A&A news July 2007

A&A

Sec. 199 deductions: Use statistical samplings

Even expert tax practitioners can become confused by the complex tax rules pertaining to the Sec. 199 domestic "manufacturing" deduction. The IRS has already issued hundreds of pages of regulations on this issue. Fortunately, it is also taking steps to cut down on some of the paperwork. Alert: The IRS continues to provide guidance for claiming the deduction. The latest missive explains how to use a statistical sampling for this purpose. (IRS Revenue Procedure 2007-35) But the new IRS procedure only goes so far.
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A&A

FASB seeks comments on FAS 140-d

The Financial Accounting Standards Board has issued proposed Staff Position (FSP) FAS 140-d, "Accounting for Transfers of Financial Assets and Repurchase Financing Transactions." The Board currently seeks written comments on the proposed FSP, which addresses the accounting for the transfer of financial assets and a subsequent repurchase financing.The FSP focuses on the circumstances that would permit a transferor and a transferee to separately evaluate the accounting for a transfer of a financial asset and a repurchase financing under FASB Statement No.
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A&A

Minimum wage set to increase today

The federal minimum wage will rise from $5.15 to $5.85 per hour on Tuesday, July 24, 2007, the first of three increases that will take place over the next two years. Over the next two years, the federal minimum wage will rise from to $7.25 per hour in three steps. The federal minimum wage will increase to: $5.85 per hour on July 24, 2007 $6.55 per hour on July 24, 2008 $7.25 per hour on July 24, 2009 Employees last saw an increase in the federal minimum wage in 1997.
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A&A

Top five hiring mistakes small businesses make

Gevity, which serves as a full-service human resources department for small and mid-sized businesses, has released its list of the top five hiring mistakes made by small businesses when recruiting and hiring employees. Developed from Cornell University/Gevity research and surveys of small business owners, the list is a handy tip sheet for recruiting and hiring top talent. Here are the top five hiring mistakes -- and how to avoid them:Offering candidates uncompetitive compensation.
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A&A

Google launches new search engine for small businesses

Search engine giant Google is expanding its range into business site search engines facilities with a new search engine starting from $100 a year.The company claims that the hosted Google Custom Search Business Edition can be implemented on a business website in less than 10 minutes and will give visitors better search results once they arrive.The new service expands on the free Custom Search Engine, which includes Google AdWords links alongside the site's own search results and offers some faciliti
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Voice of the Editor

Results from a recent AICPA survey disclosed the two top priorities for CPA firms as they plan for the future: bringing in new business and finding talent. Our goal at Sift Media is to help our readers deal with the issues most important to them. One way in which we are doing this is through the launch of our new recruitment/placement service, Going Concern Jobs. Check it out today for your talent needs.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

Plante Moran CPAs Gordon Krater, Alicia Sturtevant, and Susan Perline spoke with AccountingWEB about the firm's Women in Leadership initiative.
Jeff Thomson, CMA, president and CEO of the IMA, talks with us about the 2013 jobs market for accounting professionals.
Todd Lisle of BKD LLP and Amy Welch of OSCPA share their stories of helping tornado victims in Moore, Oklahoma.
Ted Dickman, CEO of BKD LLP and chairman of the board of directors for the Indianapolis 500 Festival, offers tips on encouraging employees to become involved in their communities.
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