March 31, 2011
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"A CPA in New York recently voiced his dissatisfaction to me concerning "staffers these days not having any attention to detail." Take that as you will. The accounting profession continues to attract some of the sharpest talent in the workforce.

In the heat of this Busy Season, you might get a kick out of these things that have been sticking in my craw (what the heck is a craw anyway?). Following the "lack of detail" theme, I estimate that I have had to waste at least one full work day this year for something that strikes at the heart of "lack of detail." On January 1 of this year, our company name of AccountingWEB, Inc. made the legal change to Sift Media US, Inc. Having three online titles now, rather than the singular AccountingWEB, it was time for this move. Anyway, you wouldn't believe how many government agencies, insurance companies, and various other reporting entities have screwed up our name. Read more.

Also, what's up with every store out there trying to shove their loyalty card on us consumers? If I accepted one-half of these offers my wallet would explode (yes, much like the George Costanza billfold). March is done. Have a great April!

Rob Nance
Student tax preparers perform 'marriage' ceremony
When you prepare taxes for a living – or in this case, as a volunteer – you never know what the day might bring. Maybe you'll get off easy with mostly 1040-EZs. Maybe you'll be asked to build a corporate return out of a shoebox full of crumpled receipts. Or just maybe… you'll perform a wedding. Read More...
Sister act: Alabama tax prep sisters each face 129 years in prison
Loretta and Tracey Fergerson have been indicted by a federal grand jury in the Middle District of Alabama on a variety of charges stemming from an identity theft and tax fraud conspiracy. The sisters were charged in a 22-count indictment that was returned on March 23, 2011, and unsealed on Tuesday, March 29, 2011.
Read More... Former IRS investigator lends his old employer a hand
After 30 years with the IRS, 25 of them as a special agent with the criminal investigation division, Al Drucker has heard just about everything when it comes to tax cheats. Read More...
Did Ernst & Young really assist financial fraud?
As the auditor of Lehman Brothers, Ernst & Young approved the use of Repo 105 transactions. These transactions were characterized as sales of assets and created a misleading picture of Lehman's financial position during the financial meltdown.
AICPA urges IRS to help safeguard electronic accounting records
In a letter this week, the American Institute of Certified Public Accountants urged the IRS to work with small business owners to safeguard private data included in electronic accounting software records that the IRS may request as part of an examination. Read More...
Flat world update: Use social media internally to flatten your organization chart
Commerce is now global, accessible, and available to all– the world has been deemed flat With all this talk about how flat the world is, it's amazing how hierarchal our companies and institutions are, especially as professional service firms whose titles create a class system of their own. Read More...
Company announcements: Week of March 28, 2011
Following is the latest roundup of accounting community news for the week of March 28, 2011. Read More...
Accountants gone bad...
The following is a summary of the latest news about accountants, both public and private, whose careers have taken a turn for the worse. Read More...
Running out of time: It's not too late to apply for the AccountingWEB Accounting Student Scholarship
If you are an accounting student, get busy and get writing. If you know an accounting student, please forward this article immediately! The deadline for the AccountingWEB Accounting Student Scholarship is midnight Thursday, March 31. That's today!!!
Update on tax preparer program
According to David Williams, IRS has issued or updated about 700,000 PTIN so far. What about the 300,000 or so who haven't filed yet? IRS will be trying to educate, inform and locate the paid preparers. Read More...
Ohio's "Use Tax Education Program" in Effect! (Amnesty??)
The Ohio Department of Taxation (DOT) started its "Use Tax Education Program," or UTEP in 2011. Very simply, the goal of the program is get businesses who are required to pay use tax to Ohio, to do so.
Increasing audit profits series No. 2 - Thinking less instead of more
A good auditor lives life with a questioning attitude. We are analytical thinkers. We like to be well-organized and we like to make lists! We often operate with a "If it isn't broke, don't fix it" attitude since we don't like change. Read More...
The Royal wedding - have you been invited?
Everyone seems to be asking me now whether I am attending the Royal wedding! OK, so I thought I would put the record straight on this – I can confirm that I will be attending the wedding, but at a distance leveraging the available media. I have not been sent an invitation to physically attend, although I do know people who have! Read More...
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