New York news

A&A

NASBA Chief David Costello moving on to an even brighter future

David Costello is ready for new horizons. In April, he announced that he will step down from the top spot at the National Association of State Boards of Accountancy. When he goes, he’ll leave the organization much better than he found it.
Tax

Nicolas Cage: Poster boy for delinquent taxes

Just when you thought he’d learned his lesson, Nicolas Cage is wrestling with more tax issues. Since late last year he had become the poster boy for celebrities who don’t pay their fair share, making headlines time after time.
Tax

Three artists sing the tax-trouble blues

The Queen of Soul and the taxman are doing battle again – and Judy Collins and Toni Braxton are singing a similar tune.
Education & Careers

Peggy Wood, the NYSSCPA, and the 21st Century

Change may be the new norm for accountants. Confronted with issues of an unprecedented scale that affect clients and the day-to-day practice of accounting in firms and industry, they must engage and find solutions.
A&A

The "flash-crash" of May 6: What happened?

If you tuned in to stock market news at about 2:47 p.m. EST on May 6, you might have been holding your breath, especially if you have a significant investment in the stock market. That was five minutes into what is now being called a flash-crash.
Tax

Unemployed can use tax laws to secure a job

Both unemployed (including some recent graduates) and certain currently employed Individuals looking for work can dramatically increase their attractiveness to prospective employers by highlighting certain tax breaks that employers can secure by hiring them.
Tax

Strippers call for voluntary “pole tax” to help education

Long Island exotic dancers rallied last week in favor of a voluntary, $5 “pole tax” that would go toward education.
Technology

Thomson Reuters releases video-on-demand platform

A “one-stop shop” for financial news. That’s how Thomson Reuters describes its newest innovation, the video-on-demand platform, or VOD.
Tax

Fear factor: Intimidating print, TV ads used in amnesty program

Tax amnesty can be an effective way for a taxing authority to quickly fill its coffers, clear a lot of names off the delinquency list, and help balance the budget. States do it from time to time, though critics warn that it can undermine regular collections if taxpayers begin to sense a pattern.
Tax

Amazon denies North Carolina’s request for tax-related information

North Carolina has raised the ire of online retailer Amazon by beginning an audit of its compliance with state sales and use tax laws.
A&A

Many small nonprofits may lose tax-exempt status

Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.
Tax

Philadelphia launches first tax amnesty program in more than two decades

For the first time since 1986, Philadelphia is offering individuals and businesses delinquent in paying city taxes an opportunity to settle up on what they owe.
A&A

Fuld fights back in Lehman failure testimony

Former Lehman CEO Richard Fuld, in his appearance before the U.S. House Financial Services Committee last week, blamed rumors, timing, regulators, and a “crisis of confidence" for the fall of the investment firm.
Education & Careers

SIFE members' passion for business can be powerful force for change

Students In Free Enterprise, an international non-profit network of students, academics, and business leaders working with businesses and higher education organizations, is in the midst of its regional and national competitions.
Tax

Operation Brass Tax: Sting nets 26 tax preparers

Some tax preparers will not be celebrating the end of tax season with tropical drinks on sandy beaches. Instead, they might be viewing life from behind bars because of a recent sting operation.
AccountingWEB Life

Accountant sues Craigslist for unflattering postings

Four million dollars. That's the amount ringing up on accountant, Leo Kehoe's calculator these days. The CPA in Whitestone, NY, is suing Craigslist over several advertisements that called him a "crook."
Tax

Managing sales and use tax compliance getting harder for small businesses

Just staying on top of the 8,000 different state and local tax rates and a thousand changes that are made every year by state legislatures is a huge challenge for small and mid-sized business in normal times.
Community News

SEC's Office of the Chief Accountant selects accounting fellows

The Securities and Exchange Commission's Office of the Chief Accountant recently has selected eight professional accounting fellows for two-year terms beginning in 2010.
Tax

States scramble for tax revenue wherever they can find it

Imagine your state tax collectors hard at work…reading the entertainment news as part of their job description. State tax authorities always have used the media to track the cross-state earnings of sports stars, celebrities, and other wealthy individuals.

Advise your clients how to get cash during hard times without taking a tax hit

Where will your clients obtain much-needed cash when their expenses run high (e.g. an emergency medical bill or the mortgage payment) and their bank accounts are low? Basically, there are four common sources for emergency money: IRAs, 401(k)s, home equity (for those who still have any), and life insurance. Each of these has its own set of tax rules, affecting how much of the cash will be available to the client and how much must instead be paid in taxes.

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