Community News news June 2006

Community News

Auditors Spotlighted As Options Scandals Come To Light

Auditors are in the spotlight as the number of stock-option scandals expands. It seems the manipulation of option prices was more common than previously believed.
Practice Management

Top CMA and CFM Performers Announced

The Institute of Certified Management Accountants (ICMA), the certification division of the Institute of Management Accountants (IMA), on Wednesday announced the top scoring performers for the Certified Management Accountant (CMA) and Certified Financial Manager (CFM) examinations for the Winter 2006 period.
Tax

IRS Headquarters to Remain Closed This Week, Maybe Longer

The headquarters of the Internal Revenue Service (IRS) in Washington, D.C., will remain closed for the rest of the week, the Washington Post reported Wednesday.
Community News

VA Uses Accounting Gimmicks to Formulate 2006 Budget

A report by the Government Accountability Office (GAO) has found that the Department of Veteran Affairs (VA) has used untested management efficiencies in their budget calculations for the VA health care system, according to the Molokai Island Times. Senator Daniel Akaka (D-HI) is the ranking member of the Senate Veteran’s Affairs Committee. The Molokai Island Times reports that he and his House counterpart, Rep. Lane Evans (D-Ill.) initially requested the audit to confirm the VA funding process.
Tax

Flooding Closes IRS Headquarters Monday, Tuesday

Flooding caused by more than a foot of rain washed out highways around Washington, D.C., and forced the closing of several offices across the metropolitan area, including the headquarters of the Internal Revenue Service (IRS).
Tax

Accountant Held Liable for Interest Expense from Tax Error

The South Dakota Supreme Court last week upheld a Circuit Court decision allowing a jury to award damages to Doug O’Bryan Contracting Inc. for interest expense on underpayment of taxes that resulted from an error made by his accountant. The state’s high court had not previously allowed recovery of interest expense in lawsuits against tax advisers, the Associated Press reports.Bruce Ashland, a certified public accountant, understated O’Bryan’s income for 1995.
Community News

AccountAbilities, Inc. Increases Credit Facility, Expands Markets

AccountAbilities, Inc., an established provider of financial personnel staffing services, professional marketing services, and management consulting services to certified public accounting (CPA) and other professional firms, announces an increase of their credit facility with Action Capital, from $2.5 million to $5.0 million.
Community News

Online License Renewal Becoming Available in More States

Alabama, South Carolina and New Mexico have joined the list of states offering accountants the option of renewing their CPA licenses online. New Mexico provided CPAs with registration codes in their license renewal letters that they will need to access the state’s database.
Community News

Some CPAs Escape State Disciplinary Actions

It is difficult to believe in these times of regulation that accountants that have had disciplinary action taken against them by the Securities and Exchange Commission (SEC) are still practicing accounting. After the actions against them, the Associated Press reports that nearly half of them still hold valid state professional licenses.
Community News

CCH@Hand Adds Topical Indexes, Targeted Web Searches

“This latest release builds on the leading-edge concepts of CCH@Hand,” Nancy Zukowski, director of product management for CCH publishing, said in a prepared statement announcing the enhancements.
A&A

SAP, Partners Deliver Business Analytics and Strategic Insight for SMEs

On Tuesday at the AICPA Tech 2006 conference, SAP America, Inc., a subsidiary of SAP AG, announced the addition of new analytical and business intelliegence capabilities developed by independent software vendors (ISVs) for SAP Business One, the integrated management solution for small and mid-sized enterprises (SMEs).Advertisement
Community News

IFAC Board Extends Term of Chief Executive Ian Ball

The Board of the International Federation of Accountants (IFAC) has announced an extension to the contract of Chief Executive Ian Ball through December 2009.Advertisement
Community News

InfoBytes Becomes CPExpress as AICPA Enhances Online CPE Library

The American Institute of Certified Public Accountants (AICPA) is re-releasing their popular online learning library of continuing professional education materials as CPExpress. Advertisement
Community News

Ongoing M&A Market Boom to Spur Due Diligence, Tax Consulting Services

An ongoing strong market for corporate mergers and acquisitions (M&As) should mean continued steady business for CPA firms providing due diligence and related M&A and tax consulting services, according to a report from KPMG.Advertisement
Community News

China Pushing to Compete Against ‘Big Four’

Top Chinese officials are hoping homegrown accounting firms will one day topple the dominance of the Big Four in auditing Chinese companies listed overseas.Advertisement
Community News

Newkirk Announces New Tax Law Explanation Booklet for Clients; Prospects

“Congress has passed a tax law – TIPRA – that affects the alternative minimum tax, as well as the tax treatment of capital gains and dividends,” Peter Newkirk, President of Newkirk, a nationally known provider of communications for Certified Public Accountants (CPAs) and Certified Financial Planners (CFPs), said in a prepared statement. “Moreover,” Newkirk continued, “Congress is not through legislating. There’s a so-called ‘trailer’ bill being considered, which contains extensions for many popular tax provisions.
Community News

IFAC Seeks Nominations to International Accounting Education Standards Board

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, is seeking nominations for a public member for the independent International Accounting Education Standards Board (IAESB).
Community News

BKD Acquires Firms in Oklahoma and Ohio; KPMG to Close Office in Wichita

BKD LLP, the 12th largest accounting firm in the U.S., with total revenue of $258 million, according to Accounting Today, announced Wednesday that it had acquired Lisle Compton Cole & Almen LLP in Oklahoma City and Gaither Rutherford & Co. LLP in Evansville, Ohio. The two acquisitions will bring $10 million in additional revenue to the firm. Earlier this month, BKD acquired Grant Thornton LLP’s Colorado Springs Office, the Wichita Business Journal reported.
Tax

Sharp Commission Makes Recommendations Increasing Professional Fees

In seeking a “fairer way” to overhaul Texas’ inefficient business tax structure, Gov. Rick Perry named members to the bi-partisan Texas Tax Reform Commission chaired by John Sharp.
Practice Management

Number of Female Accountants Increasing

Women now make up more than 60 percent of all accountants and auditors in the United States, according to the Clarion-Ledger. That is an estimated 843,000 women in the accounting and auditing work force. Although recent educational metrics have shown that girls in school seem to lose interest in math and science, according to Education Secretary Margaret Spellings, women are flocking to the accounting profession.