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August 26, 2010    
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Publisher's Note
Rob Nance, Publisher There are 6,912 ways to say thank you, according to Ethnologue, the most comprehensive catalog of the world’s known languages. Public accounting firms, small businesses, and corporate giants certainly have varied ways of saying thank you to clients, co-workers, referral sources, and business partners.

Summer is now almost a memory. Perhaps it’s a great time to take stock and tap into one or more of those 6,912 ways to say thank you. I will start the ball rolling. You, one of thousands of loyal AccountingWEB subscribers, thank you for reading AccountingWEB, participating in our accounting community, and taking advantage of what our advertisers offer (keeping AccountingWEB free to you). Thank you in Persian: motashakkeram. Thank you in Thai: kop khun krahp. Thank you in Ukrainian: diakuiu. Thank you!

Rob Nance

Top News
IRS releases Form 720 for tanning excise tax
The Internal Revenue Service recently released Form 720 for the excise tax on indoor tanning services imposed by the Patient Protection and Affordable Care Act. The 10 percent excise tax became effective July 1.
IRS to eliminate paper coupon deposits
The IRS has issued proposed regulations that will eliminate the rules for making federal tax deposits by paper coupon. Electronic deposits will be required effective January 1, 2011.
Detroit Pistons ownership says tax lien is a mistake
Detroit Pistons parent company Palace Sports & Entertainment was hit last month with a lien for unpaid state taxes that company officials said “fell through the cracks.” Combined with an earlier federal lien, it now appears to owe nearly $280,000.
Justice Department shuts down tax return preparer, seeks to shutter another
A federal district judge in Atlanta has permanently barred Saloum A. Njie and his company, MIAAS Associates LLC, from preparing federal tax returns for others.
Be Prepared with UltraTax CS® Electronic Filing Resources ULTRATAX CS®
A new IRS e-filing mandate is coming in 2011. Are you ready? UltraTax CS is rated #1 by the IRS for 1040 e-file accuracy—for three years running. Be prepared to e-file with these helpful resources. Get e-filing info.
Featured Articles
Basis, but no deduction? A look at partnership at-risk rules
When a tax practitioner reviews a client’s K-1 that passes through losses from a partnership, one of the primary considerations that comes (or should come) to the practitioner’s mind is, “Does the partner have enough basis to take this loss?”
Film tax credits: A hot topic for state budgets
You might have heard that many states use film tax credits as a way to attract production companies to make movies and TV shows within their borders, resulting in jobs for residents and publicity for the state. With budgets tightening, some states are suspending or reducing the incentives, while others are enhancing their existing programs and creating new ones.
Survey: Professional groups, social media best ways to enhance career visibility
In business, it’s not what you know or even who you know, but who knows you that matters, according to results of a survey by Robert Half Management Resources.
Does Your Website Need a Makeover? – No Obligation to Try
Emochila Emochila is the nation's leading website developer for CPAs. Included is a client portal which allows you to send and receive files that are too big or personal for email. We have THOUSANDS of happy customers who know A WEBSITE IS FOR EXISTING CLIENTS, not just prospects. On our websites you can securely post .pdfs of clients' tax returns online. We EVEN write newsletters that can be automatically emailed to your clients. Plus, you can also create your OWN newsletters and blast them out to as many clients as you want! Click here to try it free.
Firm/State/People News
CPAs sponsor Webinar on BP oil spill reimbursement process
CPA societies from Florida, Alabama, Louisiana, Mississippi, and Texas, in cooperation with the Accounting CPE Network (ACPEN) and BizVision, are sponsoring a Webinar designed for CPAs whose clients are filing claims for costs and damages through the BP reimbursement process.
R.I.P. Craig Watjen, long-time Microsoft assistant treasurer, 'Ancient Mariner'
We learned this week of the death of Craig Watjen, the 74-year-old former Microsoft assistant treasurer who joined the company soon after it moved its operations from New Mexico to Redmond, WA, in the 1970s.
Supermodel Naomi Campbell making headlines again
Supermodel Naomi Campbell cannot keep her name out of the headlines – mostly for reasons that are far from enviable. The latest news is that she owes the Internal Revenue Service more than $63,000.
COAP program sees continued growth as it approaches milestone
This year marked another period of increased enrollment in the Career Opportunities in the Accounting Profession program, a NYSSCPA initiative that recruits minority high school juniors from public and private schools in New York to the CPA profession.
Company announcements: Week of August 23
Following is the latest roundup of firm news for the week of August 23, 2010.
Mint.com for CPAs: What's In It For You? Gail Perry
Have you heard about Mint? It’s a web-based financial management site with over 3.5 million users now. It’s easy to set up and use, and it’s free. So, what does that mean to you and your clients? Find out all about it in this live webcast. Gail Perry, CPA will share with you where Mint came from, what it does for users, and most importantly, what you can do to help your clients who use it.
What do you have to say today?
The problem with a non-CPA CFO: Guest post by Francine McKenna
There’s been quite a bit of press about American Apparel’s financial troubles. It’s now three weeks since the company announced that its auditor, Deloitte, had resigned.
The tradition of over-auditing
Growing up in the CPA profession I was taught that auditors performed tests of controls so they could reduce detailed tests of balances. Unfortunately, very few of my supervisors were ever brave enough to make those reductions!
CPAs mandated to take live training
For many CPAs, self-study has long been a favorite way to earn credit hours. Recently, however there has been a movement by state boards of accountancy to require at least a portion of the hours earned to involve live instruction.
Is your e-mail signature too long?
Did you know that you should consider having an e-mail signature that is four lines or less?
Four companies in one
A reader needs help with preparing separate financial reports in QuickBooks for a company with multiple divisions in a mingled bank account.
Add your input!
If a student receives an advance signing bonus in the form of a monthly stipend, is that employee eligible for the HIRE Act credit when he begins working for wages?
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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