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January 28, 2010    
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Publisher's Note
Rob Nance, Publisher Donald Trump’s daughter, Ivanka, is soon to open the Trump Soho Hotel in New York. She also has a book titled “The Trump Card.” In the book she notes that most young people must endure “the growing pains and lowly paper-pushing assignments that come with earning your stripes.” Ivanka then asks herself, “Did I have an edge getting started in business? No question. Get over it.”

How did you get started in business? Who influenced you? Please feel free to write about who guided or mentored you here. You can then send that person the link to what you have written!

Rob Nance
Top News
Swiss government bows to court ruling: Will review UBS tax agreement
UBS The Swiss government announced this week that it will respect a Swiss court decision last week that declared parts of a deal reached in August with the United States illegal under Swiss law and would reopen talks with the United States. The agreement, which was designed to end proceedings by the U.S. Justice Department against the Swiss bank UBS, required the Swiss government to hand over data to the Internal Revenue Service (IRS) on 4,450 UBS clients suspected of hiding bank accounts.

FEI files amicus curiae brief with Supreme Court in support of petition for review of Textron case
Financial Executives International (FEI) has filed an amicus curiae "friend of the court" brief with the Supreme Court of the United States in support of a petition for review of the U.S. vs. Textron case. FEI urged the Supreme Court to hear arguments in this significant case which concerns whether a public company can withhold from disclosure to the IRS tax accrual work papers that reflect the company's candid self-assessment of litigation hazards, and has been vocal on this issue during the course of this case. The outcome of this case has broad implications beyond the tax field and affects every public company.

Supreme Court opens floodgates for political spending
On January 21, the U. S. Supreme Court held that sections of federal law barring corporations, unions, and other groups from spending money to espouse their views about public issues and candidates for office were unconstitutional restrictions on First Amendment protected free speech, stating that: "If the First Amendment has any force, it prohibits Congress from fining or jailing citizens, or associations of citizens, for simply engaging in political speech."

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Featured Articles
Obama signs H.R. 4462 making Haiti donations deductible on 2009 tax returns
Haiti Earthquake Relief All members of Congress came together late last week with both the House and Senate voting unanimously to approve legislation that will allow eligible taxpayers to claim a deduction on their 2009 income tax returns for contributions to earthquake relief efforts in Haiti, if those contributions are made on or after January 12, 2010 and no later than February 28, 2010.
Texas CPAs help Haiti victims while fostering client loyalty
A Texas accounting firm and its clients are discovering that a wall calendar with beautiful photographs, designed to market the firm's name and promote client loyalty, can change the lives of earthquake victims in Haiti.
IRS announces qualified disaster treatment for Haiti earthquake
The Internal Revenue Service has issued guidance that designates the earthquake in Haiti in January 2010 as a qualified disaster for federal tax purposes. The guidance allows recipients of qualified disaster relief payments to exclude those payments from income on their tax returns. Also, the guidance allows employer-sponsored private foundations to assist victims in areas affected by the January 2010 earthquake in Haiti without affecting their tax-exempt status.
Cashing in on tragedy: How not be scammed when donating to Haitian relief efforts
Less than 24 hours after an earthquake devastated Haiti, scammers were trying to profit from the tragedy with everything from emails and web sites asking for donations to phone call solicitations.
One-Stop Resource for Understanding IFRS
Wiley IFRS 2010 Wiley IFRS 2010: Interpretation and Application of International Financial Reporting Standards by Barry J. Epstein & Eva K. Jermakowicz
     The one-stop resource for understanding current International Financial Reporting Standards (IFRS), Wiley IFRS 2010 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. Equally valuable for preparers, auditors, and users of financial reports, Wiley IFRS 2010 is an indispensable tool for IFRS compliance.
Firm/State/People News
Ohio accountant nailed for mortgage fraud and obstruction of justice
Bad AppleDennis G. Sartain of Hilliard, Ohio; and Bonnie Helt, of Columbus, Ohio, pleaded guilty today to conspiring to commit mortgage fraud, money laundering, and obstruction of justice, the Justice Department and Internal Revenue Service (IRS) announced. Sartain, the accountant for co-defendant Thomas Parenteau, pleaded guilty to one count of conspiring to defraud the United States by impeding and impairing the IRS, one count of conspiring to commit money laundering and one count of conspiring to obstruct justice.
Accounting student scholarship fund receives record-breaking donations
Thanks to a $50,000 donation from the Monmouth/Ocean Chapter of the New Jersey Society of Certified Public Accountants, New Jersey students interested in accounting can attend college. Founded in 1960, the NJSCPA Scholarship Fund was designed to attract the best and brightest New Jersey students into the accounting profession.
Musician Wyclef Jean's Haiti charity under fire for irregular activities
Organizations collecting contributions for Haiti are popping up everywhere, and as always, so are the scams that misuse those donations. That's why Yele Haiti, a not-for-profit group founded by Haitian musician Wyclef Jean is finding itself under scrutiny.
AccountingWEB's Breakroom Bulletin
Breakroom Bulletin Tired of reading the same old company memos and clunky full-sized newspapers in your breakroom? Give AccountingWEB's Breakroom Bulletin a whirl! Post it in the office breakroom or kitchen! The Breakroom Bulletin is a nifty one-page PDF that you can download, print, and enjoy free of charge. You'll receive timely news items with a splash of humor designed to brighten everyone's day in the entire office. Print it and post it!
What do you have to say today?
C’mon, admit it. Don’t you just hate QuickBooks?!
Everybody's using it, and so are you, but c'mon, admit it, don't you hate QuickBooks? Well, maybe not QuickBooks, but Intuit? Every year, Intuit forces us CPAs to buy a new version of QuickBooks for ~$500, if we want payroll included. And much more, for additional users!!!!
Business Owners Shocked to Find They Are Insolvent, Really?
It would seem elementary that monitoring the accounting and finances of your business is an essential control for effective management. But why then are so many business owners guilty of having no idea of the financial position of their company?
IRS confirms land contracts OK for new buyer credit
Most of you probably know that the new home buyer credit has been extended in several ways. But there's another important provision that was recently clarified, making the credit available to more people.
It's Time for Small CPA Firms to be Proactive!
We know its busy season and most of us have our heads down working toward tax and audit deadlines. We have little time for our families, recreation, and sleep, let alone paying attention to current events. Gleaning a few minutes of daily news, however, we continue to realize there are more troubled economic times ahead.
Foreclosure on Installment Sales Property
How is the foreclosure on an Installment sale property reported on client's tax return? Client sold rental property on installment sale and now has foreclosed and has started renting property. Don't have a problem with rental income, only how to report the foreclosure on installment sale.
Add your input!
Do you have any independent contractors working for you?
A bit of a tip on worker classifications... The IRS is increasing its focus on worker classification. The consequences of misclassifying workers are significant to the worker, the employer, and governmental agencies. Please share your experiences about difficulties in classifying workers as employees vs. independent contractors.
Share your suggestions!
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KaplanAre 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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