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May 14, 2009

Publisher's Note
What do most accountants and Woody Allen have in common? No, it's not the love of jazz music (well, maybe it is for some of you). Woody is known for pounding out the work and not seeking glorification. The man has been nominated for 16 Academy Awards, won three of them, and has not attended the awards ceremonies. He merely wants to do the work that he loves and doesn't need the spotlight. Sound like most accountants you know? Do the work, do it really well, go home. You gotta admire that.

Rob Nance
AccountingWEB, Inc.

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Questions & Advice

Transfer pricing issue

Two companies have an external consortium with one client.... If the offshore company insist that the PO should be placed by onshore company it means onshore company margin reduces and offshore company margin increases. Is there not a transfer pricing issue here with shifting margin from one country to the other even though that is not the direct intention?
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Machine inventory

My company has a machine that has been a rental unit for the past two to three years. The client is getting a new machine soon and we will receive the old one back from them at that point. We have lined up a buyer for the machine and the value of the machine will be approximately $1500 ($3385 cost less $1885 depreciation). How do I enter the machine into inventory so that we can sell it, or does it need to be added to inventory?
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Top News

Workers find silver linings in current recession

Although the downturn has proven tough for workers, those who are still employed say they're gaining more from the experience than just managing to keep their jobs. Seventy-seven percent of professionals interviewed cited at least one positive effect the recession has had on their jobs. more >>
Economic sentiment turns cautiously optimistic among CFOs and CPA execs
Grant Thornton suggests bank regulators should adjust capital requirements
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Featured Articles
IRS announces optional withholding increase for pension plans

As part of a wider outreach effort to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act, the Internal Revenue Service has released new withholding adjustment procedures for pension plans. more >>
NTEU attempts to save jobs for 1,500 IRS employees
The power of anecdote and agenda: Researching your prospects' buying patterns
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Firm/State/People News
A Conversation with Jeff Arnol, managing partner of Kessler Orlean Silver & Company, P.C.

It's no ordinary CPA firm that would send out holiday cards where the partners are depicted as turkeys or sled dogs. But then, nobody ever said the Deerfield, Illinois firm of Kessler Orlean Silver & Company P.C. (KOS) was ordinary. more >>
Breslow Starling adds two professionals
McGladrey & Pullen announces the appointment of Bruce Jorth to executive partner - risk management

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