Practice news

Practice Management

New Roth 401(k) Option Will Be Offered in January

Employers can offer a new 401(k) retirement account starting January 1, 2006. The Roth 401(k) merges the traditional 401(k) account with the tax benefits of the Roth IRA. The new Roth 401(k) is funded using after-tax dollars and withdrawals from the account are tax-free while the traditional 401(k) is funded with pre-tax dollars and withdrawals are taxed as income. The Roth IRA has income eligibility limitations for single filers making more than $110,000 a year and joint filers making more than $160,000 yearly.
Education & Careers

The Value of Ethics & Compliance Officers

Salary.com and the Ethics Officer Association (EOA) have announced the results of the 2005 EOA Survey of Ethics & Compliance Officer Jobs. The results of the survey indicate an increase in the value of ethics and compliance officers as gauged by their compensation.
Practice

Dress for the Job -- Appearance and Paycheck

Make sure to have a homework shirt in back-to-school wardrobes, says Ken Haller M.D., assistant professor of pediatrics at Saint Louis University School of Medicine according to Newswise. “What a child is wearing can really help him to buckle down and study.” Haller said that he first heard of the idea of wearing special homework clothes in a psychology class in medical school. Wearing the homework shirt helped him because it said it was time to study.
Practice

SOX Institute Takes Sarbanes-Oxley Training Program on the Road

“Last month, the Institute of Management Accountants reported that top management accountants and finance professionals pulled ahead of public accountants in both average salary and total compensation in 2004 as a direct result of Sarbanes-Oxley,” says Board Chairman Fw. CFE, CSOX, CSOXP. “This is an opportunity for us to reach those who want and need the education right where they are, and at a price they can afford.”The SOX Institute is taking its SOX training program on the road.
Practice Management

Stock Option Studies and Options Expensing

Two studies have found connections between lucrative stock options and grants paid to chief executives as compensation and companies that report accounting irregularities, flawed accounting practices, or engage in risky business strategies.
Education & Careers

Choosing a Financial Planner Takes Some Research

Investors of all ages believe they need professional help to manage their money, leading them to question the best way to find a skilled financial planner they can trust.A new survey shows half of “GenX” investors (26 to 40 years old), 46 percent of “Boomers” (41 to 59) and 45 percent of “Matures” (60 to 82) say they “need the help of professionals” in managing their investments.
Practice

Protecting Web-enabled Sensitive Data from Insider Threats

The 2005 Global Security Survey, released by Deloitte Touche Tohmatsu in June, identified internal attacks as a greater threat than external attacks to the information technology systems of the world’s largest financial institutions.
Practice Management

Streamlining Document Management for Accounting Firms

Keeping client files organized and accessible can seem like a full time job, even in small accounting firms. As firms grow, they have more employees interacting with more clients generating more files. Keeping things organized becomes a Herculean task. Fortunately, the days of file cabinets and paper folders are rapidly disappearing.On Monday, July 25, Interwoven, Inc.
Practice Management

Summer is Time for Small Business Re-evaluation

Summers can offer small business owners opportunities not usually available in busier times. With either a slower pace or busier times, it might be an occasion to reevaluate any range of plans made earlier in the year.“You can make changes to your business model, re-evaluate clients, really plan out your budget and some of the investments you want to make,” said Richard Magid, CEO of SoundBoard in a statement made to Yahoo! News.
Community News

Moms Avoid Cubicles, Work from Home

As fewer employers offer flexible work schedules, more mothers are turning to their home computers to find that elusive balance between making an income and raising their children.Mothers are using their child's naps or play dates to work from home. That way, they can make money and be involved in their kids' lives without stepping foot into a cubicle.
Practice

Introducing Office Tools Pro 2005 SQL Version

The SQL version of Office Tools Pro 2005 for accounting professionals debuted Thursday, July 21, 2005.
Practice Management

Explore the Possibilities: Carillon Offers Free ERP Software

Carillon Financials Corporation is looking to lure hundreds of customers away from Enterprise Resource Planning (ERP) industry powerhouses Oracle and Microsoft. To do so, Carillon is giving away more than $100 million of software to businesses across the country.“We are seeking users of competitor's systems who are dissatisfied or have outgrown their systems.” explains Larry Pettit, President and CEO of Carillon. “Carillon is ready to shake up the ERP industry.
Practice Management

AICPA Extends Comment Period for Business Valuation Standards

The American Institute of Certified Public Accountants (AICPA) announced on Friday, July 22, 2005, that the comment period on proposed Business Valuation Standards has been extended to September 30, 2005.
Technology

The Present (and Future) of Business Communications

Many firms recognize that failing to properly retain business related e-mail can lead to lawsuits, fines, bad publicity and even criminal charges. Only a few, however, understand the same things can happen with instant messaging (IM) and peer-to-peer (P2P) communications. Is your firm one of them?The “2004 Workplace E-mail and Instant Messaging Survey” found that only 11 percent of responding companies use gateway/management software to monitor and control IM use and risks.
Practice

Experts Advise a Go-Slow Approach to Outsourcing

Many companies burdened by the costs and complexity of the Sarbanes-Oxley Act requirements are turning to India for help.Call it one of the unintended consequences of the corporate reform legislation. While the 2002 law was seen as a cure for sloppy financial reporting and the frauds it can cover up, it has also resulted in more work being sent overseas, the Wall Street Journal reported.Some Indian outsourcing companies told the newspaper that their Sarbanes-Oxley-related business is rising at more than 50 percent a year.
Practice Management

Pursuit of the Paperless Office

Using the effective power of the Internet and current technology in your office can help you work using fewer resources. You can also serve more clients while increasing the quality of your work you do for those clients. Its an ideal situation but reachable with planning.The cost of developing and warehousing electronic documents is much less than their paper equals. Access is faster to the benefit of you or your customers. The cost savings on consumables such as paper, printing, toner and ink can add up. The reduction in postage or faxing can be seen over time.
Practice

Self-Employment Declines Sharply for Second Consecutive Month

Labor Department data reported in USA TODAY, shows the number of self-employed fell 3.1 percent, or 303,000, in June. It was the second consecutive month of big declines.One possible reason is that companies are hiring again. “More people are finally being reabsorbed into full-time jobs,” Maria Minniti, associate economics professor at Babson College told USA TODAY.But entrepreneurs are struggling with rising costs as well, especially the cost of health care.
Practice Management

Pricing: Another Side to the Profit Equation

There’s been a lot of talk about cost-cutting over the past few years as companies of all sizes strive to increase profits. When it comes to increasing profits, however, reducing costs is only part of the story.“Companies will do everything in their power to cut costs, from outsourcing IT departments to limiting employee travel. But there’s another side to the profitability equation that often goes unexplored – pricing,” says Greg Peters, CEO of Zilliant.
Practice

Facsimile Signatures as Good as the Real Thing to IRS

Tired of signing all those employment tax forms? New rules issued on July 12, 2005 by the Internal Revenue Service allow corporate officers or duly authorized agents to sign employment tax forms using alternative signature methods including mechanical devices and computer software.“The IRS is committed to reducing the burden on taxpayers whenever we can,” IRS Commissioner Mark W. Everson states.
Practice Management

House Passes OSHA Reform Package

The U.S. House of Representatives has passed four much-discussed bills designed to help businesses have more flexible dealings with the Occupational Safety and Health Administration (OSHA). The bills were introduced by Rep. Charlie Norwood (R-GA). National home builder groups commended the passage of bills while Democrats argue that the passage of these bills will undermine OSHA’s ability to protect workers and enforce violations effectively. The passage of these bills came mainly as a result of Republican support.

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