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April 29, 2010    
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Publisher's Note
Rob Nance, Publisher ATTENTION: The Accurate Accountant Game contest is now over. You can still play the game for fun, though. Check out the leader board here. More on this next Thursday!

SAME OLD SCENE? In 2008, the U.S. spent $134 million to produce $80 million worth of pennies. Why do we still have the penny? We don’t need it. It’s like the old joke, “Why did the accountant cross the road?” Answer: “Because he looked in the file and that’s what they did last year.” Why repeat the behavior with the “that’s the way we’ve always done it” mentality? It’s like every time I drink ginger ale, I know at some point I’m going to choke and cough drinking it, yet I drink it anyway. There’s just something about ginger ale that causes me to nearly gag on it, but I keep drinking it regardless of the known outcome. When the government stops producing the penny, I will stop drinking ginger ale.

Rob Nance
Top News
Costly changes to 1099 reporting in health care law
Tax Receipts In 2012, under a little discussed mandate of the health care reform legislation, businesses will be required to report all payments in excess of $600 for services or merchandise to the Internal Revenue Service on a Form 1099.
CPAs at the forefront of Obama’s health care plan
President Obama recently signed the Patient Protection and Affordable Care Act of 2010 requiring virtually every American to purchase health insurance. Now an enforcer is needed.
National Association of Enrolled Agents responds to proposed PTIN regulation
The National Association of Enrolled Agents has submitted to IRS leadership comments on the proposed regulations with respect to Preparer Tax Identification Numbers (PTINs).
Raise Your Profits With Payroll Relief Payroll Relief
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Featured Articles
Holocaust defense won't save convicted tax evader from prison
Tax Fraud A former watchmaker was sentenced to 10 months in prison for hiding $10 million in offshore accounts. The defendant is the son of Holocaust survivors, a fact his lawyer used at his sentencing hearing.
Survey: Majority of workers search online for information about themselves
Although some might dub it "egosurfing," others might call it a wise career move to conduct a Web search to see what information is available online about you.
National Defense Authorization Act expands military family leave
Now that more employees may be eligible for FMLA leave, it’s a good time for employers to review and update all of their FMLA-related policies to ensure they are in compliance with the NDAA 2010 and other federal and state regulations.
Construction Valuation Teleconference
   Knowing how to approach this industry with reason and judgment can mean a world of difference in the defensibility of your conclusion of value – particularly in this time of stress.
   In “Valuing Construction Companies” experts Don Drysdale and Keith Prescott will help make sense of this vast industry and will show you how to address the unique challenges it poses.
Firm/State/People News
E&Y, PwC join KPMG in declaring themselves free of business ties to Iran
Global Holding Hands Ernst & Young and PricewaterhouseCoopers have declared that they no longer maintain business relationships with Iranian firms. Their statements follow KPMG’s decision to cease all accounting activities with affiliates in Iran.
Salt Lake City federal court bars CPA from preparing tax returns for others
A federal court in Salt Lake City has permanently barred Dick Jenkins, a CPA from Heber City, Utah, from preparing tax returns for others.
Child stars learn that growing up can be taxing
It’s been a bad year for at least three child stars, even if they are still active in the entertainment industry. It seems fame might not be all it’s cracked up to be.
What do you have to say today?
Take Our Daughters and Sons to Work Day 2010 - Good or Bad?
This year's theme for Take Our Daughters and Sons to Work Day is "1 Youth, 1 Dream, 2Morrow's Leader." But what if 2Morrow's Leader is urged to stay in class and not go to work with his or her parent?
Are You An Accounting Nerd?
There are varying degrees of accounting nerdiness. Some accounting nerds live normal lives, marry, and, according to Kinsley, even propagate.
The Hippie CPA
You may ask yourself how a former hippie could have found the light, converted, and become a CPA? The term “hippie CPA” is oxymoronic, if not contradictory, in nature.
What's the Big Deal About SSARS No. 19?
Effective for periods ending after December 15, 2010, SSARS No. 19, Compilation and Review Engagements, has been billed as the biggest change to the SSARS literature since SSARS No. 1 in 1978. This may be true!
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!
Intercompany Loans
This is a question about intercompany loans from one LLC company to another.
Add your input!
CPA Review Courses
I am wondering if you know how helpful students find the Kaplan review courses and how they compare with other review courses?
Share your suggestions!
Kaplan Weekly Quiz
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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