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March 19, 2009

Publisher's Note
A CPA in Rhode Island said to me last week, “The briefcase is disappearing from the business world.  A lot of accountants still use them, but we’re in the minority these days.”  This conversation came about due to our “Working on the Road” article.

Along with the vanishing briefcase, we’ve all seen business clothing standards change dramatically, especially due to increased work-at-home activity.  The latest proof of this is S&K Menswear seeking a shield from creditors under Chapter 11 bankruptcy. 

David Ringstrom’s “home office” article covers a load of the critical bases in today’s cultural work shift.  However, there’s no mention of turtlenecks, briefcases or robes.  What changes are ahead?  We’ll keep you posted!   

Rob Nance
AccountingWEB, Inc.

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Questions & Advice

Commuting vs. business mileage

I know that commuting expenses are not deductible. So, lawyer goes from home to firm, not deductible. Lawyer goes from firm to courthouse, deductible. What if Lawyer goes from home to client to firm -- all deductible, or only the part of the trip between the client and the firm? The revenue rulings are very unclear on this.
Add your input!

Question about Macola Software

Is there some kind of year-end procedure required in the Bank Book module of Macola? None of my entries for January or February will post--but I haven't closed December 2008 GL yet because of adjustments still being made. In meantime, I need to close January and February of 2009. My entries are out there (on the tables), but will not post.
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Last fall we heard, "AIG is too big to fail." Today some are saying "AIG is too big to fix." All that noise you hear coming out of Washington D.C. and around the country is the sound of outrage. American International Group asked for and got a federal bailout of $180 billion in taxpayer-backed loans. That means the taxpayers now own more than 80 percent of the company. Just a few months later, AIG has used $165 million of that taxpayer money to pay hefty bonuses to unnamed executives. more >>
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California man accused of falsely claiming to be an IRS agent

A Fairfield, California man accused of falsely presenting himself as an IRS agent is facing 16 felony charges following a lengthy investigation by the Treasury Inspector General for Tax Administration. more >>
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Firm/State/People News
IGAF Firm Interview with David Donnelly of Gainer, Donnelly & Desroches, LLP

In keeping with the Texas tradition of going big... Gainer, Donnelly & Desroches (GD&D) LLP is Houston's oldest and largest accounting firm. The firm started 60 years ago under a different name and then was bought in the 70s by Sam Gainer. David Donnelly came along in 1983, and Rod Desroches, who is now the managing partner, joined the growing firm in 1985. more >>
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