A&A news December 2010

A&A

Charitable gifts from IRAs are ideal means to make donations

The clock is ticking. For tax and financial advisors of donors 70 1/2 or older, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 allows donors to tap their IRA to make qualified charitable distributions through January 31.
Education & Careers

Tattoos, body piercings, and accounting firms

What do tattoos, nose rings, and CPA firms have in common? Millennials are expected to make up more than one third of the country’s workforce by 2014 and, of that segment, 12 percent have a tattoo and 25 percent have a body part pierced other than earlobes.
Practice Management

Study: Compliance, staffing capabilities will need special attention in changing economy

The 2011 benchmarking study of the finance function has been released. The study reveals how public and private firms of all sizes are currently managing their financial departments in six vital areas.
A&A

Ernst & Young charged with civil fraud for role in Lehman collapse

The New York Attorney General has filed a lawsuit against Ernst & Young, accusing the firm of helping Lehman Brothers hide its financial weakness from investors from 2001 until the investment bank collapsed in 2008.
A&A

AICPA recommends changes to SEC proposed ruling for family offices

A proposed ruling from the U.S. Securities and Exchange Commission exempts family offices from any requirement to register with the SEC under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Education & Careers

Survey: Executives face greater job demands today than five years ago

More than 80 percent of chief financial officers recently interviewed said they believe it’s more difficult to be a company leader today than it was five years ago.
Education & Careers

CPAs might meet experience requirement by working in industry

Michigan became the latest state to accept industry experience for original CPA certification, leaving New Hampshire, Wyoming, and the U.S. Virgin Islands as jurisdictions that still do not accept industry experience.
Practice Management

How accounting firms can make 2011 better than 2010

Your company can position itself for further growth and prosperity in 2011. Strong or weak economy, it doesn’t matter. But in a weak economy, the services of an accounting firm are needed more than ever.
A&A

IMA Foundation announces Emerging Scholar Competitive Manuscript Award

IMA’s Foundation for Applied Research recently announced a new awards program for academics: the IMA FAR Emerging Scholar Competitive Manuscript Award. IMA is accepting entries for the 2010 program through January 31, 2011.
A&A

PCAOB establishes new Office of Outreach and Small Business Liaison

The Public Company Accounting Oversight Board announced yesterday the establishment of the Office of Outreach and Small Business Liaison.
A&A

SEC has five prominent fraud cases in one month

July was a busy month for the SEC. Five of the enforcement cases charged or settled that month involved large, well-known companies, including KBR, Goldman Sachs, Dell, General Electric, and Citigroup.
Practice

Business confidence remains high among CFOs; recruiting challenges rise

A net 2 percent of chief financial officers interviewed for the Robert Half Financial Hiring Index said they plan to hire full-time accounting and finance professionals in the first quarter of 2011.
A&A

Panel works on final recommendation for separate standards board for private companies

The Blue Ribbon Panel continued its discussion on how to modify existing standards-setting process for private companies during its meeting last week.
Practice

When violence affects the workplace, what liabilities do employers face?

Workplace violence risks are real and employers face legal liabilities when employees or customers are victims. Employers must understand how they could be vulnerable to a lawsuit after an incident of workplace violence, and what they can do to prevent such incidences.
Practice Management

It's about time: New Year’s resolutions to maximize time

Don’t let the stubborn consistency of time get you down. If you’re smart about it, there are plenty of ways that you can get more per hour in 2011. We asked some of your forward-looking colleagues to chime in with their time maximization plans for 2011.
A&A

Accountant/serial killer is the focus of Stephen King short story

If you notice clients looking at you suspiciously this tax season, it could be because they have just read Stephen King’s "A Good Marriage," one of the tales in his latest collection of short stories, Full Dark, No Stars.
A&A

IRS watchdog: Six months of work saved taxpayers nearly $3 billion

The watchdog over costs and efficiency at the Internal Revenue Service has saved taxpayers almost $3 billion over six months, according to a new report to Congress.
Tax

IRS assists small employers claim new health care tax credit

The Internal Revenue Service recently released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.
A&A

Deciphering key provisions of the Dodd-Frank Financial Reform Act

As regulators begin the rule-making process for the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), it is estimated that the act mandates nearly 250 regulations and 70 studies.
A&A

Hobby or business? Tax preparer due diligence (Part 1)

This is the first of two articles about expenses incurred by clients who are engaged in an activity, and whether such activity can be considered a business or a hobby. In the first article, the scenario of a freelance writer is used to discuss the business vs. hobby issue.

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