News

Practice

Cover Your Notes: Confidentiality Depends on Role of Accountant

A business owner calls a meeting to discuss the tax consequences of a particular business transaction. Two years later, the business is involved in litigation related to the transaction, and the plaintiff seeks to discover the outside accountant's notes from the initial meeting.
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Education & Careers

Hein & Associates Celebrates Take Our Sons and Daughters to Work Day

Hein & Associates LLP will be transformed into a shopping plaza on April 25. That's because visiting school-aged children will be starting their own businesses – one of many activities the firm has organized for Take Our Sons and Daughters to Work Day.
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Technology

Announcing CCH Axcess: New Modular Tax, Compliance, and Management Tool

CCH has announced the launch of CCH Axcess – a Cloud-based modular tax preparation, compliance, and firm management solution built from the ground up, offering the accounting profession a powerful solution for complete firm management.
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Practice

Due Diligence Found Lacking in Recent Case

Exercising due diligence is a big deal to the IRS. CPA Tim W. Kaskey discovered that the hard way. He was disbarred for failing to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders.
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Practice

Divorce Cases Hold Potential Liabilities for Accountants

Unfortunately, divorcing clients may attempt to increase the amount of money they receive by making a claim against their accountant. When clients divorce, accountants are put in a variety of uncomfortable positions.
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Education & Careers

Russell G. Golden Named New FASB Chairman

Russell G. Golden has been named the next chairman of the Financial Accounting Standards Board (FASB) effective July 1, 2013. Golden will succeed current FASB Chairman Leslie F. Seidman, whose term ends June 30.
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A&A

ASU No. 2013-07 Establishes Liquidation Accounting Principle in US GAAP

The FASB amended US GAAP to explain how businesses and other organizations should prepare financial statements when they're ceasing operations and selling assets to settle debts with creditors.
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Tax

Lauryn Hill May Avoid Prison for Tax Evasion

Eight-time Grammy-winning singer Lauryn Hill was back in court April 22, presumably for sentencing in the tax evasion case against her. With three possible counts of tax fraud against her, she was facing a year in prison for each count.
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Education & Careers

Debunking Dull: OSCPA Student Video Contest Challenges CPA Stereotype

This spring, the Ohio Society of CPAs (OSCPA) is inviting college accounting students to shatter the one-dimensional, bland CPA typecasting by participating in its inaugural Me in a Moment: Future CPA Video Contest.
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Tax

IRS Warns of Tax Scams Following Boston Marathon Tragedy

Since the bombings at the Boston Marathon on April 15, millions of dollars have been donated by people and businesses from across the country to help the families of the three people killed in the attack and those who suffered severe injuries.
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Community News

Company Announcements: Week of April 22, 2013

Following is the latest roundup of community news for the week of April 22, 2013.
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Technology

Resetting the Last Cell in an Excel Worksheet

It's frustrating when Excel acts as if the active area of a worksheet is significantly larger than the actual area where you have data. Suddenly your scroll bars move you into uncharted areas, such as column TX or row 5,000.
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Tax

Survey Shows Small Businesses Struggle with Complex Tax Code; Turn to Accountants

According to Sage survey results, the majority of small businesses that use the services of an outside accountant do so, in part, because of the complexity of regulations and tax code.
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Practice

How a Firm Makes the Vault Accounting 50

This is the fourth year that Vault has released its top fifty rankings. During the summer and fall of each year, Vault determines which firms should be included in its initial pool of candidates.
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Tax

Crime Watch: April 19, 2013

Former IRS agent-turned-tax preparer Steven Martinez was sentenced April 15 to almost twenty-four years in prison for defrauding clients of more than $11 million and then plotting their murders to prevent them from testifying about the theft.
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Tax

House Rejects Bill to Fire Federal Workers with Tax Debts

A bill that would have required the federal government to terminate workers who were delinquent on paying their taxes was rejected by the House of Representatives on April 15.
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Technology

Excel Tip: Use Conditional Formatting to Identify Unlocked Cells

Excel expert David Ringstrom explains how you can use conditional formatting to identify all unlocked cells within a worksheet range.
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Tax

IRS Backs Down on E-mail Snooping but Not Posts or Tweets

The IRS is changing its controversial policy of accessing taxpayer e-mails without first obtaining a warrant, but it’s not making any promises regarding social media postings on sites like Facebook and Twitter.
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Practice

What Is Your Practice Worth in the 2013 M&A Market?

Tax season 2013 is over and the M&A frenzy will pick back up again where it left off. So, what's your practice worth? What can you expect whether you're a buyer or seller? One thing is for sure – baby boomers are selling at a rate the profession has never seen before.
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Education & Careers

Robert Half Survey Reveals Retention Is Executives' Main Staffing Concern

As difficult as it has become to locate top performers, keeping them on board is proving to be an even greater worry for employers. Nearly four in ten CFOs interviewed said retaining valuable employees is their biggest staffing concern for the next twelve months.
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Pages

Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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