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May 27, 2010    
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Publisher's Note
Rob Nance, Publisher Regardless of where you are in the U.S., summer is now nearly upon us all. What better time is there for accountants to battle self-improvement? Many of you tackle continuing education in the summer and fall; many of you rededicate yourself to personal fitness, as well. In the spirit of our Workplace Fitness Zone, these foods are reported as being friendly to keeping a slimmer stomach: asparagus, salmon, blueberries. For every AccountingWEB subscriber who e-mails me a recipe for a healthy summer dish, you will be put into a drawing for our Magnificent Workplace Fitness Prize Pack. Now go dig out those cookbooks!

Rob Nance
Top News
The "flash-crash" of May 6: What happened?
Upset Man If you tuned in to stock market news at about 2:47 p.m. EST on May 6, you might have been holding your breath, especially if you have a significant investment in the stock market. That was five minutes into what is now being called a flash-crash.
IRS sending compliance questionnaires to 401(k) plan sponsors
The Internal Revenue Service has launched a compliance initiative aimed at 401(k) plans. Plan sponsors have 90 days to complete and return the lengthy questionnaire.
More than half of American workers unprepared for retirement
Fifty-two percent of American workers feel they are behind in their retirement savings goals, according to the recently released "MetLife Retirement Readiness Index: Are Americans Prepared for the Transition?"
Tax departments more concerned with getting it right
An overwhelming majority of senior financial executives say their tax department’s top priority is not tax savings or their effective rate, but timely and accurate tax return and financial reporting.
Download a free “Guided Tour of Engagement Letters” CPA Mutual
Remember “The Expectations Gap”? This phrase has been used widely to discuss the difference between what accountants do, and what their clients may think they do. Avoid misunderstanding and costly mistakes. Download CPA Mutual’s free “Guided Tour of Engagement Letters.”
Featured Articles
Thomson Reuters launches Accounting CS platform
Thomson Reuters The Tax & Accounting business of Thomson Reuters this week announced the launch of its Accounting CS platform, which is designed to take a new approach to professional accounting software.
Tips for improving a company blog
Blogs have been around for years now, but many accounting firms still have not jumped on board. If you have the time and interest, a blog can be an indispensable tool to engage current clients and reach new ones.
Employment tool designed for accountants: Intuit’s Accountant Work Exchange
Accountants with specialized skills, who may be looking for additional work or a new job, and firms looking for highly qualified help, now can connect through Intuit’s employment tool, the Accountant Work Exchange.
How to make the best of business development
Business development specialist Craig Weeks claims successful business development need not be an exercise in self-punishment. AccountingWEB interviewed him so you can decide for yourself.
CPE Online - Live Webcasts Just $59 with Larry Stein, CPE Courses
Online CPE Courses with Larry Stein Larry Stein is one of the top CPE trainers in the nation. His interactive live CPE webcasts bring sophisticated content and knowledge right to your desktop. These 1-3 hour live webcast events will get you updated on tax, estate, retirement, eldercare and financial planning topics. Gain valuable knowledge with convenient affordable live interactive webcasts. Register and view available training. For questions, call Larry Stein at 954.721.5588.
Firm/State/People News
Former Detroit Lion in trouble as “Farr” as eye can see
IRS Football Helmet Mike Farr once rode high as a member of the Detroit Lions. These days, he’s in hot water. Not only does he owe nearly $83,000 in state and federal taxes but, a few weeks ago, federal regulators put a lock on his assets after he was named in a government lawsuit.
Weaver merges with Elms Faris, enters Midland/Odessa market
Weaver, a Texas-based independent certified public accounting firm, recently announced its merger with Elms Faris, effective June 1. The merger marks Weaver’s first expansion into the Midland/Odessa market.
Another round of actors in trouble with the tax man
What do Mary Ann, the Big Lebowski, Arnie Becker, and Cal Hockley have in common? The actors who played them are in tax-related trouble.
Three artists sing the tax-trouble blues
The Queen of Soul and the taxman are doing battle again – and Judy Collins and Toni Braxton are singing a similar tune.
What do you have to say today?
News flash! IRS changes position on domestic partners
The IRS now says that registered domestic partners in community property states may split income and withholding 50/50. And they can skip filing gift tax returns for the support provided from one partner to another.
What should the university do when the professor's midterm grades are awful?
Last week the Chronicle of Higher Education reported the story of a professor who was removed from the classroom because grades in her class at midterm were terrible.
Get ready for onerous new 1099 reporting rules
The recently enacted health care law imposes surprising new Form 1099 reporting requirements -- no doubt so the government can better track underreporting of income.
Section 263A calculation, anyone?
Let me start out by stating that I feel I am a pretty intelligent person. I passed the CPA exam the first time and have a masters degree in taxation, but Section 263A befuddles me.
How Do You Protect Your Trusted Client Relationships? Accountants World
The cloud computing-based Power Practice System transforms your accounting practice, and helps you to protect your client relationships, in two simple ways. Click here to learn more.
iPhone apps for accountants
What iPhone apps specifically for accountants or business advisers have people come across?
Add your input!
Correspondence IRS audits disallowing all deductions?
Does anyone have a good way to schedule an in-person audit when the IRS has contacted me for a correspondence audit?
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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