New York news

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.
Education & Careers

Jobs least difficult to find in San Jose, CA, and Washington, D.C.

Times are tough all over, but finding employment is least difficult among the largest 50 U.S. cities in San Jose, California, and most difficult in the Detroit metropolitan area, according to the Job Search Difficulty Index released this month by Juju.com, an online job search engine.
Education & Careers

AICPA and Accountemps to provide five scholarships for accounting students

The AICPA and Accountemps are accepting applications for the 2010-2011 AICPA/Accountemps Student Scholarship. Five individuals will receive $2,500 each for tuition expenses.
Community News

Examiner: Lehman used aggressive accounting to hide borrowing

Anton R. Valukas, the U.S. bankruptcy court-appointed examiner of failed investment bank Lehman Bros., has found that the company used “materially misleading” accounting to make its balance sheet look stronger than it really was.
Tax

Charles Rangel steps aside as House Ways and Means chairman

Bowing to pressure from Republicans and Democrats in the U.S. House of Representatives, Charles Rangel, chairman of the tax-writing House Ways and Means Committee, agreed to step down “temporarily.”
Tax

Thomson Reuters releases 2010 edition of Mexico Tax, Law, and Business Briefing

The tax and accounting business of Thomson Reuters recently updated its Mexico Tax, Law, and Business Briefing book, which is designed to help companies comply with Mexico's new tax and finance legislation changes, explore opportunities for minimizing the change impacts, and proactively manage audit risk.
Community News

Graf Repetti & Co. expands Long Island presence through merger

New York City-based Graf Repetti & Co. has announced that it combined with Zeidman, Lackowitz, Prisand & Co.'s Commercial and Tax Division on January 1.

Employee or independent contractor? White House budget depends on the answer

At least seven billion dollars… that's the amount President Barack Obama has penciled into his 2010 budget to be collected in the next ten years, from firms that misclassify workers.
Education & Careers

Accounting Scholarship Programs

AccountingWEB has compiled a list of scholarship opportunities for accounting students.
Tax

The Internet nexus sales tax debate: "Amazon Laws" vs. the Streamlined Sales Tax Project

While the precise amount of sales tax revenue that is lost through online retailing may be in question, there is little doubt that the amounts are large enough to warrant attention by state budget directors who are looking for money.
Tax

IRS wants businesses to disclose all uncertain tax positions

The IRS has announced that it is developing a schedule to be filed with the Form 1120 that will require certain business taxpayers to disclose and describe uncertain tax positions on their tax returns.
AccountingWEB Life

Accounting music video launches in time for holiday

"If I Were an Auditor," a song parody of "If I Were a Carpenter," is the first ever music video about accounting performed and filmed in the virtual world of Second Life.
Community News

Resnick Druckman Group expands through mergers

With the goal of expanding the accounting and consulting firm while maintaining its strong presence in New York City, The Resnick Druckman Group LLC last month announced mergers with Sigmund Balaban & Co. and Gilbert, Wolff and Co.

Auditing Standard No. 7: PCAOB strengthens requirements for engagement quality review

Accounting firms performing audits and interim reviews of financial information for public companies should plan to commit more resources, including partner time, to engagement quality reviews for fiscal years beginning on or after December 15, 2009.
Education & Careers

Accounting and xTREME? Rarely found in the same sentence

The xTREME Games include xTAX, short for "Extreme Tax," and xACT, short for “Extreme Accounting.” Both are case competitions that expose students to real tax and accounting situations.
Workplace Fitness

The Bo-tax vs. the tanning tax: Tanning revenue pales in comparison

Congress's health plan is projected to cost $849 billion over the next decade according to a Congressional Budget Office estimate. That's why they are shining their searchlight into every corner, looking for places where they can raise taxes to pay the price.

Classifying employees the right way

Do you have any independent contractors working for you? If so, please note that the IRS is increasing its focus on worker classification. The consequences of misclassifying workers are significant to the worker, the employer, and governmental agencies.
Tax

Are you ready for the redesigned IRS Form 990? More disclosure, more detailed schedules and more pitfalls abound

In December of last year, the IRS released the first major redesign of the form 990 in nearly 30 years in order to keep pace with the increasing size, diversity and complexity of the tax-exempt sector.
Tax

2009 Recap of celebrities with tax woes

Television and movie stars, politicians, athletes, musicians - it seems that no one is above the law, particularly when there are taxes involved. Here is a recap of those notables who faced off with the IRS in 2009.

Make your presentation perfect!

The New York Times famously reported in 1984 that speaking in public was most people's biggest fear, ranking higher than death. Knowing that your nerves are getting in the way of a powerful performance can pile up the pressure even higher, so how do you break the vicious circle?

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