Washington DC news

A&A

Obama wants to expand, extend business tax credits

President Barack Obama has proposed a 100 percent bonus depreciation business tax incentive for 2011 to encourage business investment. Obama also wants Congress to make the research-and-development tax credit permanent.
A&A

IRS looking for feedback on Roth 401(k) regulation

The Internal Revenue Service is seeking comments on an existing regulation that provides guidance on Roth 401(k) arrangements.
Tax

One IRS attacker goes to prison, others under investigation

Frustration with the Internal Revenue Service is nothing new. But in recent months, acts of violence and inappropriate treatment of agents are escalating.
Tax

Would you like your bagel with a side of extra tax?

Until recently, residents of Albany, New York, have not had to pay tax on the purchase of their morning bagels. At least for one major bagel chain – Bruegger’s – that’s all over. Why? Because the city of Albany needs cash and they are going to get it one bagel at a time.
Practice Development

Measuring the effectiveness of in-house training

Accounting firms that offer training programs in house for staff and management want to ensure that individuals meet continuing professional education requirements. At many firms, training programs encompass larger goals and are at the core of a firm’s culture.
Tax

IRS to eliminate paper coupon deposits

The IRS has issued proposed regulations that will eliminate the rules for making federal tax deposits by paper coupon. Electronic deposits will be required effective January 1, 2011.
Community News

Company announcements: Week of August 16

Following is the latest roundup of firm news for the week of August 16, 2010.
Tax

Wyly boys: Brothers with a golden touch, in trouble together

If the U.S. Securities and Exchange Commission is correct, billionaire brothers Samuel E. Wyly and Charles J. Wyly Jr. have more than savvy investing and brilliant business minds to thank for their wealth.
A&A

Michael R. Bell & Company joins Wipfli

Partners and associates of Washington State-based Michael R. Bell & Company, PLLC, have joined Wipfli LLP, an international CPA firm headquartered in Milwaukee.
Education & Careers

Accounting associations create commission to study higher education in accounting

The American Accounting Association and the American Institute of Certified Public Accountants have formed the Pathways Commission to study possible future paths of higher education for those seeking entry into the accounting profession.
Tax

Oregon mulls details of miles-driven tax to pump up revenue

Motorists are being urged to reduce their dependence on fossil fuels from the federal government, conservationists, and their own wallets. However, less money spent on gasoline comes at a cost.
A&A

BP seeks $9.9 billion tax credit for oil spill costs

On the same day it announced a $17 billion loss for the second quarter of 2010, BP this week said that it plans to claim a $9.9 billion taxation credit from the U.S. government for costs incurred during the oil spill cleanup operation in the Gulf of Mexico.
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.
Practice

AccountingWEB LIVE! Conference to offer engaging sessions, CPE credit

AccountingWEB, the leading online media company for accountants, will be presenting the AccountingWEB LIVE! Conference on Tuesday, September 14, at the BWI Airport Marriott in Baltimore.
Tax

AICPA's tax accountants get immersed in tips, new law, and sunshine

Tax practitioners are meeting this week in the heat of southern Florida to learn about the latest tax tips and tools that they can use to improve their practices, as well as getting an update on what is going on in Washington.
Practice Management

Managing medical marijuana use in the workplace

For employers with operations in the 14 states that have legalized marijuana for medical purposes, it is a difficult task to juggle the need for a drug-free workplace environment and the rights of employees who have prescriptions to legally use marijuana.
Tax

Celebrity chef violates “clean hands” rule

Roberto Donna is a celebrity chef in the Washington, D.C. area, having won a James Beard Award in 1996 for his legendary restaurant, Galileo. He is looking to reopen Galileo in a new location, but authorities are telling him, "Not so fast." He can’t pass the clean-hands test.
Workplace Fitness

IRS issues regulations regarding tax on tanning services

The Internal Revenue Service recently has issued regulations outlining the administration of a 10 percent excise tax on indoor tanning services that goes into effect on July 1.
A&A

AccountingWEB Exclusive: Former FDIC Chief says FASB proposal is "irresponsible"

William Isaac, former chairman of the FDIC and chairman of consulting firm LECG's global financial services unit, tells AccountingWEB that he expects banks to react very negatively to the FASB's recent proposal.
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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