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October 14, 2010    
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Publisher's Note
Rob Nance, Publisher I have always strongly disliked the banter that occurs between TV news broadcasters. But even more irritating is when the news anchors and sportscasters joke around with the weather person, asking him/her to "do something about the weather." This is yet another reason why I have never really watched TV news. For many people, online news options have replaced the less-targeted news outlets of TV, radio, and daily newspapers.

In the same vein, accountants largely have voiced a “death to the fax machine,” proclaiming it now unnecessary for the accounting profession. Online activity has pushed Mr. Fax close to the corner that’s occupied by Morse code machines, sundials, and that bicycle with the massive front wheel and the tiny back wheel.

It all boils down to time and how we use it. When your fax machine breaks, will you even replace it?

Rob Nance

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Top News
FASB clarifies accounting for troubled debt restructurings by creditors
FASB The FASB has issued an Exposure Draft of a proposed Accounting Standards Update intended to increase transparency in financial reporting about troubled debt restructurings.
Slightly higher salaries projected as key roles prove challenging to fill
With some signs pointing to a slight uptick in financial hiring, compensation for accounting and finance professionals should see commensurate gains. Starting salaries in these fields are expected to rise an average of 3.1 percent in the coming year.
Japan’s economic crunch, its effect on the U.S.
Growing concerns have compelled the Bank of Japan’s policy board to take significant steps to jumpstart its faltering economy. The bank calls its multi-pronged strategy a “comprehensive monetary easing policy.”
BP oil spill investment scams make an appearance
The Securities and Exchange Commission is alerting individuals and small businesses about potential investment frauds targeting those who receive lump sum payouts from BP due to the oil spill in the Gulf.
Featured Articles
Does the health care bill impose a tax on the sale of your home?
Money House We have received many inquiries from clients and friends of the firm regarding the veracity of claims that the new health care legislation will impose a 3.8 percent Medicare tax on sales of personal residences beginning in 2013.
Sharpton, his civil rights organization facing tax issues
Troubles continue to mount for the Reverend Al Sharpton, both personally and for his civil rights organization. The Internal Revenue Service has filed a tax lien against Sharpton in the amount of $538,652.
IASB cracking down on window dressing
The International Accounting Standards Board (IASB), the global body whose rules are used in more than 100 countries, has strengthened regulations requiring banks to disclose window dressing transactions.
Firm/State/People News
Citrin Cooperman’s “Jeans with a Twist” raises money, awareness for MS society
Citrin-Cooperman Citrin Cooperman & Company, LLP, a Philadelphia-based accounting, tax, and business consulting firm in Philadelphia raised more than $1,600 for the National Multiple Sclerosis Society with a recent office-wide dress down day.
What’s your attitude at work?
For the majority of the time you’re at work, what’s your attitude? Gung-ho and get-it-done? Excitement? Just happy to have a job? Get through the day so you can go home?
Star athlete, celebrity wife surprised by tax lien
Even nice guys end up in tax trouble sometimes. Former Detroit Lions quarterback Rodney Peete and his actress wife, Holly Robinson Peete, did not see it coming…the Internal Revenue Service lien for more than $156,000 that hit them last summer.
What do you have to say today?
Why is it so difficult to make money on small audits?
Most small firm practitioners can offer lots of answers as to why it is difficult to profit from small audits. The problem is that knowing the answer doesn’t solve the problem!
Are big changes on the horizon for U.S. accounting standards?
I attended our Financial Executives International chapter meeting and our special speaker was Robert Herz, the recently retired chairman of the Financial Accounting Standards Board. He shared many insights into what is happening in the world of Generally Accepted Accounting Principles and international standards.
How to handle difficult people
Probably one of the worst aspects of being in practice, or indeed of any working environment, is having to deal with difficult people.
Employment at will = fire at will, but not in the UK!
We were recently asked to provide UK payroll services to a West Coast company taking on its first employee in the UK. We knew that the concept of “employed at will” was often included as being standard in the U.S., and the fact it was not legal in the UK was not generally known to companies new to the UK environment.
Kaplan Weekly Quiz
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