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February 4, 2010    
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Publisher's Note
Rob Nance, Publisher Potential.

Last August, an incredibly fast man named Usain Bolt set a new record for the 100-meter dash, which equated to running at 27 miles per hour. A study in the Journal of Applied Physiology determined that the human body might be able to run up to 40 miles per hour. Amazing.

All of this makes me think of our true human potential. As science has indicated many times, we are all only using a tiny portion of our brain power (some more than others). I once worked with a seasoned tax accountant whom, I swear, had every page of the US Tax Code memorized. You may know someone like that, too.

This week’s mantra: Unlock Your True Potential!

Good luck to us all!

Rob Nance
Top News
Obama’s budget and related tax plans will affect the grass roots
Piece of Pie President Obama’s State of the Union speech last week outlined a broad agenda of tax provisions that he hopes will breathe new life into the economy. The overall idea is familiar… take more from taxpayers at one end of the financial spectrum and distribute it to some at the other end, using a series a tax maneuvers. According to The Wall Street Journal, Obama’s $3.8 trillion budget for the next decade will collect an additional $2 trillion in taxes from targeted groups, and still leave us with a debt of over $8.5 trillion.
Auditing Standard No. 7: PCAOB strengthens requirements for engagement quality review
Last week, the Securities and Exchange Commission (SEC) approved a new standard proposed by the Public Company Accounting Oversight Board (PCAOB), Auditing Standard No. 7, Engagement Quality Review (AS 7). As a result, accounting firms performing audits and interim reviews of financial information for public companies should plan to commit more resources, including partner time, to engagement quality reviews for fiscal years beginning on or after December 15, 2009.
Fortune reveals its Top 100 List; Big Four make the grade
Fortune magazine has revealed its much-anticipated list of 100 Best Companies to Work for in 2010, with all Big Four accounting firms on the list, along with large regional accounting firm, Plante & Moran of Southfield, Mich., consulting firm Accenture and Intuit, maker of Quicken.
Free CPA Review from Kaplan
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Featured Articles
iDonatedIt: CPA firm produces donation-tracking iPhone App
The Lincoln, NE-based firm BMG Certified Public Accountants, LLP has released a $2.99 donation-tracking application for iPhone, iPod Touch, and iPad users. Written by a team of CPAs, iDonatedIt allows taxpayers to track non-cash donations.
Google/Microsoft face off over cloud-based storage
A clash of the Titans is underway between Google and Microsoft, with both players lobbying to be your preferred provider of free online storage space and productivity applications. These are often referred to as being "in the cloud," or cloud-based computing. Cloud-based solutions free users from maintaining programs or backing up data, as the service is done for them automatically by the provider.
Nine states and District of Columbia will file tax returns in new locations
The Internal Revenue Service has announced that some taxpayers who file paper income tax returns will send them to different processing centers this year.
Microsoft releases pricing for retail versions of Office 2010
Microsoft is departing from its standard pricing model for its Office 2010 software product by eliminating upgrade pricing. Instead, packaged versions will be licensed for two or three computers, while discounts will be available if a user unlocks a preinstalled version of Office 2010. There will also be two free versions of Microsoft Office.
The Steps to Going Paperless and Paperless Best Practices – Another Free Webinar
Don’t just settle for document management! Be sure your paperless technology of choice includes archiving too. Join Roger Mongeon in a two-hour Webinar to learn the steps to going paperless and paperless best practices. Receive 2 CPE credits for this no charge seminar, Tuesday, February 9th at 1:00 PM ET.
Register here or call (888) 693-6248 (Ext. 1)
Firm/State/People News
CPA Argiz named president of Orange Bowl Committee
Antonio L. Argiz Antonio L. Argiz, CEO and managing partner at Miami-based CPA firm Morrison, Brown, Argiz & Farra LLP, recently fulfilled a longtime dream. The 48-year resident of Florida was named the 72nd president and chairman of the Orange Bowl Committee last month.
Accounting and xTREME? Rarely found in the same sentence
The xTREME Games were created by PricewaterhouseCoopers (PwC) in 2002 as an essential part of the company’s continued commitment to providing learning programs and educating youth about the accounting profession. The xTREME Games have grown to include nearly 80 schools, with more than 2,500 teams comprised of 13,000 participants.
Gainer Donnelly & Desroches supports zoo exhibit
Gainer Donnelly & Desroches, a Houston-based accounting firm with a history of charitable giving, is taking a walk on the wild side with its latest philanthropic effort. The firm has provided financial support for the Houston Zoo’s new exhibit.
CRI announces merger with Davis Monk
Carr, Riggs & Ingram LLC (CRI), an Enterprise, AL-based accounting and consulting firm, yesterday announced a merger with Davis, Monk & Co. (Davis Monk), a Gainesville, FL-based accounting firm.
Visit AccountingWEB's Education Avenue Education Avenue
Education Avenue provides you with up to date information on upcoming seminars to help your business stay on top of your training needs. Each of these courses offers an opportunity to earn CPE.
This area is always updating, so bookmark it to visit often.
What do you have to say today?
Are You Using the Most Cost-Efficient Reporting Framework?
Because of the increasing complexity of U.S. GAAP, some CPA firms are considering accounting and reporting alternatives during engagement planning. Here is a brief discussion of some of the most common.
How to Ensure Your Entrepreneurial Venture Will Fail
As a follow up to my post early this week regarding the need for business owners to make monitoring their financial statements a priority I wanted to specifically address the issue as it relates to business start-ups.
The Unbearable Lightness of Being a CPA
Am I the only CPA attracting whacko, cheap, mean-spirited, stupid, desperate, lazy, crooked, brain-dead, sloppy, crazed clients?
IRS Proposes Increased Disclosure Of Uncertain Tax Positions
On Jan. 26, 2010 the IRS released Announcement 2010-9, described by IRS Commissioner Doug Shulman in remarks at a conference last week as, "a major step towards transparency ... related to changes we are proposing to reporting requirements regarding business taxpayers’ uncertain tax positions."
Kaplan Weekly Quiz
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