Community News news March 2006

Community News

Ex-Qwest Accountant Accuses SEC of “Abuse of Process”

The lawyer for former Qwest accountant James Kozlowski alleged in a suit filed in U.S. District Court in Denver last week that the the Securities and Exchange Commission (SEC) charged Kozlowski with fraud in March 2005 because he wouldn’t “spill the beans” on ex-chief executive Joe Nacchio. Eleven other ex-officials of the company were charged along with Kozlowski and Nacchio.
Practice Management

More Setbacks for H&R Block as it Launches New Bank

Within the last few months, H&R Block Inc., which is preparing to open H&R Block Bank in April, has been challenged in the courts on several fronts, admitted to mistakes on its own taxes, and acknowledged that it mailed out free software with the recipient’s Social Security number on the label.
Tax

KPMG Case Takes Surprise Turn With Guilty Plea

One former KPMG LLP employee pleaded guilty to conspiracy and tax evasion charges in the government's criminal case involving sales of improper tax shelters.Advertisement
Community News

PCAOB Find Their Audit Concerns Addressed

The Big Four accounting firms criticized in the Public Company Accounting Oversight Board’s (PCAOB) first-ever regulatory report cards issued in 2004, have made progress addressing their “significant accounting and audit issues”, according to Marketwatch. If the firms had not addressed these problems cited within 12 months of the issuance of their report cards, the confidential portions of their reports would have been made public.
A&A

Many of America’s Best CFOs Started in Accounting or Auditing

Institutional Investor magazine has completed their third annual “America’s best CFOs” ranking. They asked brokerage firm research analysts and portfolio managers to name the Best American CFOs across 62 industries. The voting criteria started at keeping clean books and communicating effectively with the market and ascended to going beyond traditional number-crunching, cost-controlling roles, improving operations, driving revenue growth, and executing big acquisitions.
Education & Careers

Pennsylvania Poised to Join 47 CPA Jurisdictions with 150-Hour Rules

The 150-hour rule, hotly debated a few years ago, is gaining new attention in Pennsylvania where a bill winding its way through the Legislature would place that state with the other 47 CPA jurisdictions that require candidates to complete 150 hours of undergraduate study to qualify for the CPA license.Advertisement
A&A

Martin Baumann, CFO of Freddie Mac Resigns

Martin F. Baumann, executive vice president of Finance and Chief Financial Officer (CFO) of Freddie Mac, today announced his resignation.“Marty Baumann has been a key contributor to the turnaround currently underway at Freddie Mac,” Richard Syron, Freddie Mac’s chairman and CEO, said in a prepared statement about the resignation.
Community News

Billionaires & Accounting Scandals

Philip F. Anschutz is a modest billionaire with an estimated wealth of only $6.4 billion. He is rated 89th in the current list in Forbes’ The World’s Billionaires. Before starting Qwest Communications in 1996, his father owned a contract drilling company and he bought his dad out in 1961, according to the Washington Post.
Tax

Tax Preparation Companies Report Mixed Results So Far

The three largest tax preparation companies, H&R Block Inc., Jackson Hewitt Tax Services, and Liberty Tax Service, reported preliminary results last week for the period from January 1 through February 28th, with Block reporting a decline in number of returns prepared, and Jackson Hewitt and Liberty reporting increases.
Practice Management

Tax Court Rules C-Corp Is Not a Qualified Personal Service Corporation

When is an accounting firm not a qualified personal service corporation (QPSC)? According to Judge Holmes of the U.S.
Technology

Tax Compliance Vendor With Eye on SMBs Pioneers Access to Foreign Forms

Taxware, a developer of high-end corporate tax compliance software which has expanded into the small and midsize (SMB) and middle market segments recently, via connections with the likes of Sage Software and Microsoft Business Solutions, has rolled out the first tax reporting package that accesses forms of multiple European countries.Advertisement
Community News

Innovative Accounting Firm Alliance Creates Global Network

The February launch of two organizations, LEA Europe and LEA Asia Pacific, mark the start of the Leading Edge Alliance’s (LEA) worldwide expansion initiatives.
Community News

March Madness Spawns Gambling Madness

A new study by Vault, Inc. shows that office betting pools are more popular than ever.
Community News

IGAF Worldwide & The Financial Consulting Group in Alliance Partnership

IGAF Worldwide, on Tuesday, announced a new alliance partnership with the Financial Consulting Group (FCG). As a result of the new partnership, the 150 member firms of IGAF Worldwide will enjoy educational partner access to the Financial consulting Group’s highly respected “FCG University” Education Program.“Staying on top of key industry issues is of critical importance to all our member firms and their partners,” Kevin Mead, Executive director of IGAF Worldwide explained when announcing the alliance partnership.
Tax

State Guidelines, Accounting Issues Hold Up Disaster Relief Funds in Louisiana

State officials in Louisiana are delaying access to $7.5 billion in Gulf Opportunity Zone bonds (GO Zone) to public and private companies for nonresidential reconstruction and renovation projects until the state establishes new standards for these projects.
Tax

Fight Looming in Michigan Over Single Business Tax; Dayton’s Earnings Tax Up for Renewal

Officials and voters will be deciding state and local tax policies in Michigan and Ohio in coming weeks. Michigan lawmakers took the first step toward repeal of the state’s 30-year old Single Business Tax (SBT) last week when a House committee voted to repeal the tax, although it is not due to expire until 2009.
Tax

Three Firms Selected to Take Part in IRS Delinquent Tax Collection Effort

The Internal Revenue Service (IRS), last week awarded contracts to three firms, the CBE Group Inc. of Waterloo, Iowa, Linebarger Goggan Blair & Sampson, LLP of Austin, Texas, and Pioneer Credit Recovery, Inc. of Arcade, New York, from a field of 33 firms, in the first phase of its private debt collection initiative.“The vast majority of states use private firms to help collect delinquent taxes. The new authority Congress gave to the federal government allows us to use private firms as well,” IRS Commissioner Mark W. Everson said in a prepared statement.
Community News

Accountability Begins With You!

The New Year is long over now; did you get that raise you were wanting? How about the promotion, new title or corner office? If you did, congratulations! If not, did you blame others for the lack of recognition, or did you look in the mirror? Too many people in life look to others for motivation, discipline and accountability. Are you this type of person? This year, try looking at doing things in a new way. This year, hold yourself accountable to higher standards than would normally be expected of you by others.
Practice Management

Taxprep Integrates with CCH Practice, Linking Client, Project, and Time & Billing Information

Taxprep, CCH’s flagship personal tax, corporate tax, and trust return preparation software in Canada, is now integrated with CCH Practice, the practice management component of the CCH Accountants’ Suite. This integration, announced last week, provides users with workflow and time and billing efficiencies that improve productivity, accuracy and profitability.Advertis
Community News

AICPA and NYSSCPA Differ Slightly on Peer Review

The American Institute of CPAs’ (AICPA) proposal to enhance peer review and to get all states to mandate it, is drawing mixed support from the New York State Society of CPAs (NYSSCPA), the nation’s largest society and one of the few states that does not currently mandate peer review.Advertisement

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