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Congress Exempts CPAs from GLB Privacy Notification Requirement

Passing the Financial Services Regulatory Relief Act of 2006 was among the final actions taken by the 109th Congress before adjourning a week earlier than expected. The bill, passed unanimously by both chambers, includes a provision exempting certified public accountants (CPAs) from the Gramm-Leach-Bliley (GLB) Act’s annual privacy notice requirement.
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.
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.
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.
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.
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
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.
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.
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.
Practice

Layoff Worries Hit Record Low Among Accounting & Finance Workers

Worker confidence among accounting and finance professionals rose 5.9 points, to 112.5 in August, according to the most recent Hudson Employment Index. The current level is more than ten points above the level of the previous August.
Practice

Ford Weighs Massive Buyouts in Hopes of Turnaround

With pressure building to make drastic moves to improve its bottom line, Ford Motor Co.
Practice

Mark Your Calendar: Tools of Employee Engagement Workshops

There are many key influencers of employee engagement, including motivation, trust, cooperation and loyalty. When staff are not engaged, quality customer care and financial performance, as well as other measure of performance and success, decline or remain stagnant.
Practice Management

Collections of Articles and Pronouncements Available

The Financial Accounting Standards Board (FASB) and the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) have announced the availability of their 2006 collections.Advertisement
Practice Management

To Boost Productivity Companies Turn to Strategic Workforce Planning

“In many companies, traditional workforce planning was an onerous process that HR Imposed on management,” says Mary B. Young, Senior Research Associate with The Conference Board and author of a new study on strategic workforce planning. “Too often, the net result was a humongous report, blinding spreadsheets and a dizzying amount of data that provided very little value to the business.”The relatively new field of strategic workforce planning, however, involves analyzing and forecasting the talent that companies need to execute their business strategy.
Practice

Target: Accountants

Marketing to professionals such as accountants, attorneys and doctors is good because these relationships bring in other customers. Banks offering sometimes free business services conduct seminars and staff trade booths at other events catering to these professionals. Reyno Giallongo said, “They’re a wonderful referral source. This is a market segment we (bankers) all like to call on. It’s a segment of the market place that is generally profitable,” according to the Fairfield County Business Journal.
Practice Management

Top Ten Comments Found on Employee Surveys

More than two thirds of U.S. companies survey their employees. These surveys measure employee satisfaction, the effectiveness of internal policies and are even used to help recruit prospective employees.
Practice Management

CFOs Value Communication But Firms Don’t Provide Training

Communication skills have grown in importance for accounting and finance professionals, but workers may be on their own when it comes to developing this expertise, a new survey from Accountemps shows. Among chief financial officers (CFOs) surveyed, 75 percent said that verbal, written and interpersonal skills are more valuable now to accounting and finance professionals than they were just five years ago.
Practice Management

Reports Detail Massive Abuses at Homeland Security

A congressional report released Thursday slammed the Department of Homeland Security (DHS) for wasting hundreds of millions of dollars in hurricane relief and national security money on frivolous purchases and mismanagement of contracts.The report, prepared by staff of the House Committee on Government Reform, echoed an investigative report issued last week by the Government Accountability Office (GAO). It highlighted several examples involving the agencies within the massive department formed after 9/11.
Practice Management

NC State Wins Annual Student Case Competition

Representing North Carolina State University, the team of Hannah Sadler, of Cary, N.C., and Jason Matthews, originally from Kansas City, Mo., and currently of Raleigh, N.C., were declared the winner of the Institute of Management Accountants’ (IMA’s) annual Student Case Competition following a live finalist presentation at IMA’s Annual Conference and Exposition.“IMA’s student Case competition is an excellent opportunity for accounting students to develop their strategic planning, decision making and presentation skills – critical skills required for success in the management acc
Practice

White Paper Overview: Old Dogs & New Tricks

People have always been willing to change in order to improve the future. Consequently, old dogs can learn new tricks as they find more effective ways to adapt and leverage new technology, methods, processes, ideas, and social networks that help them improve the return on the investment they make in human capital. But can they create new tricks?According to Ron Baker, author of the white paper “Old Dogs Can’t Create New Tricks,” it’s not likely. Basically, what he means is that the older we get the less likely we are to create a ground breaking innovation.

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