AccountingWEB

March 30, 2006
THIS WEEK'S NEWS

Finance and Accounting Outsourcing Predicted to Grow 60% in 2006

Beware of These 10 Common Tax Filing Mistakes

IAASB Proposes New Requirements for the Audit of Group Financial Statements

Prosecution Rests in Enron Trial

The Tax Implications of Travel Reimbursements

More Setbacks for H&R Block as it Launches New Bank

U.S. Postal Service Is Doing Something Right

KPMG Case Takes Surprise Turn With Guilty Plea

IRS Seeks Applicants for Taxpayer Advocacy Panel

Former Andersen Partners Testify in Trial of Lay and Skilling

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Something to Think About

I happen to feel that the degree of a person's intelligence is directly reflected by the number of conflicting attitudes she can bring to bear on the same topic.

Lisa Alther, Kinflicks, 1975







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IRS & AICPA AGREEMENT OFFERS MORE TAX HELP

Many Gulf Coast hurricane victims are now eligible for additional tax services, thanks to an agreement reached by the Internal Revenue Service (IRS) and the American Institute of Certified Public Accountants (AICPA).

Taxpayers who have lived through a natural disaster often can benefit by computing casualty loss deductions or filing amended returns for prior years. However, the frontline volunteers at IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites -- where disaster-impacted taxpayers often seek tax assistance -- are not generally trained to handle these more complex situations. Consequently, the IRS sought pro bono assistance for these taxpayers from the private sector.

The AICPA responded to the IRS's request, calling for member volunteers. One of the program's biggest boosters is Ernst & Young LLP, which has devoted great effort to ensure that the program will be successful.

"Our members recognize that hurricane victims face many challenges. We hope that this service will help by giving the victims one less thing to worry about," said Barry Melancon, AICPA President and CEO. "We are glad that our partnership with the IRS has been expanded to include a service that many CPAs see as a way to give back to their communities."

Assistance from participating CPAs may be via telephone, mail, e-mail or in some cases, face-to-face.

Charles R. Kowal, Partner and Director, Personal Financial Services, Ernst & Young LLP said, "No matter where you live, technology gives CPAs across the nation the opportunity to volunteer right from our own desk. Technology has made those in the Gulf Region our virtual neighbors, and it's time to give our neighbors a helping hand."

Low to moderate income taxpayers ($38,000 or less) who want to use this free assistance first must visit a VITA or TCE site. These sites are available nationwide and can be located by calling the IRS at 1-800-829-1040 or by calling AARP (the nation's largest TCE sponsor) at 1-888-227-7669.

Written by William R. Stronsem, Director, AICPA Taxation and Benson Goldstein, Technical Manager, AICPA Taxation.

Help a Peer


Sometimes we are unaware of the knowledge we have until we begin to share what we know with others. Here is a chance for you to reach out and help a member in need of advice. Can you help with the question below?

Federal Reserve Chairman Ben Bernanke has raised concerns about a legal provision that lets companies own certain types of banks, including what Wal-Mart wants to do in Utah. As a CPA, how do you feel about this "companies owning banks" trend? I don't like it one bit.
Paul Schmidt, CPA, South Dakota


Give your advice now!
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