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TIGTA auditors go undercover to determine reliability of unlicensed tax preparers

A growing number of U.S. taxpayers are relying on tax preparers to file their returns. For the 2007 tax year, that meant 83 million returns, or more than half of all taxpayers. What troubles the Treasury Inspector General for Tax Administration (TIGTA) is, there is no federal standard regulating this profession. No specific training or education is required and only two states – California and Oregon demand that tax preparers be licensed and have continuing education. That's why legislation has been proposed in Congress that will provide oversight of tax preparers.

Under new management: Freddie Mac and Fannie Mae

A lot of people saw it coming... and wondered why the powers that be at Freddie Mac and Fannie Mae didn't. Between the two finance companies, they hold or guarantee about 50 percent of mortgage debt in the United States, worth around $5 trillion. On Sunday, September 7th, the government seized control of both companies in an effort to stabilize them, and more importantly, to protect homeowners whose mortgages are owned by them.

Sales tax holidays: Love them or hate them?

More than a dozen states and the District of Columbia have sales tax holidays that last at least a couple of days each year, some last much longer. Usually the holiday coincides with back-to-school time to give parents a break on outfitting their kids with necessities. What consumers can buy during the sales tax holidays varies by state, but generally includes clothing, shoes, classroom supplies, and computers, often with a dollar limit. Another popular item that pops up in sales tax holidays is energy efficient appliances for the home.

KPMG sponsorship brings baseball to inner city children in Los Angeles

Major League Baseball will host the 16th annual Reviving Baseball in Inner Cities (RBI) World Series presented by KPMG at venues throughout the Los Angeles area, including the MLB Urban Youth Academy in Compton, California, August 6-17. The RBI World Series is the championship round of the RBI program, the Major League Baseball youth baseball and softball initiative presented by KPMG LLP. "As we launch the 16th annual RBI World Series, it is important to note that these games feature more than just great baseball and softball," said Allan H. (Bud) Selig, Commissioner of Baseball.

PayPal turns over account records to IRS

Earlier this year, PayPal let customers know the company would be providing the IRS with some of their account information. This was in response to a 2006 federal court ruling that the IRS could ask PayPal, a global leader in online payments with more than 63 million accounts worldwide, to hand over account information on American taxpayers with bank accounts, credit cards, or debit cards from foreign financial institutions."Your privacy is extremely important to PayPal.

Small business owners dissatisfied with Washington leaders

Small business owners are not pleased with the inaction of the federal government, according to a poll released last week by small business organization American Management Services. The poll was conducted by Suffolk University. Poll results showed that 63 percent of respondents said the federal government is "doing nothing" to help small businesses while 23 percent said it is doing "little." Over three-quarters of those polled, 78 percent, said this summer's economic stimulus checks did nothing to help their business.

AICPA offers tips for recovering from financial disaster

Disasters such as the floods in the Midwest and fires in Northern California take an enormous emotional and financial toll on victims.Here are some tips on regaining financial balance in the days following a disaster from Disaster Recovery: A Guide to Financial Issues, published as a public service by the American Institute of Certified Public Accountants, American Red Cross, and National Endowment for Financial Education:Try to avoid making major financial decisions.If your home is damaged and uninhabitable, contact the Red Cross, your county office of emerge

Greenwashing: Is this business green or only greenish?

Green has many meanings. Green can mean fresh. But green cheese is spoiled. A green employee could be a rookie on the job, or a staff member who got sick eating the green cheese. A green bottom line is flush with profits. A green business is environmentally friendly. Of course there is the actual color green. And then . . . there's greenwash. Greenwash or green sheen occurs when a company understands that being green is good for business, therefore markets itself as green without making any real efforts toward being environmentally friendly.

CPA mobility legislation gains national momentum

Twenty-three states have approved laws to make it less burdensome for certified public accountants to represent clients across state lines.The American Institute of Certified Public Accountants is seeking enactment of similar laws in every state so that a national uniform mobility system will become a reality for CPAs, CPA firms, and the state boards of accountancy that regulate them.

Amazon cries foul: e-tailer sues New York State over sales tax law

The online giant Inc. has filed a complaint with the Supreme Court of the State of New York saying it is unconstitutional to require e-tailers based outside of New York to collect the state's sales and uses taxes.Amazon, which is based in Seattle, filed the complaint on Friday against the new law, which has been coined the Amazon tax since it was passed last month.

Maryland becomes 18th state to enact CPA mobility legislation

The Maryland General Assembly last week passed a CPA mobility bill that will make it easier for CPAs to do interstate business.

Resource Guide - Issue 181

Brought To You By: PricewaterhouseCoopers' ComperioAccounting Department Templates from PolicySoftTHIS WEEK'S RESOURCESFraud Prevention Tops Corporate Boards' To-Do ListsCompanies Pushing For Lower Audit Fees for 2005California Launches ReadyReturn Tax Program CFOs Say, Cash is Still King W

Resource Guide - Issue 179

Brought To You By: Geac Industry Profiles From First ResearchTHIS WEEK'S RESOURCESTax Professional Suspended for Joking About TaxesWhen Love and Work Collide: Setting "Workplace Romance" Rules Majority of Fast-Growth CEOs Likely To Move OnSEC Approves Use of Data-Tagged Corporate Re

Resource Guide - Issue 178

Brought To You By: The AccountingWEB 2005 Tax CalendarIndustry Profiles From First ResearchTHIS WEEK'S RESOURCESReport Identifies Ways U.S. Could Raise More Tax Revenue New EITC Tool Helps Taxpayers Determine EligibilityCritics Give "Public Eye" Awards for Corp.

News Wrap-Up - Issue 279

This News Wrap-Up Brought To You By:First Research's Industry ProfilesThe 2005 Tax CalendarTHIS WEEK'S NEWSJudge Rules BDO Arbitration Clauses UnenforceableFinal Regs.

Resource Guide - Issue 177

Brought To You By: The AccountingWEB 2005 Tax CalendarIndustry Profiles From First ResearchTHIS WEEK'S RESOURCESCompanies Delaying 401(k) Deposits, Costs Workers MillionsBusiness Roundtable Supports Auditor Liability CapVendors Bid to Operate .Net DomainAuditors Hesit

News Wrap-Up - Issue 278

This News Wrap-Up Brought To You By:Accountstreet Incorporation & LLC Services for AccountantsLIVE LAST MINUTE 1040 CLIENT UPDATE WITH SIDNEY KESS THIS WEEK'S NEWSTax Denial Movement Grows with Help of Internet “Survivor's” Hatch Faces Jail, Fines in Tax Evasion CaseEEOC Brings Suit that Cou

News Wrap-Up - Issue 275

This News Wrap-Up Brought To You By:PolicySoft's Accounting Department Templates THIS WEEK'S NEWSFannie Mae May Sell $5B of Preferred Stock IRS Expands Pre-Filing Agreement ProgramObservers Say Radical Tax Changes Are Unlikely E&Y to Pay $125M to Settle Claims Over Failed Illinois Bank IRS Warns Business Against Abuses in Retirement PlansSEC Charges Walt Disney with Disclosure Violat

AccountingWEB's Weekly News Wrap-Up & Resource Guide

Special Holiday EditionTHIS WEEK'S NEWSIRS Issues Optional Sales Tax Tables IRS Updates Ethical Standards for Accountants, Tax AttorneysSEC Creates Committee to Examine SOX Impact on Small Public Cos.Tax Day Is Coming: Helpful Hints for Small Business ClientsExperts' List of How Practitioners Can Optimize Individual ReturnsThe CIO's Transformation from Technology Steward to Business LeaderShortage of Accountants Leads to New Recruiting Strategies Self-Employment Up Sharply For Women, Blacks,

News Wrap-Up - Issue 273

This News Wrap-Up Brought To You By:Geac's Complimentary Whitepaper Accountstreet Incorporation & LLC Services for AccountantsTHIS WEEK'S NEWSCourt Defies SEC, Upholds Limitations on Expiring Fraud Claims Controversial Provision Removed from Spending BillJudge Bars MCI from Paying Add


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