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September 10, 2009

Publisher's Note
Rob Nance, Publisher The latest cost-cutting move by the U.S. Postal Service could save it up to $500 million next year. USPS is offering workers $15,000 to quit. The incentive package, negotiated with unions, would give eligible employees $10,000 during the first quarter of fiscal year 2010, and another $5,000 during the first quarter of fiscal 2011.

Would you take that offer from your employer? Tell us!

Rob Nance
AccountingWEB, Inc.

Accountant’s Classifieds
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Do You or Your Clients Perform Monthly Bank Reconciliations for All Bank Accounts?

Connecticut: Bill Becomes Law Without Governor Signature

A Framework for Risk Management

Leadership: Service in the Armed Forces

Minimize or defer income taxes
I have a client that received a very large one time severance payment and payout of an unqualified long-term incentive plan upon termination of employment. Any suggestions on how to best minimize income taxes in 2009 or at least some deferral?
Add your input!

Software implementation
I have been reading SOP 98-1 and it discusses capitalizing internal payroll for those employees working on certain phases of a software implementation. Can bonuses be capitalized if the base salary is being capitalized?
Share your suggestions!

Congratulations to our IPOD Shuffle winners from the Illinois CPA Society Accounting & Finance Showcase!

Geoff Schlender
Lyday & Associates, LTD
Joliet, IL

Shawn S. Lazarian, CPA
Lazarian Financial Corp. CPAs
Highland, IN

Linda Pezzullo, CPA
Jonlyn & Associates, Inc.
Wheaton, IL


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Top News
Form 1098 Mortgage interest can be a trap for tax dodgers, says TIGTA
The IRS is expanding its use of one of its analytical tools to ferret out people who earn more than they claim they make on their tax returns. That tool is the Form 1098 on which mortgage interest is reported... more >>
AICPA supports number ID and Circular 230 standards for all tax return preparers
The AICPA, responding to questions from the IRS relating to the agency’s review of tax return preparers, stressed that the IRS already has sufficient authority to regulate all federal tax return preparers... more >>
Chief U.S. tax writer, Charles Rangel, hit with another round of trouble
With Charles Rangel still reeling from the financial misconduct charges leveled at him last year -- for tax years 2004, 2005, and 2006 -- round two is now hitting him hard and fast... more >>
Mac users give Snow Leopard upgrade mixed reviews
Upgrading operating systems can be a frustrating experience. When a new version comes out, which is every year it seems, users feel obligated to upgrade, adding more bells and whistles upon layers of other features...more >>
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Featured Articles
Girls Gone Wild Bizarre new twists in the Joe Francis tax evasion case
"Girls Gone Wild" video producer, Joe Francis, is about to go to court for tax evasion. If convicted, he faces ten years in prison. But now... more >>
Cash flow strategies for small businesses
You don’t want your clients’ cash flow problems to result in your cash flow problems. Here are a few strategies to use to keep on top of your cash flow... more >>
Accounting employers struggle to retain and advance women
The Accounting/MOVE Project is a national survey research effort to measure and advance women at public accounting firms and corporate accounting employers... more >>
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Firm/State/People News
Handshake St. Louis CPA firms announce merger
Belleville, Illinois-based Ganim, Meder, Childers & Hoering, P.C. (GMCH) is joining LarsonAllen LLP (LarsonAllen) on October 1, 2009... more >>
Virginia CPA receives "CFO of the Year" award
The Virginia Society of Certified Public Accountants partnered with Virginia Business magazine for the fourth year of the "CFO of the Year" award program, which recognizes outstanding achievement in financial stewardship for Virginia-based public and private companies and nonprofits... more >>
PricewaterhouseCoopers and Levick Strategic Communications launch joint business relationship
PricewaterhouseCoopers LLP has announced a Joint Business Relationship (JBR) with Levick Strategic Communications, a leading crisis, litigation, and reputation management communications firm... more >>
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