A&A news February 2007

Practice

Study: Male Accountants Threatened By Women

Nine out of 10 male accountants believe they have been adversely affected by attempts to create a more favorable working environment for women in Europe, new research reveals. Recruitment specialists Careers in Audit found that many men working in the profession claimed that women were being promoted even if they do not deserve it. The resentment ran high despite 76 percent of male accountants backing the view that a "glass ceiling" still exists which prevents women from progressing.
A&A

Employers Must Sign Up To Pay 409A Taxes For Backdated Options

Employers face a deadline of February 28, 2007 to take part in a new compliance resolution program designed to allow them to may pay the additional federal taxes imposed under Code Sec. 409A on behalf of certain employees who exercised backdated options or other discounted stock rights during 2006.The IRS initiated the program to minimize the burdens of compliance on employees who are not corporate insiders while ensuring that all applicable taxes are paid.
A&A

Liquidation Sales Ruled Non-Business Income in Illinois, Missouri, Utah

Recent court decisions in Illinois, Missouri, and Utah have ruled that gains from a liquidation sale of a business do not constitute taxable business income.In each case, the respective state revenue department disagreed with the companies' classification of the gains and issued the companies notices of deficiency.
A&A

IRS Offers Bank Secrecy Act Reminder

The Internal Revenue Service reminded small businesses that provide money services, including money transfer services, check cashing, and money orders, may be accountable to reporting and record keeping requirements under the Bank Secrecy Act (BSA).The BSA, passed in 1970 to fight money laundering in the United States, requires businesses to keep records and file reports that have a high degree of usefulness in criminal, tax, and regulatory matters.
Technology

Information Security Management Remains Chief Concern

Information Security Management is expected to continue to have a powerful influence over business in 2007, according to the 18th Annual Top Technology Initiatives survey of the American Institute of Certified Public Accountants (AICPA). For the fifth consecutive year, the survey identified Information Security as the technology initiative expected to have the greatest effect in the upcoming year.A related initiative, Identity and Access Management, jumped from sixth place in 2006 to second in 2007.
A&A

Experts Predict Bad Year Ahead for Cyber-crime, Cyber-terrorism

According to information released by Risk Bloggers, security and risk management experts around the world predict information security events will occur in 2007, with sophisticated criminal groups increasingly exploiting technology to keep one step ahead of consumer and corporate defenses, resulting in unprecedented losses.Some key vulnerabilities cited were large groups of zombie computers organized into Botnets, web server security holes and uncontrolled mobile devices, such as portable storage and smart phones.
A&A

How Are Small Businesses Viewing the Economy?

The results of an International Profit Associates Small Business Research Board (IPA SBRB) survey shows that small and medium-sized food service companies, though cautiously optimistic about their near term prospects for the coming months, are the least confident of any other small business industry measured.Advertisement

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