A&A news April 2010

A&A

Costly changes to 1099 reporting in health care law

In 2012, under a little discussed mandate of the health care reform legislation, businesses will be required to report all payments in excess of $600 for services or merchandise to the Internal Revenue Service on a Form 1099.
A&A

Fuld fights back in Lehman failure testimony

Former Lehman CEO Richard Fuld, in his appearance before the U.S. House Financial Services Committee last week, blamed rumors, timing, regulators, and a “crisis of confidence" for the fall of the investment firm.
AccountingWEB Life

Texas Society of CPAs use social media to promote financial literacy

The Texas Society of Certified Public Accountants is using various social media outlets to spread a message of personal financial responsibility, and to promote April 30th as Financial Literacy Social Media Outreach Day.
Practice

Confidence among accounting and finance workers drops slightly in Q1

Overall confidence among accounting and finance workers in the United States dipped 0.3 index points to 50.6 in the first quarter of 2010.
Practice Development

PricewaterhouseCoopers charts eight imperatives for driving competitive advantage

Businesses face eight strategic imperatives that will play determining factors in their short- and long-term success following the economic crisis, according to a new report from PricewaterhouseCoopers LLP.
A&A

New AICPA '360 Degrees of Financial Literacy' Web site debuts

The American Institute of Certified Public Accountants (AICPA) has debuted a new 360 Degrees of Financial Literacy Web site to provide Americans with personalized tools and information to better manage their finances and make intelligent financial decisions.
A&A

CPAs at the forefront of Obama’s health care plan

President Obama recently signed the Patient Protection and Affordable Care Act of 2010 requiring virtually every American to purchase health insurance. Now an enforcer is needed.
Tax

Lehman update: SEC, FASB to review repo accounting rules

The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.
A&A

IPSASB publishes amendments proposals for annual improvements

The International Public Sector Accounting Standards Board has recently released for comment exposure draft 44, “Improvements to International Public Sector Accounting Standards.”
A&A

The Accountant: A new reality show

Now I’m not proposing we launch a new TV series where business owners stay in a fancy mansion surrounded by eager CPAs vying for their business. But, I think we all have been there in the heat of the competition for new clients.
Practice

Health care bill to impact benefits, recession still hurting wages

The government’s health care bill will have lasting effects on employee benefits programs in companies of all sizes, according to a recent survey conducted by Accountants International.
A&A

Humbling moments: Claims arising from 1031 exchanges

I once had a 14-hour exam on IRC section 1031. The professor awarded one A, and told the student recipient that he did not deserve it. Such was my introduction to this section of the code.
A&A

Finance and accounting outsourcing expected to increase in 2010

A new report from global consulting and research firm Everest indicates that the Finance and Accounting Outsourcing (FAO) market in 2010 is expected to resume a growth trajectory more similar to pre-recessionary levels.
Practice

Many small to mid-sized companies expect economy to recover in 2010

Although many companies and individuals still struggle with recession-related challenges, a majority of executives believe the downturn will reverse its course within the year, according to a recent survey.
A&A

The downside of outsourcing

There are many arguments for and against outsourcing. But if you ask Anna Douglas, director of finance and treasurer for the Center for Applied Linguistics, chances are she will try to steer you away from the idea.
A&A

How to sell technology to a CPA

When I think back on some of my most difficult sales, many of them, interestingly enough, have been involved with CPAs. This is a bit ironic because I, myself, am a CPA.
A&A

PCAOB seeks director for Financial Reporting Fraud Resource Center

The Public Company Accounting Oversight Board announced recently that it is seeking to fill a newly created position of Director of the Financial Reporting Fraud Resource Center.
Tax

Vendors take pity on taxpayers by offering free Tax Day goodies

If you act fast, you can take some of the stress out of Tax Day by collecting freebies all over town. Here's a roadmap to treats for taxpayers.
A&A

Audit partner shares glimpse of his life

AccountingWEB has teamed up with its UK sister site, AccountingWEB.co.uk, to present a new series that explores the lives of members of the accounting profession. In the first installment of this new series, Jim Brown, assurance partner of BDO in Bristol, UK, shares his working life with us.
A&A

SEC opens broad inquiry into accounting for repurchase transactions

Chief financial officers from 24 financial institutions received a Dear CFO letter from the chief accountant of the SEC last week asking for detailed information about their accounting for repurchase agreements.

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