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January 14, 2010    
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The Three Biggest Mistakes CPAs Make in Selling
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Publisher's Note
Rob Nance, Publisher In a recent discussion with a tax accountant in Tennessee the other day, we got on the topic of how things are measured and the many ways in which perceptions and data can be interpreted. For starters, how about the thousands of pages of the US Tax Code?

Outside of accounting, city sizes and what constitutes metropolitan areas are regularly disputed by everyone from legislators to media audience measurement companies to tourism entities. At the close of the conversation, the accountant stated, “You know, there really aren’t that many absolutes...that many definitive, clear-cut answers when it comes to numbers.”

What a classic line from a tax accountant as many of you head into “busy season.”

Rob Nance
Top News
Internal Revenue Service: The new health care police
IRSIf Congress has its way, once their new health bill is signed, sealed, and delivered, most Americans will be required to have health insurance, and that will bring with it a whole new level of administrative duties. Someone will have to serve as the health care police. So far, it appears those tasks will fall to the IRS.
Congress extends COBRA subsidy
Late last month, Congress voted to extend the nine-month, 65 percent COBRA premium subsidy to 15 months for covered employees who have experienced involuntary termination of their employment. In addition, the subsidy now applies to workers who became unemployed from September 1, 2008 to February 28, 2010, a two-month extension from December 31, 2009.
The biggest IRS headaches that plagued taxpayers in 2009
Every year the National Taxpayer Advocate -– Nina E. Olson -- submits a report to Congress which takes a critical look at the IRS. It’s her job to identify at least the 20 most serious issues taxpayers face in dealing with the tax agency, and to recommend solutions. After an in-depth look, Olson says that overall, the IRS had a successful year, but there are big problems.
Are you ready for the redesigned IRS Form 990? More disclosure, more detailed schedules and more pitfalls abound
In December of last year, the IRS released the first major redesign of the form 990 in nearly 30 years in order to keep pace with the increasing size, diversity and complexity of the tax-exempt sector. The new design is consistent with the IRS's three guiding principles of enhancing transparency, promoting tax compliance, and minimizing taxpayer burden.
The Three Biggest Mistakes CPAs Make in Selling
Presented by Allan S. Boress, CPA, CVA, this program is based upon over one thousand interviews with the most successful sellers in all of the professions. People attending this webcast will learn skills that only the most proficient business generators have ever recognized. Most CPAs make these mistakes without even realizing it, thus costing themselves and their firms quality clients and revenues. Sign up for this January 21st event. Allan Boress
Featured Articles
Classifying employees the right way
Hard Hats Do you have any independent contractors working for you? If so, please note that the IRS is increasing its focus on worker classification. The consequences of misclassifying workers are significant to the worker, the employer, and governmental agencies. Misclassifying contractors or even temporary laborers that the IRS feels should be treated as employees can cost you big dollars in payroll taxes, penalties, and interest.
The latest iPhone app - Roth IRA conversion calculator
One of the most important decisions impacting future retirement is whether to convert a traditional IRA to a Roth IRA. Due to recent tax law changes, all taxpayers, regardless of income level, are eligible to convert their traditional IRAs to Roth IRAs as of January 1, 2010. To assist taxpayers with this important decision, NDH Group created the RothCalc2010 application for iPhone users.
U.S. Reps who are also CPAs call for Comptroller General to be a CPA too
A bipartisan effort has resulted in legislation that could require the next comptroller general to be a CPA. Rep. Collin Peterson, D-Minn., and Rep. Mike Conaway, R-Texas, introduced the legislation calling for the head of the Government Accountability Office (GAO) to be a CPA with significant experience in government, auditing, and accounting.
KPMG: Ten to-do's for audit committees in 2010
To help audit committees focus their agendas on key challenges in the year ahead, KPMG's Audit Committee Institute again offers its annual "memo" to directors: "Ten To-Do's for Audit Committees in 2010," highlighting issues that should be top of mind.
Free Accounting Magazine Subscriptions and Accounting Software Downloads
Trade Pubs Browse through our extensive list of free accounting magazines, white papers, downloads and podcasts to find the titles that best match your skills and interests; topics include accounting, accounting software, taxes, audits and more for accountants. Simply complete the application form and submit it. Remember to fill out the forms COMPLETELY. All are absolutely free to professionals who qualify.
Firm/State/People News
Deloitte the winner in legal fight with former partner
A former high-ranking partner in Deloitte has been found liable for violating conflict of interest rules for trading in stock and options of companies that were also firm clients.
Former IRS employee pleads guilty to accepting bribe
A former Dallas IRS employee has pleaded guilty to taking a $2,000 bribe from a taxpayer in return for a promise that the IRS would not audit the taxpayer's return. Fernando Hernandez, 33, faces up to 15 years in prison and a $250,000 fine. Sentencing is set for March 29, the U.S. Department of Justice announced last week.
Kaufman, Rossin & Co. acquires London Witte & Company
Miami-based Kaufman, Rossin & Co., one of the largest independent accounting firms in Florida, has announced that a group of Broward County professionals have joined the firm.
New edition today! Good wholesome ACCOUNTING humor! See our latest edition of this soon-to-be award winning series. We're just not sure yet which award that might be! Click here.
What do you have to say today?
Which is the Most Effective and Efficient: IC Flowcharts, Memos or ICQs?
What is your favorite form of internal control documentation for audits? Most of us answer based on the practices we learned early in our careers, which have become our personal preferences.
Building Business Value - The First Step
The first step in building the value of your business is checking its health. Doctors listen to your pulse and perform a variety of tests when they give you a physical examination. Business owners need to follow diagnostic steps similar to a doctor’s physical examination before making any serious business decisions.
Top ten funny excuses for late tax returns
There are all sorts of reasons people give for not being able to submit their tax returns on time, from the genuinely sensible to the truly ridiculous. Here are a few of our favorites from around the web.
The Controller and Genghis Khan: The Failure of Accounting Systems at Small Companies
Controllers are often underutilized, misused, and abused at small companies. Owners of small businesses regularly regard controllers as bookkeepers, reducing their function to that of a scribe posting transactions.
Is the employer supposed to pass on this increase in FUTA tax for 2010 to his employees?
Add your input!
Hope Credit
If a student starts college in September, 2006, he or she is eligible for the Hope credit for that year, and in 2007. If the student pays for the spring semester of 2008 in 2008, shouldn't the credit be still available for that year?
Share your suggestions!
Kaplan Weekly Quiz
Kaplan Are you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz.
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