News

Tax

Clayton Kershaw Saves Millions in Taxes, Thanks to Texas

Clayton Kershaw just signed a record breaking deal with the Los Angeles Dodgers. So his primary workplace will be southern California, but he’s keeping his Texas address, more than 1,400 miles east. That may have something to do with family issues and the pride of being a Texan. But it’s also a smart money move.
Tax

Bramwell’s Lunch Beat: Letter Takes Lawmaker to Task Over IRS Budget

Here are “Bramwell’s Lunch Beat” menu items for January 28.
Tax

IRS Proposes Regs on Obamacare Penalties for Individuals

At long last, the much-publicized health insurance mandate for individuals went into effect on January 1. Now, less than a month later, the IRS has issued new proposed regulations governing the penalties for noncompliance.
Education & Careers

AICPA Offers New Scholarship for Transfer Students

Created for the 2014-15 academic year, the American Institute of CPAs Foundation Two-Year Transfer Scholarship provides $1,000 to recipients who have earned an associate’s degree in business, accounting, finance, or economics and declared their intent to major in accounting at a four-year college or university.
Practice

Anyone Know of a Support Group for Graphophobic Accountants?

This morning, after I had my coffee, I got ready for a mind-clearing jog. After opening the door and feeling an arctic blast on my face, I quickly turned around and thought about another activity, writing.
A&A

Bramwell’s Lunch Beat: Bad Grade for Audits

Here are “Bramwell’s Lunch Beat” menu items for January 27.
A&A

Six Business Groups Protest Accrual Accounting Proposal

In a letter sent to the Senate Finance Committee last week, a coalition of six business organizations, including the American Institute of CPAs, emphasized their opposition to a proposal that would force many of the groups’ members to use the accrual method of accounting instead of the cash method of accounting for tax purposes.
A&A

KPMG Settles SEC Charges Over Violating Auditor Independence Rules

KPMG LLP has agreed to shell out $8.2 million to settle charges from the US Securities and Exchange Commission, which found that the Big Four firm violated auditor independence rules by providing certain nonaudit services, such as bookkeeping, to affiliates of companies whose books KPMG was auditing.
Practice

Small Business Looks Like It's Resolving to Be More Optimistic in 2014

Many of you recently celebrated ringing in the New Year. Some of you did it by going out on the town, others by getting in their pajamas and curling up on the couch with a glass of your beverage of choice. It's a time for new resolutions, new loves, new babies, engagements, lifestyle changes, and getting a fresh start.
Tax

Bramwell’s Lunch Beat: GOP Wants to Scrap FATCA

Here are “Bramwell’s Lunch Beat” menu items for January 24.
Tax

Ex-IRS Worker Admits to Stealing $1.7 Million in Fake Refunds

Monica Nanette Hernandez, a former IRS data clerk, pleaded guilty on January 21 to one count of aggravated identity theft, one count of filing false income tax returns, and one count of wire fraud. She will be sentenced on April 14.
Technology

Spreadsheet-Based Form 1040 Available at No Cost for 2013 Tax Year

Although the IRS is still madly preparing for the 2013 filing season, one man remains ahead of the curve. Glenn Reeves has released his seventeenth spreadsheet-based version of the US Individual Income Tax Return, commonly known as Form 1040, which taxpayers can download and use for free.
Practice

Bramwell’s Lunch Beat: The Merits of Mentoring

Here are “Bramwell’s Lunch Beat” menu items for January 23.
Practice

Does Your Accounting Firm *Really* Provide Client Service?

CPAs working in public practice tell me all the time..... "We are different!" They go on to relate how they do this different and how they do that different. They truly believe they are different.
Tax

Film Credits: Your Tax Dollars at Work Making Movies

Federal film credits are not new, but they are becoming big business in more ways than one. Approximately forty states receive federal film credits they can use to entice moviemakers to make motion pictures within their borders.
A&A

Auditing Special Purpose Frameworks - Part 5

The fifth installment in this series looks at how investments, fair value accounting, and derivatives differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
Education & Careers

Becker Education Now Accepting Applications for CPA Scholarships

February 5, 2014, is the deadline for CPA candidates who are planning on submitting an application for the Becker Professional Education second annual Newton D. Becker Scholarship Program.
Technology

Bramwell’s Lunch Beat: If 123456 Is Your Password, You May Want to Change It

Here are “Bramwell’s Lunch Beat” menu items for January 22.
A&A

Print Version of FASB Codification Updated

The Financial Accounting Foundation announced on January 21 that is has updated the four-volume print edition of the Financial Accounting Standards Board "Accounting Standards Codification" – recognized as the authoritative source of US GAAP for public and private companies and not-for-profit organizations.
Tax

Workers’ Comp and S Corp Owners?

Consider an S corporation with a shareholder who owns 2 percent or more of the company. We know if the company pays for their health insurance, that needs to be added to their wages, right? But what about when the owners are covered by their workers’ compensation insurance policies?

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