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September 17, 2009

Publisher's Note
Rob Nance, Publisher This summer at a golf event, I briefly made eye contact with Tiger Woods, who was but a few yards away from me. It soon became evident to me that he was not impressed by my AccountingWEB baseball cap.

Iíll bet itís interesting being on Tigerís management team. Just imagine all the accounting challenges risen involving his operations, winnings and endorsements on a global scale.

Our new AccountingWEB goal: grow to the size where Tiger is sporting our baseball cap.

Rob Nance
AccountingWEB, Inc.

Accountant’s Classifieds
Weekly Circulation Exceeds 220,000 Accounting Professionals

Food Network Visits The Warrell Corporation

Another reason the housing recovery may take a while

Eating Out and Learning How to Play the Game

One Set of Standards vs. One Standard-Setter

Any tax advisors/accountants who can help me with USA tax rules?
Question from UK based accountant. In the UK, the tax computation is not adjusted to disallow foreign exchange movement and hence the gain or loss is included to arrive at the taxable profit or loss.
Add your input!

Form 5471 and UK Companies
We have a client who has not filed US Tax Returns, and we now need to rectify this situation.I am aware that we need to complete form 5471 for each company, but I am confused about what income from the UK companies is actually taxable in the US.
Share your suggestions!

Breakroom Bulletin

Featured links
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Everything in this e-newsletter is created with your needs in mind,
assisting you with information and choices for your accounting life.
Top News
Downward Chart Expanded NOL election deadline approaches
Eligible taxpayers must act soon if they want to take advantage of the expanded business loss carryback option included in this yearís Recovery law. more >>
Federal regulators say accounting changes need global reach
Changes in accounting standards, rules, and policies for financial institutions must be coordinated globally in the effort to help avoid a recurrence of the economic crisis. more >>
U.S. communities take local economy into their own hands
Unwilling to hand over hard-earned paychecks to faceless corporations for goods and services, a handful of communities have created their own commerce. more >>
Thomson Reuters
NEW PPC and AuditWatch Conference on Audit Quality and Efficiency in Las Vegas!

Get the latest updates and techniques to help ensure that your firm is performing their audits effectively and efficiently at the PPC and AuditWatch Conference on Audit Quality and Efficiency! The focus in the industry on performing high-quality audits remains constant, but with the struggles in the general economy, pressure to complete the necessary work in an efficient process has intensified. Join us for a conference designed to provide you with the knowledge, techniques, and tips to carry out your professional responsibilities in an efficient manner. Sessions will include a variety of technical and audit process topics including, risk assessment, sampling, documentation and project management.
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Click here or call 800.231.1860 to register now! From the Tax and Accounting business of Thomson Reuters
Featured Articles
Skyscrapers PwC survey describes current state of the commercial real estate market
Despite a still-struggling U.S. economy, ill credit markets, deteriorating property fundamentals, and precipitous declines in commercial real estate values, most equity investors have remained on the sidelines waiting to capitalize on forced sales and more motivated selling on the part of distressed owners. more >>
Accounting and finance students help not-for-profits in Project Run With It
For the second year in a row, Moss Adams sponsored Project Run With It (PRWI) in force at the 2009 Beta Alpha Psi Annual meeting in Brooklyn, New York. more >>
New survey reveals that six in ten workers live paycheck to paycheck
Counting down the hours until payday? You're not alone. As the economic downturn trudges on, many workers are struggling with household budgets. more >>
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Firm/State/People News
Trophy E&Y announces academic awards
As part of Ernst & Young LLP's commitment to helping universities prepare their students for a global and inclusive workforce, the firm has announced the winners of the first annual Ernst & Young Inclusive Excellence Awards for Accounting and Business School Faculty. more >>
Federal court shuts down Nevada tax return preparer
A federal court has permanently barred Francis Kenneth (Frank) Albert of Sparks, NV, from preparing federal income tax returns for others. The court found that Albert repeatedly engaged in fraudulent or deceptive conduct in preparing returns. more >>
Brooklyn resident sentenced to prison for conspiracy to file false claims for tax refunds
Odell Folks, of Brooklyn, NY, has been sentenced to prison for his participation in a false tax return scheme. Folks was sentenced to 77 months in prison and ordered to pay restitution of $489,292. more >>
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