A&A news July 2010

A&A

Blue Ribbon Panel leans toward separate GAAP for private companies

At its most recent meeting the Financial Accounting Foundation's (FAF) Blue Ribbon Panel chairman asked the panel to define the problem that private companies faced with U.S. GAAP and to narrow the field for proposed alternative models.
A&A

D.C. launches amnesty program waiving penalties, fees on back taxes

Delinquent taxpayers will get a rare opportunity to pay outstanding taxes and interest to the District of Columbia, have their penalties and fees waived, and avoid criminal prosecution. The DC Tax Amnesty program will run from August 2 through September 30, 2010.
Tax

AICPA asks Congress to repeal new 1099 reporting provision

The AICPA has asked Congress to repeal the section of the new health care law that requires businesses to report to the IRS any purchase from a vendor of goods or services worth $600 or more during the calendar year.
A&A

BP seeks $9.9 billion tax credit for oil spill costs

On the same day it announced a $17 billion loss for the second quarter of 2010, BP this week said that it plans to claim a $9.9 billion taxation credit from the U.S. government for costs incurred during the oil spill cleanup operation in the Gulf of Mexico.
A&A

Survey: Consulting work enables CFOs to stay active

They may be ready to hand over the keys to the company car, but chief financial officers aren’t ready to hit the golf course full time. For this segment of the workforce, a career in consulting holds some appeal.
A&A

IRS offers one-time special filing relief program for small charities

Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the IRS announced.
A&A

New financial reform legislation might be jobs bill for attorneys

Is there any industry that seems happy with the new financial reform bill? Definitely. Some attorneys are making it very clear they welcome the flood of new business that the recently signed Restoring American Financial Stability Act (RAFS) will bring…and already has brought.
A&A

Illinois CPA Society’s Midwest Accounting & Finance Showcase Aug. 24-25

This year marks the 30th anniversary of the Illinois CPA Society’s event for business and finance professionals, the Midwest Accounting & Finance Showcase. The showcase is being held August 24-25, in Rosemont, Illinois.
A&A

Unlikely combination: Train depots and CPAs

What do trains and accounting offices have in common? In Chattanooga, Tennessee, they cross paths at CPA firm Henderson Hutcherson & McCullough PLLC.
A&A

Must-See TV: Accountant Going Against Stereotype

At long last, someone wants to produce a television show with a lead character who is an accountant, but not a nerd.
A&A

Additional details on new financial reform act

Currently consumer protection for various financial products, such as credit cards and mortgages, falls to different groups. The Restoring American Financial Stability Act of 2010 (RAFS), signed into law by President Barack Obama this week, changes all that.
A&A

Use a steady hand as you manage health care reform

The passage of health care reform legislation this past March was the culmination of long, contentious public policy debates and political battles. But for companies affected by the measure and the accounting and tax professionals they rely upon for guidance, health care reform has just begun.
A&A

Five ways to get sued

Here are the top five ways CPAs can make themselves vulnerable to litigation.
A&A

Dell shareholders to consider SEC settlement

Dell Inc. appears to be closer to an agreement with the U.S. Securities and Exchange Commission, which has been investigating the computer maker and its founder over questionable arrangements with Intel.
Practice Development

Even small businesses can benefit from marketing systems

Small companies that implement marketing systems to identify their best prospects can dramatically increase revenue and reduce the time and cost of their sales cycles. Best prospects are those companies that need what you are selling the most, are ready to buy immediately, and will pay top dollar.
A&A

The recently signed financial reform act and how it might affect you

President Barack Obama signed into law on Wednesday the Restoring American Financial Stability Act of 2010 (RAFS). The bill was signed despite lingering questions surrounding many of the legislation's details.
A&A

KPMG Living Green program exceeds carbon footprint-reduction goals

KPMG LLP, the Big 4 audit, tax, and advisory firm, this week announced it achieved a 26 percent reduction in its carbon footprint from 2007 through 2009, exceeding the firm’s stated three-year commitment of a 25 percent reduction in just two years.
Community News

McGladrey acquires Caturano and Company

RSM McGladrey, Inc. and McGladrey & Pullen, LLP, a leading provider of assurance, tax, and consulting services, this week announced the acquisition of Caturano and Company, Inc., a New England-based full-service accounting, auditing, tax, and business advisory firm.
Tax

Block and Liberty: A marriage in the tax prep industry?

John Hewitt, founder of Liberty Tax Services, is reaching out to H&R Block to see if there might be a commercial marriage in their future.
A&A

Tax planning for IFRS adoption might be slowing

A sense of urgency once felt in tax departments to prepare for the potential implications of IFRS might have been replaced in recent months by uncertainty, as regulatory bodies issued statements seeming to indicate a slowing in the pace of movement toward adoption of IFRS.

Pages


Already a member? log in here.