A&A news January 2006

A&A

Tax Season Opens with Extended Deadlines & E-Filing Hopes

The Internal Revenue Service (IRS) has kicked off the 2006 tax filing season by announcing some extended filing deadlines, reducing the reporting workload for small businesses, and maintaining its high hopes for continued expansion of electronic filing.The agency has changed this year’s filing deadline to April 17 because the traditional April 15 date falls on a weekend.
A&A

New Pixel Micro-Ads Target Personal Finance

The micro-ad model, pioneered by Nottingham University entrepreneur Alex Tew in September 2005, has just been focused on global providers of personal finance and credit to consumers.
A&A

2005 Tax Changes Affecting Electric & Clean-Fuel Vehicles

Taxpayers who put a qualified electric or clean-fuel vehicle into service during 2005 can claim the maximum electric vehicle credit and/or the maximum clean-fuel vehicle deduction, according to the Internal Revenue Service (IRS). Other clean-fuel property placed into service this year may also be eligible to take the maximum deductions. Popular gas/electric hybrid vehicles, such as Toyota’s Prius and Honda’s Insight, not powered primarily by an electric motor, are NOT qualified electric vehicles.
A&A

Private Offerings & Managed Buyouts: No Prospectus Needed

Four courts have upheld a statute governing private offerings stating that a prospectus is not required. The 2nd U.S. Circuit Court of Appeals has issued the ruling, Yung v. Lee, according to Law.com. Judges Reena Raggi, Dennis Jacobs, and Robert Sack decided the case. Raggi wrote the opinion for the panel. The details of the case occurred over 1998 and 1999. Yung Yao, and his son Billy Yung, acquired shares in Integrated Transportation Network Group (ITNG), according to Law.com. ITNG is a wholly owned subsidiary of the Dawson Science Corporation.
A&A

CCH Issues Small Business Retirement Plan Guidance

During the last week of December, CCH, a Wolters Kluwer company and leading provider of tax, pension and human resource information and software, introduced Retirement Plans for Individuals and Small Business. This new resource was developed to help professionals advise their clients on choosing the right retirement vehicle, setting up and maintaining the plan and complying with relevant laws and regulations.“Retirement Plans for Individuals and Small Business is useful for both the novice and seasoned professional to help cut through the numerous options and related complex
A&A

CPA Firms Brace for SOX 404 Small Biz Exemption

Exempting smaller publicly-traded companies from the onerous 404 section of the Sarbanes Oxley (SOX) accounting reform law, -- a prospect being pondered by the Securities and Exchange Commission (SEC) –may cause some CPA firms to reposition resources.Charles Jones, a partner with Marshall Jones & Co. CPA firm in Atlanta and operator of a 404 boutique practice, says that group is already planning to shift its focus from 404 compliance to helping smaller companies with their internal audits.
A&A

Welcome, Trades!

Are the trades the next growth market for accountants? At least two companies think so. Massachusetts’ Rodman & Rodman have launched a new trades division, while Foundation Software has unveiled a new patent-pending CPA Audit/Review Module for their FOUNDATION(R) for Windows(R) construction accounting system.Rodman & Rodman, P.C., a Certified Public Accounting (CPA) and business services firm in Newton, Massachusetts, has created a new Trades Division in response to a growing client-base of mid-sized trade businesses.

Pages