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April 9, 2009

Publisher's Note
Everyone loves to win money, right? In these final days of Busy Season, take a moment out to play our Dollar Bill Game. It’s quick, fun, easy...and we’re giving away three prizes totaling $850. Get folks in your workplace involved and agree to split the money if someone wins!

Have fun with it and savor the feeling that it’s April 9 and there is light at the end of the tunnel!

Rob Nance
AccountingWEB, Inc.

Federal Stimulus - Opportunities

New Stuff Alert for April 8, 2009

Smells Like Team Spirit

SEC Chair Outlines Agenda; First Up: Short Sales

Questions & Advice

Tax account

My goal - to get the tax money for payroll out of our main checking account weekly, instead of waiting to pay it when due. Is it okay to set up a bank "checking" account for this to keep money separate without actually opening an account at the bank? Like a holding account, and then transfer it back to main account when the payment is due.
Add your input!


Received a form 1099A. According to my calculations I believe I have a loss on the sale of my vacation condo. 1099-A: outstanding loan 450,000.00; no proceeds received from sale; Basis (cost) 485,000.00; This is a recourse loan. On the form 1099A the FMV is 350,000.00. Did I calculate this right? I went from the IRS chart on the publication on the sale of assets.
Share your suggestions!

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E-Newsletters, Supplements, and Audio Features

This week's CPA review

Featured links
Specialty Taxes: Estate and Gift and Employment Taxes – Free Webcast May 12
Planning with Dynasty Trusts: CCH Audio Seminar - April 21
Social Networking: What’s Your Strategy?
Top News

FASB responds to negative feedback to Proposed FAS 157-e, will vote on final version

When the Financial Accounting Standards Board (FASB) decided to move forward with changes to FAS 157, Accounting for Fair Value, with the proposed FAS 157-e, "Determining Whether a Market is Not Active and a Transaction is not Distressed," it did so in the face of strongly worded comment letters from the American Institute of Certified Public Accountants (AICPA) and the Center for Audit Quality (CAQ), which expressed serious reservations about the proposed changes. more >>
G-20 nations agree to sanctions for tax havens, call for stronger regulation
Castroneves tax trial diary - Defense rests
IRS to hire more employees for corporate, international compliance
Not-for-profit board members beware: The IRS may have you in its scope
The Tax Show for the Tax Pro Free Webcast Sponsored by the IRS

Next Program:
Specialty Taxes: Estate and Gift and Employment Taxes Tuesday, May 12, 2009, 2:00 p.m. to 3:40 p.m. ET

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Featured Articles
Don't let trade secrets leave with employees

Desperate times can sometimes result in desperate measures. During an economic downturn, the pressure to generate revenue can be great. Economic espionage can result when employees are forced to come up with the next big idea or they have financial difficulties. Economic espionage is defined as the theft or misappropriation of trade secrets. It's just one type of criminal activity companies should be on the lookout for during the current recession. more >>
Top 9 confusing business deductions
Earliest Tax Freedom Day in 42 years!
AICPA comments on SEC proposed IFRS roadmap
Book Review: Is Mayo Clinic efficient or effective?
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Stay Informed with CCH Audio Seminars

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Invite colleagues, customers, prospects and business referral sources to join you for a CCH Audio Seminar.  Each seminar includes supporting CCH research materials forwarded to you after the seminar.

Planning with Dynasty Trusts - April 21
This two-hour audio seminar on Tuesday, April 21, provides a practical and useful examination of dynasty trusts, the multi-generational planning tool for practitioners who advise wealthy clients and their families. The dynasty trust provides an opportunity to shelter wealth from transfer taxes while also protecting that wealth in trust for future generations. Learn more

Understanding IFRS - April 23
The move to the International Financial Reporting Standards (IFRS) represents a dramatic shift in how U.S. businesses and practitioners will need to approach accounting and financial reporting. The IFRS convergence is not in place yet, but migration from U.S. GAAP is inevitable and the progression toward international standards will ultimately result in one set of standards to be used by all companies inside and outside of the U.S., regardless of size and whether they are publicly or privately held. Learn more

Firm/State/People News
IGAF Firms Interview with Jamie Smith of Presser, Lahnen & Edelman

James "Jamie" Smith, at 38, is one of the youngest - if not THE youngest - of the managing partners of all the IGAF firms. Committed to positioning the firm for success, he is also a living example to the younger professionals that their hard work can pay off in a leadership position down the road. more >>
Morrison, Brown, Argiz & Farra opens new Boca Raton office
Ernst & Young develops unique business course for FAU
Miller receives Adult Learner of the Year award
Social Networking: What’s Your Strategy?

Blogging, LinkedIn, Facebook, Twitter, MySpace, Podcasting, Wikis,, Digg, Flickr, YouTube – with all of the social media out there how do you decide which tools are right for you? How can you use social networking to help build, maintain, and enhance relationships? Where should you begin?

The guide, Social Networking for Professional Services: How to Add Social Media to Your Networking Plan, produced by, will help you navigate through the social media landscape, identify which tools are right for your firm, and provide you with tips you need to get started using these tools, today.

This guide is available to RainToday members only. Not a member? Try our free 7 day trial to access this guide, and all of our tools and guides along with the many other resources and tools produced exclusively for RainToday members.

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