News

Tax

Pace of Tax Return Filings Slower than Last Year

It looks like the last-minute run-up to the April 15 tax deadline has been particularly frantic for accountants, taxpayers, and the IRS this year. According to TIGTA, as of March 9, the IRS had received more than 65 million tax returns, down from the nearly 72 million returns filed during the same period in 2012.
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Tax

IRS Releases Draft Form 8957 for FATCA Registration

The IRS continues to work on improvements relating to tax reporting of assets held in foreign banking accounts. Now it has released a new draft of Form 8957 that it expects will lead to increased compliance.
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Community News

Cold CPAs, Warm Hearts – North Carolina Firm Takes Polar Plunge for Special Olympics

Most CPAs simply grab an extra cup of coffee to steel themselves for another grueling day during tax season. But this February, associates from Davenport, Marvin, Joyce & Co., LLP tried a much more "stimulating" approach to jump-start their day.
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Tax

Crime Watch: April 12, 2013

The United States has filed a civil injunction lawsuit seeking to shut down Mo' Money Taxes of Memphis, Tennessee. The complaint alleges that the estimated tax loss from fraudulent tax return preparation at Mo' Money Taxes in 2011 exceeds $9 million.
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Tax

IRS Plans to Cut Back on Big Company Audits This Year

The IRS plans to spend 18 percent less time auditing businesses with assets of $10 million or more in its current fiscal year compared to two years ago, according to a report from Syracuse University's Transactional Records Access Clearinghouse (TRAC).
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A&A

Former KPMG Partner Scott London Charged with Insider Trading

A former KPMG LLP senior audit partner faces federal criminal and civil charges for his involvement in a web of deceit that included tipping off a friend about upcoming corporate earnings releases and merger announcements.
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AccountingWEB Newsletters

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Tax

Can the IRS Snoop into Personal E-mail?

It's not likely that taxpayers are "blind copying" the IRS on their e-mails to friends or sharing their posts on social media sites with the IRS. But the IRS may be reading those messages anyway.
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Technology

Excel Tip: Determining Worksheet Cell Protection at a Glance

You can't easily tell at a glance if a cell is locked or not, but Excel expert David Ringstrom shows you how to add a visual aid. As an added bonus, the technique also makes it far easier to lock and unlock worksheet cells.
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Practice

CPA Firm Draws Humor from Taxes

If you're at the point in tax return season when you're tearing your hair out – and who could blame you? – you might appreciate one firm's attempt at whimsy. On April 10, the accounting firm of Drucker & Scaccetti presented a special exhibit entitled "Finding Humor in Taxes."
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Workplace Fitness

2013 Day 71: Ab Twist

Today's workplace fitness exercise focuses on the abdominal muscles.
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Education & Careers

Next-Generation Skill Sets We Need Now

Currently, there's a mismatch of skills between many of the unemployed and skills needed now and going forward. This isn't just about technology, as you will see, and it applies to various levels of seniority.
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Workplace Fitness

2013 Day 70: Quadriceps Stretch

Today's workplace fitness exercise helps to lengthen the quadriceps muscle.
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Technology

Tax Reform Writers in Congress Want to 'Friend' You

Want to know where the next major tax reform legislation is coming from? You might check on Facebook, Twitter, or LinkedIn. Senate Finance Committee Chairman Max Baucus and House Committee on Ways and Means Chairman Dave Camp said they'll ask the public for tax law proposals via social media.
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A&A

KPMG Insider Trading Scandal Latest Blow to Accounting Industry's Reputation

The insider trading scandal that has engulfed KPMG LLP, causing it to resign as auditor at two companies and fire a partner, contributes to the negative image the public accounting industry gained due to its role in the run-up to the 2008 financial crisis.
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Tax

President Obama's Budget Proposal: What's Ahead for the Estate Tax?

In a tough economy, it's not likely that any fiscal changes will be met with cheers, and the $3.78 trillion budget proposed by President Obama on April 10 was no exception. His plan seeks to trim the deficit by $1.8 trillion over the next decade, leaning heavily on high-income earners to fill the gaps.
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Tax

NTEU Says Cutting IRS Budget Hurts Taxpayers

The National Treasury Employees Union (NTEU), the union that represents the IRS workforce, said IRS budget cutting is hurting taxpayers, in particular, senior citizens, small business owners, and the victims of identity theft.
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A&A

Complying with the Foreign Corrupt Practices Act

The DOJ and SEC recently published a guide that provides insight into the Foreign Corrupt Practices Act and how the agencies carry out their ongoing fight against corruption within companies throughout the world.
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Workplace Fitness

2013 Day 69: Reaching Upper Back Stretch

Today's workplace fitness exercise is a feel-good upper body back stretch.
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A&A

KPMG Resigns as Herbalife and Skechers Auditor Over Alleged Insider Trading

KPMG LLP has resigned as auditor at the nutritional products maker Herbalife Ltd. and the footwear retailer Skechers USA Inc. because a senior partner at the accounting firm who was involved with their accounts was being investigated for insider trading.
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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.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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