Utah news

Tax

Tax Foundation releases state business tax index

South Dakota's tax system is most welcoming to economic activity while New York's tax code ranks 50th as the least hospitable, according to the Tax Foundation's most recent edition of the State Business Tax Climate Index, which ranks the tax systems of the 50 states.
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Tax

Four celebrities face battles with the IRS

Even the thin, beautiful, and talented have to pay their fair share of taxes. Beverly Johnson, Janice Dickinson, Jaime Pressly, and Toni Braxton have run-ins with the IRS.
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Community News

Company announcements: Week of November 8

Following is the latest roundup of firm news for the week of November 8, 2010.
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Tax

Justice Department shows no compassion for church's alleged tax shenanigans

The U.S. Department of Justice has asked a federal court to permanently bar Kevin Hartshorn from promoting an allegedly false church-based tax fraud scheme.
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Practice

Most executives remain confident about business growth

Six percent of chief financial officers said they plan to hire full-time accounting and finance employees during the third quarter of 2010, while 9 percent anticipate staff reductions. Despite those numbers, CFOs remain optimistic about the outlook for their businesses.
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Tax

Broke states and broken promises

According to a recent report from the National Association of State Budget Officers and the National Governors Association, state fiscal conditions "have continued to worsen" and state revenues can be expected to lag behind a national economic recovery by one to three years.
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Tax

Salt Lake City federal court bars CPA from preparing tax returns for others

A federal court in Salt Lake City has permanently barred Dick Jenkins, a CPA from Heber City, Utah, from preparing tax returns for others.
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Education & Careers

AICPA announces 2008 Elijah Watt Sells awards

The American Institute of Certified Public Accountants has announced winners of the 2008 Elijah Watt Sells Awards.
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Morningstar ranks the best and worst 529 plans this year

Morningstar, the global investment research firm has published its annual list of the best and worst 529 plans – when it comes to earning long-term returns for college savers – and the overall opinion smacks of optimism. Some of the worst plans from years past have folded up and gone away, while others continually strive to improve. Here are the criteria that separate the best plans from the worst: Flexibility. As Morningstar points out, no savings plan is one-size-fits-all.
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For most states, stimulus payments will mean added revenue

The economic stimulus payments that taxpayers have received will not be considered taxable income by the Internal Revenue Service but some of this money may end up in the coffers of individual states, which are free to decide how to treat the payments. Few will tax the money directly as income - currently, only Alabama is considering this option - but most anticipate additional revenue from sales or excise taxes, or indirectly, in some states, from a decrease in a deduction.
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Overstock drops Web affiliates in fallout over NY sales tax law

On the heels of Amazon.com suing the State of New York over a new tax law aimed at online retailers, Overstock.com has cut its ties with New York affiliates, saying it will no longer do business with Web site owners in the state who get commissions for referring customers to its site.
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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.
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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.
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Resource Guide - Issue 146

Brought To You By: PolicySoft Accounting Department Templates First Research Industry Profiles THIS WEEK'S RESOURCESNew SEC Rule Establishes Ethics Standards for Mutual FundsTreasury Releases Report on "Phishing" Identity Theft PreventionPrivate Collectors Could Reduce Backlog of Unpaid Taxes: ReportIRS Offers P
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Pages

Voice of the Editor

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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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