Community News news August 2006

Practice

Layoff Worries Hit Record Low Among Accounting & Finance Workers

Worker confidence among accounting and finance professionals rose 5.9 points, to 112.5 in August, according to the most recent Hudson Employment Index. The current level is more than ten points above the level of the previous August.
A&A

Accounting Insight & Analysis for the Post-SOX Environment

On September 5, 2006, BNA, the largest independent publisher of nonpartisan news and information in Washington, D.C., will launch its new Accounting Policy & Practice Series, providing subscribers in the accounting, legal and financial professions with a new dimension of objective and insightful guidance into decision-making in the post-Sarbanes-Oxley (SOX) environment.Advertisement
Tax

IRS Auditing PwC’s Pension Plan, Deductions, Income Transfers

PricewaterhouseCoopers LLP (PwC), the world’s largest accounting firm, is being audited by the Internal Revenue Service (IRS), Bloomberg News reported Friday. Officials at PwC initially refused to comment on the Bloomberg report, which was based on company documents and IRS documents provided to Bloomberg.
Community News

Consolidation Ahead for Accounting Firms

Stricter regulations and slower economic growth continue to impact America’s accounting industry, causing many firms, especially mid-sized firms, to see mergers and acquisitions in the future, according to a new survey from IBISWorld, leading publishers of business research and analysis.
Community News

“Grow Your Practice” with Reinvented QuickBooks ProAdvisor Program

On Monday, Intuit Inc. unveiled a newly designed QuickBooks® ProAdvisor® program featuring a new “Grow Your Practice” online resource center, more online training and two new QuickBooks certifications as part of the company’s emphasis on helping accountants grow their practices and serve their clients better.
Community News

PCAOB Auditing in the Small Business Environment Forum Heads to Boston

The Public Company Accounting Oversight Board (PCAOB) is hosting a Forum on Auditing in the Small Business Environment in Boston, Mass., on Friday, September 8.
Community News

Accounting Firms Take Long-Term Recruitment Approach

Big Four accounting firms are no longer focusing their recruitment efforts on college business schools, now they’re targeting high schools as well.Taking a long-range view of workforce planning, firms are wooing high schoolers with internships, scholarships and college grants, according to the Wall Street Journal. The idea is to build relationships and loyalty that will sway the students to choose their firm upon college graduation.Take Geovannie Concepcion as an example.
Technology

Celebrity Gift Bags: "Thanks, But No Thanks"

Celebrities who receive over-the-top thank you gifts may start thinking twice before throwing them into the limo and taking them home.The Internal Revenue Service (IRS) has its eye on the loot. Celebs will be required to pay taxes on the gift bags they receive at award shows.
A&A

New Texas Margin Tax -- Business or Income Tax

Candidates for governor in Texas last week reacted to the Financial Accounting Standards Board’s (FASB) conclusion that the new Texas margin tax was an income tax under Financial Accounting Standards (FAS) 109 “because the tax is based on some measure of income.” FASB declined to set up a project to give advice on the matter.Kathy Walt, spokeswoman for Republican Governor Rick Perry, and former state Comptroller Democrat John Sharp, who headed the commission that recommended the tax, said that FASB was providing instructions for accounting purposes only, according to the Houston Chro
Tax

IRS Updates Temporary Address and Expedited Ruling Request Procedure

The Internal Revenue Service (IRS) is updating its temporary procedure for processing requests for certain expedited letter rulings for reorganizations and section 355 distribution. In addition, there is a new temporary address for the delivery of taxpayer requests for rulings, requests for determination letters, Applications for Change in Accounting Method (form 3115) and similar requests that are permitted to be hand-delivered to the main IRS building.
Community News

Acquisition Creates One of Georgia's Largest Pension Consulting Firms

TEGRA Financial Partners, a subsidiary of Habif, Arogeti & Wynne, LLP, (HA&W) the largest independent certified public accounting and business advisory firm in Georgia, announced it has acquired Olson & Swenson, Inc., an Atlanta-based full service and pension consulting firm.
A&A

Participants Sought for 2006 Annual FASAC Survey

The Financial Accounting Standards Board (FASB) is soliciting constituent views on the FASB’s current priorities, future financial reporting issues, international convergence and educational efforts.
Community News

From Goose Race to Ribs Contest, Accountants Keep it Honest

Burkett & Beattie, Inc., an accounting firm in Libertyville, Illinois, will be deciding the winner of the Goose Dropping event at the Goose is Loose Festival sponsored by the Sunrise Rotary Club at the Libertyville Sports complex on August 26th, pioneerlocal.com reports.Advertisement
Community News

Financial Statement Manipulation

Accounting rules that define the limits with which corporate America prepares their financials are described as too many numbers, hard to understand with vague wording and legalese, according to the CFA Inquirer.
A&A

Accenture Closes Acquisition, Enhances BPO Services

Accenture has enhanced its finance and accounting business process outsourcing (BPO) capabilities by closing the previously announced acquisition of Advantium Inc., including related entity XPAN LLC, and Meridian Informed Purchasing Ltd.
Tax

Judge Targets Improper Government Pressure in KPMG Case

KPMG created tax shelters that were later declared illegal, but Judge Lewis Kaplan has ruled that the government used improper coercion in seeking KPMG cooperation. The New York Times reports that the statements made by two KPMG partners will not be used at their trials.KPMG vice-chairman Richard Smith and former partner Mark Watson were financially pressured to waive their Fifth Amendment rights and speak with federal prosecutors as well. When they spoke with prosecutors without these rights, they were exposing themselves to legal risk, according to the Assocated Press.

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