Having trouble seeing this email? Click here to view it as a web page.
Click here to send a colleague a link to this newsletter.
Contact Us  |   ##mail##
August 5, 2010    
Featured Sponsors
Free CPA Review
Why Most Accountants Need a New Firm Website
Read Any Good Books Lately?
Assistant Managing Editorís Note
Bill Grabarek, Assistant Managing Editor Attempts in the House of Representatives to repeal an IRS filing requirement failed late last week. The measure, contained in the new health care legislation, sought to repeal a requirement of businesses to report to the IRS purchases from vendors worth $600 or more. Republicans balked at the measure because of the Democrats' proposal to curb foreign tax credits that multinational firms use to lower their U.S. tax burden.

"Iím glad to see so many Democrats join Republicans and the American people in an attempt to repeal an important piece of the Democratsí health care law," Rep. Dave Camp (R-MI) said after the bill was defeated. "Unfortunately, in raising taxes and pitting large employers against small business, Democrat leaders ensured this billís defeat."

Repealing the Form 1099 requirement is supported by Democrats and Republicans, alike. That's the good news. What isn't clear as fall elections loom is whether both sides can play nice long enough to kill the mandate before it goes into effect in 2012.

Bill Grabarek
Assistant Managing Editor

Top News
Attempt to repeal 1099 requirement fails
Efforts by House Democrats on Friday to repeal an Internal Revenue Service filing requirement contained in the new health care legislation failed when the measure fell short of the two-thirds majority vote needed to pass.
New disclosure rules for 401(k) fees go into effect next year
New regulations issued by the U.S. Department of Labor last month will force many 401(k) plan service providers to disclose fees that are deducted from a participating employee’s retirement account.
IRS gives non-profits one last chance to preserve tax exempt status
Hundreds of thousands of small nonprofit organizations are at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008, and 2009. These organizations can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program offered by the Internal Revenue Service.
Free CPA Review from Kaplan Kaplan CPA Review
Test drive Kaplan’s CPA Review Course. Kaplan is allowing AccountingWEB readers to enroll for free in the BEC section of their Online Review Course. You receive the complete course ($399 Value) for just the cost of shipping and handling.
Featured Articles
Must see TV: Accountant going against stereotype
At long last, someone wants to produce a television show with a lead character who is an accountant, but not a nerd. We’ve gotten used to the stereotypes, the lesser characters who exist to make even the dullest character look fascinating.
Using SEO to increase quality, volume of Web site traffic
Search engine optimization (SEO) is the active practice of improving the quality and volume of traffic to a Web site from search engines. It involves optimizing a Web site to improve the visibility of the site and making its content and structure more relevant to key search terms.
Internet etiquette at work
It’s important to know what your organization’s policy is about personal Internet use. Saying you don’t know about the company’s rules is not an excuse.
Unlikely combination: Train depots and CPAs
What do trains and accounting offices have in common? In Chattanooga, Tennessee, they cross paths at CPA firm Henderson Hutcherson & McCullough PLLC.
Why Most Accountants Need a New Firm Website
Emochila • Is there any reason presently why your clients should visit your website regularly?
• Did YOU visit your firm's website recently?
• Have you acquired any new clients lately from your website?
If the answers to these questions are "NO" – you need Emochila's help.
Click here to learn more and request your free trial.
Firm/State/People News
Rep. Charles Rangel saga continues
Charles Rangel The future is not looking bright for Rep Charles B. Rangel (D-NY). The chief tax writer has been fighting a variety of ethics charges for quite a while. A few months ago, under pressure from House Republicans and Democrats, Rangel temporarily stepped down from his post as Chairman of the Ways and Means Committee pending an investigation.
Chris Tucker, Rob Lowe do battle with taxman
Right about now, Rush Hour star Chris Tucker might be feeling a bit of a squeeze in the form of a federal tax bill for nearly $12 million. And, chances are, he’s still reeling from last year’s pinch from Arnold Schwarzenegger, which seems small in comparison.
Company announcements: Week of August 2
Following is a roundup of firm news for the week of August 2, 2010.
Read Any Good Books Lately? Book of the Week
Have you discovered our Book of the Week section? Each week, we feature a different selection, ranging in topics from informative to funny, proactive to provocative. Whether you're looking for a lesson in "how to" from one of today's best-selling business gurus, or are just in the mood for a good book to curl up with, chances are we've got you covered. Check out this week's selection.
What do you have to say today?
Chances Are Your Receivables Confirmation Process is Not Valid
Since the issuance of SAS No. 31 and its successor, SAS No. 106, auditors understand the primary purpose of the confirmation process is to verify the existence assertion.
How to Use Video to Promote Your Business
The harder you look at the subject, the more you see reasons for using Web-based video. In fact, there is an opportunity for using it at practically every touch point with prospects and customers.
Proposed Amendment to FASC Topic 820 Fair Value Measurements
The FASB and the IASB both issued exposure drafts on Fair Value Measurements. If adopted, this proposed ASU will more closely converge U.S. GAAP with IFRS. No proposed effective date has been set yet, but comments are due by September 7, 2010.
It Is My Time All the Time
Now that I am responsible as a sole practitioner for all of my time, I have learned that I must make time in order to charge my time. All the time I previously counted as billable time now has to be allocated. There’s meeting time, networking time, driving time, corresponding time, and client time, not all of which is chargeable.
Obama HIRE Act
How do I file my quarterly reports with the Social Security credit that the new HIRE bill gives?
Add your input!
Data corruption occurring during installation of new QuickBooks version
Has anyone witnessed data corruption occurring during an installation of a newer QuickBooks version?
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.
Latest industry news
Click the link above to find out what's going on among our advertising partners — or check out the stories below:
MCRES expands CPE- and CLE-approved education programs
cPaperless releases CPA SafeMail Version 2.0
DocIt announces release of a small firm package
Technology Changes Everything
Education Avenue
Scott Heintzelman - The Exuberant Accountant
Looking for new advertising ideas?
To change your e-mail address, your password information, modify subscriptions, and update your personal profile information, please log in to AccountingWEB.com to manage your account.

Unsubscribe from Weekly News Analysis

Copyright © 2010, AccountingWEB, Inc. All rights reserved.
AccountingWEB.com, P.O. Box 2252, Westerville, OH 43086-2252

The AccountingWEB Portfolio includes:
AccountingWEB.com | USBusinessForums.com | AccountingWEB.co.uk | AccountingWEB.nl
Powered by: Sift Media Facebook Twitter