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Office Depot Puts Spotlight on Small Businesses

In recognition of the nation's 25 million small business owners, Office Depot has launched “Office Depot Small Business Month,” with activities and promotions designed to meet the needs of small businesses."Among our key goals is to help our small business customers deal with an ever-changing business landscape and manage their bottom line," said Chuck Rubin, executive vice president and chief merchandising/marketing officer at Office Depot.
Community News

CCH Inc. Receives Customer Service Award

Customer Relationship Management magazine has named CCH Inc. one of 2005’s CRM Service Elite.

IASB Extends SME Comment Deadline

The International Accounting Standards Board (IASB) has extended the deadline for replying to the staff questionnaire on accounting standards for small and medium-sized entities (SMEs) to June 30, 2005.

CPA Named Arizona Woman Entrepreneur of the Year

Sandra A. Abalos, managing partner of Abalos and Associates in Phoenix, Arizona has been named the 2005 Woman Entrepreneur of the Year by the Small Business Association (SBA). The Woman Entrepreneur of the Year award recognizes a woman who owns and operates her own business, demonstrates staying power and contributes to the community.“I am honored to be chosen for this prestigious award and am humbled by this recognition. I continue to be awed by the enormous contribution women business owners can make toward the development and welfare of the community of our community.

AICPA Cites Complexity as Barrier to Tax Compliance

“By and large, small businesses obey the law, but it’s only human to inadvertently disobey a law if you do not or cannot understand the rules,” Ronald B. Hegt, CPA and a member of the American Institute of Certified Public Accountants (AICPA) Tax Executive Committee told the House Small Business Committee on April 27, 2005.Complexity is one of the reasons cited by AICPA for eroding small business’ voluntary compliance with tax laws.

Judge Orders SBA to Comply with FOIA Request

What’s in the final report released last year by the Small Business Administration’s (SBA) Office of Advocacy that they don’t want the public to see? The American Small Business League (ASBL) would like to know, too. They requested a copy of the report under the Freedom of Information Act (FOIA). The SBA denied the request. On April 29, a judge ordered the SBA to turn the report over.The court order was the result of a complaint filed on October 6, 2004 in the U.S. District Court for Northern California by the ASBL.

FASB Issues GAAP Hierarchy Exposure Draft

The Financial Accounting Standards Board (FASB) has issued an Exposure Draft titled “The Hierarchy of Accepted Accounting Principles,” as part of an effort to improve the quality of accounting standards and the standard-setting process.Recently, the Securities and Exchange Commission (SEC) has reaffirmed the FASB as the designated private-sector standard-setter for public companies. The FASB, in turn, has implemented procedures to narrow the types of accounting principles it issues.

Accounting Firm Gives Away Money During Tax Season

“We didn’t make anything,” Daniel Weidner told the Pilot-News of Plymouth, Indiana. “In fact, we spent a substantial amount of money.”Other accounting firms might be launching an internal investigation if they lost money after helping clients file 335 tax returns this year. But Weidner, founder of Weidner and Company P.C., wouldn’t change a thing.“We wanted to be able to help the charitable organizations of the community,” Weidner told the Pilot-News.

Not Your Ordinary Acquisition and Merger

Accounting firms are usually acquired or merged with other accounting firms, or at least other financial services firms. Not so for Terry Moye and Associates, an accounting, tax and business computer systems service provider in the north Chicago area.Mr. Moye is prepared to align his firm as a wholly own subsidiary of GFY Foods, Inc., becoming the financial services branch of the company. Mr.

Small Business Survey: Technology, Community Involvement Key

A survey released yesterday by HP indicates that small businesses are planning to ramp up their technology investments. The survey also confirmed the trend toward women owning small businesses and that many small business owners enjoy being able to give back to their communities.Small business owners identified operations, customer relations and employee relations as their core challenges, according to the survey that was conducted by Harris Interactive® and released in conjunction with National Small Business Week events being held in Washington, D.C.

Fraud Hits Small Businesses the Hardest

As any small-business owner knows, fraud, waste and abuse are hardly confined to major corporations.Scandals featuring high-flying executives living lavish lifestyles can grab headlines - and in the case of Enron, scandal can even make it onto the big screen. Smaller-scale crimes, however, can also levy serious damage. According to the Association of Certified Fraud Examiners, the most costly abuses occur in organizations with fewer than 100 employees.

Internet Yellow Pages Good Deal for Businesses

Looking for the best avenue to market your company? A new survey shows that Internet Yellow Pages beat out local search engines in getting consumers to information quickly and efficiently.comScore Networks and the Yellow Pages Association (YPA) yesterday announced the results of a joint research initiative designed to compare consumer local search behavior on Internet Yellow Pages (IYP) and major search engines. The survey tracked Internet behavior by comScore's panel of 1.5 million U.S. consumers.

IRS Offers Help to Small Business

It’s National Small Business Week and the Internal Revenue Service (IRS) is rewarding small businesses with an abundance of resources. Help is now just a mouse-click away for 45 million small business and self-employed taxpayers at the IRS' Small Business/Self-employed Resource Center.“Running a business is a big responsibility and the IRS wants to help ease the process for this dynamic group of taxpayers,” says Kevin M. Brown, commissioner of the IRS Small Business/Self-Employed Division.

New Software Helps Small Businesses Comply with SOX

This month, SecureBlue, Inc. is launching the latest version of its Sarbanes-Oxlely solution, SOX-Pro. SOX-Pro is a digital software compliance solution for small and mid-sized companies that offers both SOX compliance and internal network security management.“The high cost and complexity of existing SOX solutions has resulted in a dramatic increase in the number of late filings from small and medium cap companies compared to last year.

Can Software Replace You?

With tax season fading fast in the rearview mirror, how are your clients preparing for next year’s tax season? Are they planning to spend more time with you? Are they investing in some fancy accounting software in hopes of becoming more self-reliant? Have they discussed any of it with you?

Small Businesses Get New Tool to Assess Risk of Fraud

Business owners with limited money to hire anti-fraud professionals now can see for themselves whether their company is vulnerable to insider fraud.Larry Cook, president of CVA Solutions Inc. of Lenexa, Kan., developed the Internal Fraud Vulnerability Assessment Tool, or IFVAT, for auditors to assess internal control weaknesses as part of the new requirements of the Sarbanes-Oxley Act.

SOX and Small Business

The Securities and Exchange Commission (SEC) has created an advisory committee to look at the impact of federal securities laws including Sarbanes-Oxley (SOX) on small businesses. The 21 members of the Committee on Smaller Public Companies is charged with examining the impact of SOX in three key areas:Internal Controls. What financial reporting frameworks are available to smaller companies? How does management assess internal controls and what audit standards exist?Corporate Disclosure, Reporting Requirements, and Governance Requirements.

New Accounting Graduates Paid More

The average starting salary of graduates with degrees in accounting have risen 3.9 percent since the same period last year, according to the spring salary survey from the National Association of Colleges and Employers.Accounting graduates can expect offers averaging of $43,809. Economics and finance graduates can expect to see offers of $42,802, which is an increase of 5.1 percent over the previous year. This increase is in part due to financial and treasury analysis offers averaging.

Companies Aim to Help Small Businesses Meet SOX Rules

Two technology companies have announced a partnership to help owners of small and medium-sized businesses meet the internal control requirements of the Sarbanes-Oxley Act.The demanding internal control rules in Section 404 have caused U.S. public companies and their auditors the most headaches since the 2002 law went into effect.

SEC Delays Implementation of Accounting Rules

The Securities and Exchange Commission (SEC) announced on Thursday that large public companies won’t have to expense options until the fiscal year beginning after December 15, 2005.The rules, issued by the Financial Standards Accounting Board (FASB), were have gone into effect for large firms in the first quarter starting after June 15, 2005. The deadline for smaller firms has always been the first fiscal after June 15, 2005.


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