Community News news March 2007

Community News

New Jersey Names J.H. Cohn LLP ‘Best Place to Work’

While recruiting and retaining top talent remains a major pain point for accounting firms throughout the nation, J.H. Cohn’s commitment to advancing the careers of its most important resource – its people - has been affirmed through NJBiz’s “Best Places to Work” award. One of the country’s largest accounting and consulting firms headquartered in New Jersey, and a leader throughout the Northeast, J.H.
Community News

DCS Chartered Accountants Joins Alliott Group North America

Alliott Group North America, a division of Alliott Group, A Worldwide Network of Independent Firms, announced the admission of DCS Chartered Accountants to its membership.The admission of DCS brings the membership to twenty-six in the North American Region.
Community News

SEC Sanctions Ernst & Young

Federal regulators censured Ernst & Young LLP on Monday and ordered the accounting firm to pay $1.6 million to settle charges of compromising its independence and contributing to faulty accounting by a client in 2001.Advertisement
Community News

Congressional Tax Counsel Joins Venable LLP

Venable LLP announced that Patricia McDermott, a senior tax legislative and policy attorney who has served as legislation counsel to the U.S. Congress’ Joint Committee on Taxation since 2001, is joining the firm as a partner in its Washington office. McDermott, 53, will counsel clients on employee benefits matters, including retirement savings and pension plans, executive compensation, and payroll taxes. She will also provide regulatory guidance and representation of clients before the U.S.
Community News

Massachusetts Extends Deadline for Expanded Health Coverage

Massachusetts, one of the first states to pass a universal health insurance law, requires all residents, including uninsured adults, to purchase some kind of health insurance policy by July 1, 2007 or face a fine; but businesses and individuals will be given until January 1, 2009 to sign on for what the state considers a “minimum standard of care,” the Associated Press reports. The additional time was needed to allow employers, workers and insurers to make the transition to the new standards, which will include prescription drug coverage.
Community News

BKR Fordham Goodfellow Merges with Maas Capital Advisors

BKR Fordham Goodfellow, LLP (BKRFG) is pleased to announce the acquisition of a partnership interest in Maas Capital Advisors, LLC. Maas Capital is an independent, fee-only financial advisory practice with offices in Hillsboro, Ore. and Aptos, Calif. Maas Capital provides clients with integrated financial planning and investment management advice. “We are excited about the benefits of the merger for our clients,” said Les Fordham, Jr., CPA.
Tax

Senate ID Theft Hearing Lauds Calif. Privacy Laws

A U.S. Senate subcommittee was told Wednesday that California's innovative privacy laws are successfully protecting Californians by getting consumers, businesses, government agencies and others to change their behaviors in order to better protect personal information and fight identity theft.
Practice Management

Grant Thornton Earns 'Companies That Care' Honor

For the third consecutive year, Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations, has been named to the Center for Companies That Care Honor Roll. This distinction recognizes organizations that demonstrate an outstanding and measurable commitment to their communities, both within the workplace and beyond.
Community News

Texas CPA Wins Blog Award

Pannell Kerr Forster of Texas, P.C. (PKF Texas) was honored by the Texas Public Relations Association (TPRA), with a Bronze Best of Texas award for the business blog, www.fromgregshead.com.The blog, authored by Gregory Price, CPA, Director of Consulting Solutions at PKF Texas, provides insight, information and commentary on accounting and technology trends.“We are very excited that TPRA awarded PKF Texas with such a prestigious award for our blog.
Tax

CalCPA Assists Food Bank, Promotes Tax Credit

Low-income individuals and families in the Fresno area are receiving groceries from the Community Food Bank in special bags advising them on how to get money back from Uncle Sam.The bags, donated by the California Society of CPAs and the CalCPA Institute, provide information on how to apply for the Earned Income Tax Credit (EITC), a federal program.
Tax

Connecticut Considers Income Tax Increases

The Connecticut Legislature is considering a measure that would increase the personal income tax rate for high income taxpayers and reduce the sales tax rate.While reducing the sales tax rate from 6 to 4.5 percent, the proposal, CT SB 1385, also would eliminate the property tax credit, establish a refundable credit equal to 20 percent of the earned income tax credit.The proposal also would increase the C corporation tax from $250 to $400 and increase the estate tax rate from 5 to 5.5 percent.
Community News

Florida Bill Proposes Tax Tribunal

The Florida Legislature is considering a bill establishing a tax tribunal. The tribunal would settle all disputes sought under the state’s tax laws while holding the powers of an administrative court. The bill, FL HB 1369, would allow licensed accountants, enrolled agents and attorneys would be allowed to represent taxpayers before the tribunal.
Practice Management

Crowe Chizek Names Next COO

Kevin McGrath, CPA, has been appointed as the next chief operating officer for Crowe Group LLP and Crowe Chizek and Company LLC. McGrath is currently executive in charge of the firm’s Financial Institutions Group. He will succeed Frank Arford, who has been named chief executive officer of Horwath International. McGrath begins his new role on April 1, 2007. McGrath’s new responsibilities will include oversight of the firm’s specialized industry groups and the marketing, sales and communications functions.
Community News

Clifton Gunderson Merges with CD&L

Clifton Gunderson LLP, the nation’s 13th largest public accounting and consulting firm, has announced the acquisition of Chavarria Dunne & Lamey LLC of Albuquerque, NM, effective April 1, 2007.Partners and employees of CD&L will join Clifton Gunderson and remain at their current Albuquerque offices. The merger brings three partners and more than 100 employees into Clifton Gunderson’s nationwide practice. Joining Clifton Gunderson as partners are the three CD&L principals, Gregory J. Chavarria, Caren L. Dunne and Bryan A. Lamey. Chavarria will serve as Managing Partner.
A&A

Wisconsin Proposes Privacy Protection for Tax Preparers

The Wisconsin Legislature is considering a bill designed to prohibit a tax preparer or an entity that employs tax preparers from disclosing information obtained in the preparation of a client's tax return unless the tax preparer or entity discloses the parties to whom the tax preparer or entity intends to disclose the information, and the client consents in writing.The Bill, WI SB 69, has been referred to the committee of jurisdiction.
Community News

NBC CPA Turns Private Eye

Tired of crunching numbers? “Andy Barker PI,” a new NBC prime-time comedy starring Andy Richter, follows the comedic adventures of a mild-mannered CPA-turned private investigator.Upon renting office space in a California strip mall formerly occupied by a detective agency, Barker encounters clients who mistake him for a private investigator. Lured by the excitement lacking from his real job, he decides to take on cases and a new career.Late-night talk show host Conan O’Brien, with whom Richter worked as a sidekick, is a cowriter and executive producer of the pilot.
Community News

Employee Costs, Govt. Regs Top Indiana Concerns

Indiana CPAs are guardedly optimistic with respect to the business climate in the U.S. economy for 2007 and slightly more optimistic about the prospects for Indiana’s economy, according to the recent poll conducted by the Indiana CPA Society. In comparison, in 2006, Indiana CPAs were a bit more neutral concerning Indiana’s economy.On a continuous rating scale from zero to 100 with zero being very pessimistic, 50 being neutral, and 100 being very optimistic, Indiana CPAs were found to be guardedly optimistic about the prospects for the U.S. economy with an average rating of 64.2.
Community News

3 RBZ Partners to Share Management Duties

In a strategic move to fuel its steady growth, the Los Angeles-based accounting and business consulting firm RBZ, LLP has named three partners to share the Managing Partner position which Thomas J. Schulte has held for nine years and will complete this July.After careful consideration, the position has been divided into three distinct areas headed by partners, who in addition to continue handling their current client base, will begin transitioning into the roles now.
Practice Management

New York Consumer Bill Targets Tax Preparers

A bill before the New York Legislature, designed to educate taxpayers about tax preparers’ qualifications, would require the Department of Taxation and Finance to publish a "consumer bill of rights regarding tax preparers."The bill, NY SB 2970, calls for extensive RAL disclosure requirements, but exempts enrolled agents. If passed, the legislation would require that all tax preparers obtain a license from the Department.
Technology

Deloitte Survey: Mandatory e-Filing Costs More Time & Money

U.S. companies required to e-file are spending more time and money on compliance than before the electronic process was made mandatory, a new survey conducted by Deloitte Tax LLP has found. A majority of those surveyed said the time they spent on compliance (61 percent) and the costs (68 percent) in filing their 2005 federal tax returns had increased by as much as 19 percent.Recent changes in e-file transition rules and the expansion of the e-file mandate make planning for e-filing an important aspect of compliance planning for tax year 2006.

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