A&A news June 2009

A&A

How to lose $7 billion in taxpayer money without really trying

How did the IRS manage to pay out $7 billion in improper child tax credits in the tax years, 2004-2007? That's the question that the Treasury Inspector General for Tax Administration (TIGTA) wanted to answer.
A&A

Intuit announces winners of $20,000 grants

One plans to bring new services to a low-income Hispanic community. Another wants to revitalize a small town devastated by a tornado. A third plans to offer new job training to the unemployed. Yet another wants to assist those on the verge of financial disaster.These are just a few examples of how the 10 winners of Intuit Inc.'s Power to Get More Done Stimulus Grant winners plan to use their $20,000 prizes to expand their businesses and better serve their communities.
A&A

Why Marketing 101 lessons still prevail: A case study

by Barbara BixWith apologies to Robert Fulghum, author of the bestseller, Everything I Needed To Know I Learned In Kindergarten, a recent experience provided solid proof that much of what we need to know as marketers was covered in Marketing 101. In it, I had the opportunity to participate in formulating the marketing strategy and tactics of a specialty health care practice - and relearn some essential and fundamental principles of marketing.
Education & Careers

FASB Codification will be provided to faculty and students for free

On July 1, 2009, the Financial Accounting Standards Board (FASB) is instituting a major change in the way accounting standards are organized. On that date, the FASB Accounting Standards Codification (FASB Codification) will become the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (U.S. GAAP). After that date, only one level of authoritative U.S. GAAP will exist, other than guidance issued by the Securities and Exchange Commission (SEC). All other literature will be nonauthoritative.
A&A

SBA starts emergency loan program

Short-term relief is in sight for small businesses that are struggling to survive. Starting this week, the Small Business Administration (SBA) started distributing deferred payment loans that range up to $35,000 to 10,000 businesses facing immediate financial hardship.
A&A

Sustaining your business: What are you waiting for?

AccountingWEB interviewed Mike LeMaster of Revenue Advisors. Here are his thoughts on sustaining businesses in the current economic upheaval.
Tax

Personal calls on your employer's cell phone? New tax rules may soon apply

Editor's Note: In the days since this article was written, the IRS has reversed its position on taxation of personal use of a business cell phone and has asked Congress for permission to stop treating cellular phones as listed property.
A&A

Corporate finance leaders predict economic recovery in two years

Two recent surveys of corporate finance leaders in Southern California revealed that while most businesses are reporting declining revenues and employment in 2009, four out of five of these finance executives expect recovery within the next two years, without widespread restructuring or business failure.The Orange County Chapter of Financial Executives International (FEI) and local chapters of the Institute of Management Accountants (IMA) conducted surveys of their memberships in April and May, respectively.
A&A

Program matches accounting students with small businesses

When Eduardo Chavez-Guerrero's wife's business started to take off, he decided to help her run CP Universal LLC, which provides decoration for special events such as corporate lunches and weddings."My wife has run the business for five or six years and it really started to grow and with the growth came other areas we needed to know more about, like accounting and taxes," he said. "I have no idea what accounting is about and I abhor it with a passion."
A&A

Cross-selling for small businesses

by Barbara Bix and Olga TaylorLet us tell you a fable that we've heard in a number of group settings. It talks about heaven and hell. If the analogy to small businesses is not immediately clear, it should become so by the end of this article.
A&A

FASB Accounting Standards codification will launch July 1

The Financial Accounting Standards Board (FASB) has voted to approve the FASB Accounting Standards Codification as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009. The Codification will be effective for interim and annual periods ending after September 15, 2009, which means that preparers must begin to use the Codification for periods that begin on or about July 1, 2009. All existing accounting standard documents are superseded.
A&A

Businesses have until August 17 to take advantage of certain tax credits

Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until August 17 to request the certification required for these workers, according to the Internal Revenue Service.