive officer of RSM International.On December 21, 2005, RSM McGladrey proposed changes to proposed regulations under Internal Revenue Code Section 199 – Domestic Manufacturers’ Deduction.

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