Community News news February 2006

Community News

Miller Accounting and Auditing Titles to Adopt CCH Brand

CCH, a Wolters Kluwer business, announced on Tuesday that its premier line of Miller accounting and auditing books and update services are adopting the CCH brand identity.
Community News

H&R Block Owes More Taxes

H&R Block underestimated its own “state effective income tax rate” in previous quarters, all the way back to 2004, and has been found to owe another $32 million in back taxes. The company has cut its full-year 2006 earnings in response to this charge.
Community News

Hawaii’s Tax Benefits & Headaches

The Hawaii Tax Department is still working on its final reports for 2004 and 2005, but they show that the latest estimate of tax credits claimed in 2002 was $123 million and $143 million in 2003. Tax credits are available for a range of expenses and investments, covering the purchase of an infant car seat, to the making a movie.
Community News

CCH Disclosures Checklist Available on the Center

Members of the American Institutes of Certified Public Accountants (AICPA) Center for Public Company Audit Firms (CPCAF or the Center) will now have access to CCH’s SEC Disclosures Checklist tool to assist them in performing high quality public company audits by ensuring they are complying with the disclosure requirements under the rules and regulations of the Securities and Exchange Commission (SEC).
Community News

XBRL Movement Gains More Tech Vendor Support

The bandwagon for EXtensible Business Reporting Markup Language (XBRL), the rapidly-evolving Internet-based software code for financial reports, has added two new key technology members over the past week.Advertisement
Community News

2nd Annual Section 404 Benchmark Survey Seeks Participants

KPMG’s 404 Institute has launched the Second Annual Section 404 Benchmark Survey to measure and document the differences in companies’ compliance efforts.
Technology

Tax Prep Open Source Code Effort Reports Promising Start

A fledgling Internet-based tax preparation platform offering free software to tax preparers and an open source code to that software from which programmers could theoretically build other technologies key to the tax prep process, has attracted a handful of practitioner members and is discussing potential development opportunities with at least one of the tax prep industry’s top five software companies, according to the site’s founder, a CPA.“Providing an open source code format has never been done in tax preparation, but it has been done successfully in many other areas.
Community News

CPA Status Boosts Political Candidate’s Chances

While confessing to cutting down a cherry tree contributed to a reputation for trust that helped George Washington guide the country as president more than two centuries ago, Bruce Brown is hopeful that his CPA license will provide the legacy that helps him get elected as Wyoming’s next state auditor.
Tax

Ohio Society of CPAs Launches Operation CPA

The Ohio Society of CPAs, in cooperation with the Ohio National Guard, on Tuesday launched Operation CPA, providing free tax preparation services from the Ohio Society of CPAs member volunteers to members of the Ohio Guard and reserve service members deployed outside Ohio.“The Ohio Society of CPAs and its members want to show support for the men and women in our armed services who are risking their lives for our country,” said Clarke Price, president and CEO of the Ohio Society.
Tax

AIG Reaches Settlement While Investigation of Execs Continues

The Securities and Exchange Commission (SEC), last week simultaneously announced with the Office of the Attorney General of New York State and The U.S. Department of Justice, (DOJ), the filing and settlement of charges that American International Group, Inc. (AIG) committed securities fraud. The agreement also settles charges against the company by New York and The DOJ of claims related to bid rigging and practices involving workers’ compensation funds.
Community News

Tax Revenue Lost Over Building Permit Delays

Increasing the efficiency of the building permit process could add millions of dollars in tax revenues and significantly bolster the economic development of communities.
Tax

NSA Testifies Before IRS Oversight Board

Joseph L. Santoro, a member of the National Society of Accountants (NSA), testified before the Internal Revenue Service (IRS) Oversight Board last week regarding the customer service needs of taxpayers.
Community News

More Accounting Firms Tying the Knot

The new year has seen a flurry of announcements of mergers in the accounting industry, with local firms in Washington State and Colorado finding the right match, while KPMG has turned over its Compensation and Benefits Tax Practice to a proper suitor, Smart and Associates, LLP, for an undisclosed sum. Comrie Accounting Services in Grand Coulee, Washington, joined its practice with LeMaster & Daniels PLLC, effective January 1.
Practice Management

Four Tips for Finding the Right Partner

Break-ups are big news. Less attention is paid to finding the right partner in the first place.
Technology

What’s New for TaxTools 2006?

CFS Tax Software Tools 2005 lineup of six programs has been updated this year with updates to two existing applications and added six new applications. CFS Tax Software Tools offered these applications in 2005.
Technology

Vertex Property Tax Reference Joins CCH State Tax Offerings

CCH, a Wolters Kluwer business, announced on Monday that the company had acquired the Property Tax Reference from Vertex Incorporated. The product will immediately be rebranded CCH Property Tax Reference as it joins CCH’s authoritative and popular line of state tax online, print and CD-ROM products for tax, accounting and compliance professionals.“CCH is committed to providing professionals with the most authoritative, comprehensive research resources available,” Angela Darrow, CCH product manager, said in a prepared statement.
Practice

Circular 230 Changes Proposed

The Treasury Department and the Internal Revenue Service (IRS) last week proposed amending Treasury Department Circular 230, governing tax professionals practicing before the IRS. The proposed amendments are the result of a thorough review of the extensive public comments received in response to an advanced notice of proposed rulemaking relating to the Office of Professional Responsibility in December 2002. A hearing on the proposed regulations is scheduled for Wednesday, June 21, 2006.
Community News

Helping Clients Keep Their Financial Resolutions

It’s a new year and many clients start it off right by organizing financial files and “cleaning house.” The benefits of this are twofold: 1) They will gain a clearer idea of their current financial situation, and 2) They can form financial goals for their future.
A&A

Super Bowl Awash in Money

The game that is the Super Bowl has become a cash cow unrivaled in American sports.In fact, its ability to generate revenue, on several levels, is as sure as the hands of Shaun Alexander, the Seattle Seahawks’ MVP running back who only fumbled the ball five times in 370 chances this season.From the network airing the game, to the city hosting it, to the National Football League itself, the Super Bowl historically produces mind-boggling figures, and this year’s event is shaping up to be no exception.

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