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Financial Accounting Foundation Names Donald M. Young to the FASB

The Financial Accounting Foundation has announced that Donald M. Young, currently Managing Director of Young & Company, a provider of consulting and research services for technology and private equity clients and former Managing Director with PaineWebber/UBS from 1998 to 2003, was named a member of the Financial Accounting Standards Board (FASB) effective January 1, 2005. Mr.
A&A

Selling Your Own Business Just Got Easier, New Company Helps Broker the Deal

Earlier this month, TheBizMarket opened its doors and ushered in a revolutionary way to sell a business. TheBizMarket unveiled its new internet based system that allows business owners to market their business for sale like a professional business broker. TheBizMarket takes internet business marketing to a new level with a complete professional marketing package that includes business preparation, pricing report, multiple channel marketing, buyer management, comprehensive resources and a multimedia presentation called a “Bizmercial”.
Practice

Improving The Workplace: People Problems Perplex Management

By Bruce L. Katcher, Ph.D. - Research shows that supervisors do a much better job of handling job-related problems than they do handling people-related problems. One of two employees believes that their immediate supervisor does a poor job of solving problems such as motivational, emotional, and personal issues.Here are some reasons why: Supervisors Become Supervisors Due to Their Job-Related SkillsEmployees are typically promoted to the supervisory level because of their technical or problem solving skills, not their people-management skills.
A&A

401(k) Loans Boost Business Startups

When seeking money for their startup business many entrepreneurs are turning to the Solo 401(k) to get a loan.Solo 401(k) retirement plans with a loan feature first became available in 2002 as a result of tax law changes that lifted restrictions on business owners getting a loan from their 401(k) plan. This change is important because in most cases when one withdraws money from a retirement account prior to age 59 ½ they are hit with a 10% tax penalty on top of the regular income tax.
A&A

Congress Redefines 'Gimme' for Golfers

Critics of the new tax bill have called it “a pile of pork,” pointing to the goodies handed out to businesses of all kinds, but one group that has escaped criticism are professional golfers.
A&A

GASB Issues Technical Bulletin to Clarify Pension Accounting

The Governmental Accounting Standards Board (GASB) has published a proposed staff Technical Bulletin, Recognition of Pension and Other Postemployment Benefit Expenditure/Expense and Liabilities. The proposed guidance would clarify requirements on accounting for employers’ contributions to pension and other postemployment benefit (OPEB) plans in Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions.
A&A

FASB Delays Rule on Stock-Options Expensing

U.S. accounting rule-setters on Wednesday postponed implementation of a requirement that companies expense employee stock options.The seven-member Financial Accounting Standards Board unanimously agreed to a six-month delay in the options expensing rule — from Jan. 1, 2005 to June 15, 2005. Technology companies, along with Securities and Exchange Commission's top accountant, have promoted a delay.
A&A

October 15 Tax Deadline Approaches

Although most taxpayers have long since filed their 2003 federal income tax returns, the Internal Revenue Service said earlier this month that more than a million people still face the October 15 deadline.However, there are many taxpayers in presidentially declared disaster areas who have been granted additional time to file their tax returns.
A&A

Release of Fannie Mae Executive Pay Information Causes Flap

Fannie Mae critic Rep. Richard H. Baker (R-La.) released executive pay information last week at a hearing that has the mortgage finance company defending bonuses and perks.
A&A

The Pros & Cons of Starting Your Own Business/Practice

By abcsmallbiz.comSome of the reasons people start or buy their own businesses are to:- be their own boss or create their own job - seek an alternative to their current career - make better use of their skills and knowledge- introduce a new product or service, or - take advantage of a business opportunity. These are all valid reasons to want your own business, but the success or failure of a person's business venture is as unique as their fingerprint.
A&A

RS Investments Settles Market-Timing Probes for $25 Million

The Securities and Exchange Commission (SEC) has charged investment adviser RS Investment Management L.P., CEO G. Randall Hecht, and former CFO Steven M. Cohen with favoring certain mutual fund investors by allowing them to engage in frequent short-term trading (market timing). According to the Commission, RS entered into secret agreements that permitted select investors to generate millions of dollars in trading profits at the potential expense of other shareholders, and allowed RS to reap substantial advisory fees.
A&A

Earned Income Tax Credit Tool Debuts on IRS.gov

Last week, the Internal Revenue Service (IRS) unveiled a new tool to help tax professionals determine whether their clients are eligible for the Earned Income Tax Credit. The new application is available in English and Spanish.The EITC Assistant is another in a series of steps being taken by the IRS to maximize taxpayer participation while minimizing EITC errors.“This tool will help tax professionals and taxpayers navigate what can be quite complex qualification standards for the EITC,” said Mark W.
A&A

Management Shakeup May Lie Ahead for Fannie Mae

Days after Fannie Mae's federal regulator released a highly critical report on the mortgage giant's accounting practices, observers say top management may not survive the fallout.Fannie Mae's regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), conducted an eight-month investigation and found such pervasive problems that OFHEO suggested a management change.“These findings cannot be explained as mere differences in interpretation of accounting principles, but clear instances in which management sought to misapply and ignore accounting principles," OFHEO Director Armand
Tax

Schedule C-EZ Change Means Savings for Small Businesses

The Internal Revenue Service announced this week that it will expand the number of small businesses eligible to file a simplified expense form, a move that will save money and reduce paperwork burden.
A&A

Wall Street Firms Take Issue with FASB's Fair-Market Standard

Several financial-services firms-including Citigroup and JP Morgan Chase & Co.-are asking the Financial Accounting Standards Board (FASB) to take another look at a requirement that would change the way companies calculate the fair-market value of assets and liabilities, Dow Jones Newswires reported.Currently, derivatives and trading securities are the types of debt that would be covered by the rule.
A&A

Mesirow Financial Acquires KPMG's U.S. Corp. Recovery Practice

Mesirow Financial, the diversified financial services firm, and KPMG LLP, announced this week that Mesirow Financial has acquired KPMG’s U.S. Corporate Recovery practice. Terms of the transaction were not disclosed. Now called Mesirow Financial Consulting, the unit of more than 100 corporate recovery professionals will be managed by former KPMG partner Ralph S. Tuliano, who becomes president of Mesirow Financial Consulting and will be appointed to Mesirow Financial’s Executive Committee.
A&A

Unique Staffing Strategies For Your Firm

by L. Gary Boomer, CPA, CITP, CEO - According to the Bureau of Labor Statistics, the Baby Boomers comprise 60% of the prime-workforce today. A year ago it appeared accounting might follow a shortage in IT talent around the year 2005 or 2006. Today it looks like the shortage will occur in the accounting industry first and has already started in selective parts of the country. This is particularly true with auditing and accounting skills. California firms are reporting shortages of experienced accountants and auditors.
Tax

Treasury and IRS Grant Relief In Student Loan Rules

The Treasury Department and the Internal Revenue Service today issued a notice relating to information reporting for the deduction of interest paid on qualified education loans. "The notice issued today provides administrative relief to lenders and borrowers," said Acting Assistant Secretary for Tax Policy Greg Jenner. "Penalties will be waived for lenders who need additional time to update their reporting systems.
A&A

CEOs Face Tough Options: When to Hire Independent Investigators

Chief executives are increasingly likely to consider conducting independent investigations to help resolve major legal and regulatory dilemmas and challenges to their companies' integrity, The Conference Board notes in a report released this week. Howard T. Anderson and Edwin Stier, authors of the report, are attorneys whose firm Stier Anderson, LLC, specializes in carrying out independent investigations.

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