News

A&A

FASB Wants to Wipe Out Requirements for Extraordinary Items

As part of a new initiative to make US accounting rules less complex, the standard-setting board on Tuesday also proposed new guidance that would simplify the measurement of inventory.
Tax

Ex-CA Tax Preparer Gets 18 Months in Jail for Defrauding the IRS

According to court documents, Rene R. Lopez of Van Nuys, California, prepared and filed at least 85 fraudulent income tax returns with the IRS, claiming $130,797 in false income tax refunds, from 1998 through 2001.

The 5 Key Small Biz Tax Issues

Midway through the year, whether you work for a small business or have small business clients, it's a good time to pauses and take stock of your tax situation. Consider these five tips.
A&A

Bramwell’s Lunch Beat: Mylan/Abbott Labs’ ‘Spinversion’ Deal

The menu for July 15 features specials on EY to pay $4 million fine in lobbying case, House backs cuts to IRS budget, NASCAR tracks lobby for tax cuts, Citigroup to get a tax break as part of settlement, and more.
Practice

How Small Businesses Can Use Cloud-Based Virtual Desktops

The virtual desktop approach gives small and medium-sized businesses control over their environment, as well as customization options, while reducing labor overhead and hardware expenses.
Practice

Hiring Forecast Has Good News for Accountants

Despite the economy's steady, albeit somewhat unhurried, recovery, businesses in accounting, finance, and IT are reporting a significant increase in unfilled staff positions, says forecast.
A&A

Bramwell’s Lunch Beat: Hedge Fund’s Tax Maneuvers Under Scrutiny by Lawmakers

The menu for July 14 features specials on UK to tighten rules on foreign takeovers, House likely to vote on highway fund bill this week, another judge wants answers on lost IRS emails, and more.
Tax

The Strange Case of the Blood Deduction

Few tax rules are as long standing and as stringently enforced as the blanket prohibition of deductions for the costs of commuting between home and work. Then came the woman who sold blood and presented novel interpretations of the tax code.

Editor's Picks: Milking the Staff; Taking Over a Small Practice; Wellness and Performance

Here are some of the latest items from our sister sites that you might enjoy, because after a week off, absence of links makes the heart grow fonder.
Education & Careers

Kentucky Students Attend CPA Summer Camp

The Kentucky CPA Society has been running a summer camp for teens interested in becoming accountants, immersing the students in everything from auditing to business etiquette.
A&A

Bramwell’s Lunch Beat: Rep. Steve Stockman Wants Lois Lerner Thrown in Jail

The menu for July 11 features specials on IRS to take oath on missing emails, short-term highway fund fix gets support on both sides of Congress, Ventas dismisses EY as auditor due to inappropriate relationship, and more.
Tax

House Passes Bonus Depreciation Bill

By a 258-to-160 vote, the Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses. Thirty-four Democrats voted for the legislation; two GOP lawmakers voted against it.
Practice

AAM Marketing Ideas: The Step-by-Step Marketing Plan

Today, deals are done, prospects are sought out and existing clients are nurtured, based on relationships. People do business with people—especially with people they like and trust.
Tax

White House Opposes House GOP’s Bonus Depreciation Bill

The Republican-led House of Representatives is expected to pass a bill on Friday that would permanently extend the bonus depreciation tax break. But don’t expect President Obama to sign it.
Tax

Sweating the Small Stuff: New 'Yoga Tax' Approved

States are always on the prowl for new revenue, and the nation's capital has decided getting healthy is worth 5.75 percent. Indeed, almost half the states tax health clubs, and New York has been splitting hairs in taxing various establishments.
A&A

Bramwell’s Lunch Beat: TIGTA Wants IRS to Revise Form 1040

The menu for July 10 features specials on Credit Suisse wants sentencing for aiding tax evasion pushed back until November, Lois Lerner’s warning about IRS email chatter, lawmakers discuss highway fund plans today, PwC must face MF Global lawsuit, and more.
Practice

Building a Pipeline for CPA Firm Success

Everyone talks about new ideas, but how do you get from vague thoughts to actual results? You need to turbo-charge your "do to" list and let yourself daydream to improve your firm. Establish a consistent method for capturing ideas.
Tax

New IRS Rules Place Limits on Tax Refund Direct Deposits

Starting in January 2015, the IRS will limit the number of refunds that are electronically deposited into a single financial account or pre-paid debit card to three, as part of the agency's effort to crack down on fraud and identity theft.
A&A

Fitch: IFRS Adoption in the US Unlikely

As the FASB and the IASB continue to move away from full convergence of their standards, the prospects of international accounting rules being fully adopted in the US in the near future are growing less likely, according to a Fitch Ratings report.
Practice

Tech Review: Expense Receipts on the Go

Quick management of your expenses while on the road is as close as your cellphone. You don't have to track down a copier or scanner after a busy day, or spend a lot on expensive programs.

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