Maine news

Practice

Two Large Ohio Cities Most Tax-Friendly for US Businesses: Study

According to a new KPMG report, the top five US cities with populations above 2 million that have the most favorable tax climate for businesses are Cincinnati, Cleveland, Atlanta, Baltimore, and Pittsburgh.
Tax

Another Taxing Opportunity: Plastic Bags in PA

There's nothing new about governments trying to use tax as behavior modification. They've been doing it forever. Now the behavior being targeted in some areas of the country is the choice at the grocery store of "paper or plastic."
Tax

How State Income Taxes May Be Redrawing the Population Map

Not many political potatoes are as hot as taxes. Whatever your opinion about state and local taxes, it's prudent now and then to gauge how the prevailing rates affect a state's fiscal health overall.
Tax

Crime Watch: June 3, 2013

Thomas Nelson, formerly the CEO of York County Community Action Corporation (YCCAC), was sentenced May 21 in US District Court by Judge Nancy Torresen to thirty months in prison and thirty-six months of supervised release for conspiracy, embezzlement from a federally funded program, tax evasion, and signing false tax returns.
Tax

Crime Watch: May 16, 2013

A man who perpetrated a million-dollar investment fraud from California that defrauded New Jersey victims was sentenced May 14 to forty-six months in prison for crimes related to the scheme, US Attorney Paul J. Fishman announced.
Tax

Internet Sales Tax Clears Senate Hurdle

New legislation authorizing the states to collect sales tax from companies peddling their wares online breezed through the Senate on May 6 by a wide 69-27 margin. But the Marketplace Fairness Act is expected to face much tougher opposition in the Republican-controlled House of Representatives.
Technology

CPAs Adding Social Media to Connect with Clients and Find New Ones

CPA firms' use of social media is evolving, from the simple use of e-mail, a web page, or the telephone, to messaging via Twitter or through postings on Facebook and LinkedIn.
A&A

Ruling Extends SOX Whistleblowing Protections

Following a recent ruling by the US Department of Labor's Administrative Review Board, accounting firms that do work for public companies may be far more vulnerable to whistleblowing claims under SOX.
Tax

Leaders of Multimillion Dollar Fraud Ring Get 25 Years in Prison

Veronica Dale and Alchico Grant, who jointly ran a stolen identity refund fraud ring that attempted to defraud the United States of millions of dollars over several years, were sentenced to federal prison May 8, 2012, the Justice Department and the IRS announced.
A&A

IRS Cannot Extend Three-Year Limitation Due to Overstatement of Basis

In a recent decision that considers the authority of the IRS to issue retroactive regulations, the Supreme Court ruled in United States v. Home Concrete that the IRS may not apply an extended six-year limitations period in certain tax shelter cases.
A&A

More CPA Executives Are Optimistic about the US Economy

A growing number of financial executives are optimistic about prospects for the US economy and their own organizations over the next twelve months, according to the first quarter AICPA Business and Industry Economic Outlook Survey.
Tax

IRS Seeks Volunteers for Taxpayer Advocacy Panel

The IRS is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies key issues, and makes recommendations for improving IRS service.
A&A

Calcbench Named the Grand Prize Winner of the XBRL Challenge

Calcbench, an open source application that consumes corporate XBRL data and performs comparative analytics, was named the winner of the XBRL Challenge at the XBRL and Financial Analysis Technology Conference on February 29. The contest is for developers of applications that leverage XBRL-formatted data in the SEC EDGAR database.
A&A

Global Trade Drying Up, Says Economic Survey of Finance Professionals

Finance professionals believe there will be a renewed global economic downturn in 2012, as the largest-ever quarterly survey of professional accountants shows that international trade continued to dry up at the end of last year.
Tax

It's Official: Payroll Tax Holiday Extends through 2012

Ending several weeks of uncertainty, Congress passed the Middle Class Tax Relief and Job Creation Act of 2012 shortly before adjourning for a long President's Day weekend. President Obama is expected to sign the bill as soon as it reaches the White House.
A&A

Study Shows Benefits of Shareholder Involvement in Auditor Selection

In December 2011, the SEC gave GE, Alcoa, and others leave to exclude from their 2012 annual meetings the proposals of shareholders calling for rotation of the companies' external auditors. This was counter to a decades-old rule excluding from proxy materials proposals that will affect firms' "ordinary business."
Community News

Hayashi and Wayland Acquires Snyder Accountancy Firm

Hayashi & Wayland Accounting & Consulting, LLP, announced the January 1, 2012, acquisition of Snyder Accountancy, a full-service public accounting firm headquartered in Monterey, California, with a satellite office in Salinas, California.
Community News

The Merger of A.S. Fricano and Co., CPAs and Daniel D. Wolfe, CPA

A.S. Fricano & Co., CPAs and Daniel D. Wolfe, CPA merged their firms effective October 1, 2011; however, the merger was not officially announced until December 29, 2011. The new firm operates as Byler, Wolfe, Lutsch & Kampfer, CPAs Inc.
A&A

Rapid Corporate Adoption Curve Proclaims "Cloud Is Now"

The vast majority of senior executives said their organizations have already moved at least some business activities to the cloud and expect their 2012 investment to skyrocket.
A&A

AICPA panel addresses economic data and what it means for CPAs

Panelists in a recent AICPA Webcast were invited to take a close look at the pessimistic conclusions of the CPA Outlook Index for the third quarter, and consider what it could mean for CPAs and their clients.

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