News

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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Tax

Obama's New Budget Proposal: $3 Million Cap on IRAs

The new budget plan that President Obama will unveil on April 10 includes an unprecedented tax whammy for retirement savers: A new $3 million cap on IRA assets and other tax-preferred retirement accounts.
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Education & Careers

AICPA Honors Top 2012 CPA Exam Performers

To be named "top of the class" is always an honor. But when you're named one of the top 39 candidates in a pool of 92,000 contenders, that honor is especially impressive. That's exactly what happened for 39 CPA Exam candidates when the AICPA announced the 2012 Elijah Watt Sells Award winners.
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A&A

Mary Jo White Confirmed by Senate as SEC Chairman

Mary Jo White, a former federal prosecutor for the Southern District of New York, was unanimously confirmed as chairman of the Securities and Exchange Commission (SEC) by the US Senate on April 8, 2013.
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Practice

Financial Outsourcing Services Seen Growing 8 Percent Annually Through 2017

Global spending on finance and accounting business process outsourcing (F&A BPO) services will exceed $25 billion in 2013 and rise at an annual compound growth rate of 8 percent through 2017, according to research by accounting firm KPMG and HfS Research.
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Workplace Fitness

2013 Day 68: Triceps Kickback

Today's workplace fitness exercise focuses on the triceps muscles.
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Tax

Shakespeare Was a Talented and Artful Tax Dodger

When you hear the name William Shakespeare, you probably think of world-class writing laced with cunning humor and powerful drama. That's the Shakespeare of our collective memory. But is it accurate?
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A&A

KPMG Fires L.A. Partner Over Alleged Insider-Trading Tips

The partner in charge of KPMG's audit practice in Los Angeles was fired immediately after the firm learned late last week of the partner's involvement in providing nonpublic client information to a third party and using the information in stock trades involving several companies.
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Education & Careers

Economic Outlook Still Murky as Job Market Remains Weak

The March US Department of Labor jobs report showed fewer jobs were added than in any month in almost a year, which adds to the uncertainties facing small businesses and accountants.
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Education & Careers

Mike Sabbatis Joins Doc.It's Board of Directors

On April 9, 2013, Doc.It, an industry-leading provider of a powerful and scalable full suite of document management products for accounting professionals, announced that Mike Sabbatis was elected to Doc.It's board of directors.
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Workplace Fitness

2013 Day 67: Inner Thigh Toner

Today's workplace fitness exercise focuses on toning the inner thigh muscles.
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Community News

Company Announcements: Week of April 8, 2013

Following is the latest roundup of community news for the week of April 8, 2013.
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Tax

Tax Protester Wesley Snipes Is Free at Last

Actor and tax protester Wesley Snipes is almost a free man again, at age fifty. He was released from prison April 2, transferred to the New York Community Corrections Office, and will remain on house arrest till July 19.
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Practice

New Client Auditions: How to Know if a Prospect Is Right for You

To ensure a new client audition is successful, you must know the profile of your existing client base. Knowing why your most successful clients are a positive fit for your business will help you weed out potential clients who would not be a good fit.
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Tax

New IRS Technology Will Track Online Activity

According to news reports filtering out of Washington, the IRS will begin employing new technology this year that can track a taxpayer's online activities ranging from Facebook and Twitter posts to credit card and PayPal transactions.
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Tax

Gone Fishing: IRS Closing Offices for Holidays

Now the sequester is getting really serious! The IRS may shut down its offices completely for a few days surrounding several upcoming holidays in order to accommodate the federal government's budgetary needs.
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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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