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October 1, 2009    
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Publisher's Note
National Pancake Day was September 26th. Don’t tell me you missed it! As a thank you to our readers, we gave away ten pints of Carman Brook Farms Maple Syrup to celebrate the fine occasion! Ten winners were chosen at random.

AccountingWEB is having our best year in our ten-year history, in terms of both readership and revenues. You, one of our thousands of loyal readers, continue to relish the news, information and resources that we publish. You find value in what our advertisers offer you, too. We thank you for patronizing these fine companies; their options are necessary to your accounting life.

Now go kick off October with a hearty stack of pancakes, griddle cakes, flapjacks or whatever you call them!

Rob Nance
Top News
Sharp decline reported in number of New York area accounting professionals
Soup Kitchen The latest Crain’s New York business list of the Top 25 Accounting firms in the New York area shows a significant decline in the number of accounting professionals working at these firms -- 1,929 people, or 7 percent, versus year-earlier levels. Together, the Top 25 firms employed about 23,000 professionals as of June 30, 2009 down from 25,000 in June 2008. Crain’s research shows a headcount decline in 16 firms, with only 9 showing an increase.
AICPA says proposed business tax filing requirement "extremely burdensome"
Requiring business taxpayers to report to the IRS payments over $600 that are made to corporations would be “extremely burdensome” and would result in millions of additional 1099 Forms being filed that are of “little value to the IRS,” the American Institute of Certified Public Accountants told the U.S. Department of the Treasury. The AICPA said small businesses would be especially hard hit.
Exemptions, standard deductions not expected to increase for 2010
Taxpayers will reap little benefit next year from the indexing of many features of the tax code, according to CCH, which released estimated income ranges for each 2010 tax bracket. CCH also projects the personal exemption to show no increase and the standard deduction to remain constant for all but those filing as heads of households.
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Featured Articles
Accountants divided on regulatory system overhaul plan
Bank Building Coming off the heels of the one-year anniversary of the Lehman Brothers collapse, Ajilon Finance, a specialty finance and accounting recruitment firm, has announced the results of its recent survey of 350 finance professionals which found that accountants are divided on the impact of President Barack Obama's proposal to overhaul the financial regulatory system and increase protections for consumers and individual investors.
IRS issues guidance on 2009 required minimum distribution waiver
The Internal Revenue Service has issued guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions. The Worker, Retiree, and Employer Recovery Act of 2008 waives required minimum distributions for 2009 from certain retirement plans.
SEC mulls further measures against naked short sales amid criticism from lawmakers
The SEC once again tackled naked short selling issues as a panel of experts at its “roundtable” on short selling looked at a possible requirement to pre-borrow shares before selling them short, a procedure also known as “hard-locate.”
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Firm/State/People News
New CPA firm will be Kentucky’s largest
HandshakeTwo Louisville accounting firms will combine November 1 to form Kentucky’s largest CPA firm, Mountjoy Chilton Medley, with 214 employees. Michael Mountjoy, managing partner of Mountjoy & Bressler, and Diane Medley, managing partner of Chilton & Medley, will share leadership duties at the new firm.
Two Bethesda CPA firms announce merger
Calling the merger of his firm with C.J. Becker & Associates PC “a great fit,” president Bill Caldwell says the union will make Caldwell & Co. PC a bigger player in the middle market.
Virginia CPA firm provides $50,000 to establish scholarship
The Virginia Society of Certified Public Accountants (VSCPA) Educational Foundation is pleased to announce the establishment of a student scholarship by Murray, Jonson, White & Associates. The $50,000 named scholarship from Murray, Jonson, White & Associates will be established in conjunction with the firm's 50th anniversary in 2009.
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What do you have to say today?
New ASU gets tax-exempt not-for-profits out of FIN 48 disclosures. Or does it?
ASU 2009-06 – Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities (ASU 2009-06) was issued to address three issues concerning uncertainty in income taxes and nonpublic entities.
Convert to IFRS or Stick with U.S. GAAP? How About Neither?
As I noted in my last post, it's difficult to argue that there should be any material differences in the portrayal of the same economic situation among reporting entities in different countries.
FDIC to Propose Banks to Prepay 3 Years of Fees
In an unprecedented move, the nearly bankrupt FDIC is proposing a plan to replenish its depleted fund by requiring banks to prepay 3 years worth of insurance fees.
Tax Foundation Argues Against NY "Amazon Tax" Ruling
The Tax Foundation has filed a friend-of-the-court brief with the New York State Supreme Court's Appellate Division arguing that the state cannot legally compel Amazon.com to collect sales taxes on purchases because the retailer does not have a physical presence in the state.
Questions & Advice
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. We plan to pay bonuses to employees after each phase of the implementation. Can these bonuses be capitalized if the base salary is being capitalized? I don't see any clear guidance on this.
Add your input!
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.
Share your suggestions!
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