Practice news September 2006

Tax

Reminder: October 16 Filing Deadline Approaching for Katrina Victims

The Internal Revenue Service (IRS) reminds taxpayers from the areas of Louisiana, Mississippi and Alabama, most severely damaged by Hurricane Katrina, that the deadline for filing tax year 2004 and 2005 individual tax returns is October 16, 2006. No additional postponements or extensions are available for tax year 2004. An additional six-month filing extension to April 15, 2007, is available to affected taxpayers whose 2005 filing date was postponed from April 15, 2006, to October 16, 2006.
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Practice Management

For Gen Xers, Success Means Balance

Businesses today are facing generation issues as baby boomer managers, born between 1946 and 1964, try to figure out why the Generation Xers, ages 27 to 41, don’t have the pay-your-dues attitudes they do, Kentucky.com reports. Miami accounting firm owner Richard Berkowitz found that out quickly during tax season.
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Practice Management

Chicago, Orange County Firms Join TIAG

Two American accounting firms, BrookWeiner LLC of Chicago, Ill., and Corbin & Company in Irvine, Calif., joined U.S.-based The International Accounting Group (TIAG) earlier this month.
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Practice Management

IMA Reintroduces Statements on Management Accounting

The Institute of Management Accountants (IMA) has reintroduced the IMA’s Statements on Management Accounting (SMAs) representing a comprehensive summary of specific bodies of knowledge defining competency in management accounting.
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Practice Management

Deadline for Establishing a SIMPLE Retirement Plan Approaching Fast

"With the future of social security up in the air and traditional corporate pension plans on the path towards extinction, contributing to a retirement plan provides some peace of mind that you'll be able to retire comfortably," explains Andrew Schwartz CPA, founder of CPA Niche, LLC.Advertisement
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Practice Management

Communicating During a Crisis Without Making it Worse

Maybe Patricia Dunn, the chairwoman of Hewlett Packard (HP), just wanted to know who was talking to reporters so she could be sure they had the most accurate information. It is more likely, however, that she wanted to find out who had loose lips so she could have them removed or at least silenced.
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Practice Management

What Every CPA Needs to Know About TIC & 1031 Exchanges

It is easier than ever for small investors to acquire an interest in high-quality commercial real estate, thanks to an investment vehicle that has rapidly gained in popularity over the last four years, known as a tenant-in-common, or TIC. This trend has raised the stakes for CPAs with clients who are wondering whether a TIC investment is right for them, and if so, which one to select.
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Practice

Most Accounting Firms See Strong Growth while Big Four Firms Shuffle

The revenue growth rates reported by a majority of Top 100 accounting firms are the highest reported since 2000, according to the Public Accounting Report (PAR), published by tax and accounting law information, software and services provider CCH.
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Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
WestArk RSVP and Fayette County Community Action Agency – organizations that received grant funding through the IRS Tax Counseling for the Elderly (TCE) program – spoke with AccountingWEB about how they assist senior citizens in their communities.
CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.
Retiring KPMG Centennial Professor of Accounting at the University of Texas at Austin McCombs School of Business Robert May, PhD talks with AccountingWEB about his rewarding forty-three-year career.
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