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June 24, 2010    
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Publisher's Note
Rob Nance, Publisher Fact: There are a lot of awfully nice, intelligent people in the accounting profession.
Fact: Hanging out with accountants at a baseball game on a pleasant summer evening, talking shop, and drinking cold beverages is a real pleasure.

On Tuesday evening, the AccountingWEB team hosted 70 accountants at an Indianapolis Indians game (Indians 9, Durham Bulls 1). Mixing it up with our vibrant and loyal subscribers is a treat and a privilege for our crew. Accountants from several Indianapolis area firms, large and small, attended our soiree. Generally speaking, most accountants felt like the economy is improving, their clients are doing better than last year, and their practices are keeping the billable hours up.

Enjoy your summer and keep swinging for the fences!

Rob Nance
Top News
Senate responds to glut of prospective homebuyers seeking tax credits
House keys In response to the backlog of first-time homebuyers hoping to take advantage of federal tax credits, the Senate has agreed to extend the measure for three months. The amendment, sponsored by Sen. Harry Reid (D-Nev.), is intended to give the approximately 180,000 homebuyers enough time to close on their respective deals and qualify for federal tax incentives.
IASB, FASB to focus on convergence between IFRS and US GAAP
The International Accounting Standards Board and the U.S. Financial Accounting Standards Board recently announced their intention to prioritize convergence projects to permit a sharper focus on issues and projects they believe will bring about improvement and convergence between IFRS and U.S. GAAP.
Most financial officers keep in touch with office during vacation
Nearly 70 percent of chief financial officers said they check in with the office at least once a week during their vacation. However, it appears they're trying to remain less in-touch.
IRS accepting applications for qualifying therapeutic discovery project
The Internal Revenue Service recently announced that small firms may begin applying for certification for tax credits or grants available under the Qualifying Therapeutic Discovery Project Program, created by the Affordable Care Act.
Take Checkpoint for a Test Drive Today
   There’s only one way to find out which tax & accounting research service performs best for you: by getting into the driver’s seat yourself. So go ahead, take Checkpoint® for a spin. We’re confident you’ll quickly see why Checkpoint is the tax & accounting research service preferred by so many of your peers.
   Take Checkpoint for a test drive today. Call 800.950.1216 or visit http://ria.thomsonreuters.com/trycheckpoint to start your complimentary 30 day trial today.
Featured Articles
What to do when Excel won't let you insert columns
Excel logo From time to time you might encounter the prompt that appears when Excel thinks you can't add additional columns or rows. This occurs when Excel considers used range of the worksheet to encompass all columns or rows. In this article I'll describe some techniques you can use to overcome this problem.
Bloomberg poll: Investing in the United States is a good idea
In the world of investments, BRICs are the large emerging markets made up of Brazil, Russia, India, and China. Just months ago a poll of global investors rated the United States well below China and Brazil as an attractive market to buy into.
Intuit uses social media during service outage
Routine maintenance exposed a hole in Intuit's online infrastructure last week. According to the company, an accidental power failure took down both primary and backup systems, which, in turn, caused disruptions to several Web sites and online services.
Trust accounting for lawyers
Arizona soon will become one of the few states in the country that subjects lawyers to random audits of their client trust accounts. Lawyers need to know that there are specific requirements for trust accounting recordkeeping, including risk management and internal control procedures.
CPE Online - Live Webcasts from $39 with Larry Stein, CPE Online CPE Courses with Larry Stein
Larry Stein CPE offers interactive live webcasts which 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
Making magic: Accounting and card tricks
Rabbiit in hatA successful CPA with a love of magic has found a way to do both. Neil Schloss, founder of Castle Consulting in Hightstown, New Jersey, provides accounting services full time and throws in a card trick or two.
Barfield, Murphy, Shank, & Smith receives AICPA Public Service Award
The American Institute of Certified Public Accountants awarded CPA firm Barfield, Murphy, Shank & Smith, PC, of Birmingham, AL, the 2009 Public Service Award for Firms for its commitment to the community. The annual award honors one firm that has demonstrated outstanding public service.
Four rap stars make the IRS hit list
The list of famous, well-paid people who owe back taxes is long and getting longer. Lately, it seems the names dominating the list are those of rappers.
Lorman Lecture Hall Lorman Lecture Hall
The "Lorman Lecture Hall" provides you with up to date information on upcoming teleconferences to help your business stay on top of your training needs. Most courses offer an opportunity to earn CPE. You can register online or call Lorman at 1-866-352-9539. Please mention Priority Code 16099.

What do you have to say today?
Notes from IRS Stakeholder Meeting in May Preparer Compliance, Form 8109
Around the country, wherever the IRS has a campus, the agency usually arranges to meet with the tax community on a regular basis. Here in Los Angeles, Sharon D. Sanders, the senior stakeholder liaison specialist, arranges to meet with us every three or four months.
"Amazon.com" Nexus: Can You Rebut the Presumption?
As you may already know, New York has taken one of the boldest steps: Challenging Quill in the enactment of new sales tax rules affecting internet retailers.
Can a Sole Practitioner Meet Quality Control Standards?
The AICPA apparently believes a sole practitioner can comply with quality control standards for an accounting and auditing practice.
Dividend Tax Is It Going Up?
Under current tax law, dividends paid to individuals are taxed at 15 percent, but recently the Senate Budget Committee passed a 2011 budget resolution that includes an increase in the top tax rate on dividends to 39.6 percent. If this stays in the 2011 budget, it would amount to an increase of more than 150 percent.
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.
Latest industry news
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AuditMyBooks releases software to help small businesses protect their money
MAPADOC partners honored for outstanding sales, licenses, growth
CCH ProSystem fx Tax integrates with Tax Prep Partner series
Technology Changes Everything - AccountingWEB LIVE!
A good accountant is a debit to the profession
QuickBooks Unsensored - Check out Amy Vetter's Blog
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