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October 15, 2009    
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Small Audit Tips from Start to Finish
Publisher's Note
Rob Nance, Publisher My favorite professor in college was also David Letterman’s mentor years before me. Letterman once said, “There's no business like show business, but there are several businesses like accounting.” I suppose that’s true. Accounting is pretty much the backbone to everything in business.

Is the Letterman mess the equivalent of the Enron debacle? It’s something to debate around the office water cooler, perhaps.

Rob Nance
Top News
AICPA experts find exceptional opportunities for estate plans in 2009
Last Will and Testament Accountants need to reach out to their clients as soon as possible to alert them to the opportunities presented by the 2009 federal exemption, the highest in estate tax history, and for estate-related tax benefits for themselves and their heirs from declining asset values, say specialists speaking at a recent Web seminar.
Scammers calling themselves Coopers & Lybrand try to sell worthless investments
The value of a reputation associated with a name was made evident recently when individuals claiming to be from an organization called Coopers & Lybrand tried to sell shares in worthless companies to investors.
New hiring credit: Probable law or packed with pitfalls?
Next up on the Obama administration’s agenda could be an incentive to hire, with the goal of jobs creation. So far, the plans to propose such a credit are being kept somewhat quiet. But the idea does seem to have at least modest bipartisan support, in the wake of the worst unemployment figures since the late seventies.
Featured Articles
A simplified explanation and example of SFAS 123R's calculated value method
Shares With the implementation of SFAS123R, the calculated value method is now required for nonpublic companies without an internal market for its stocks or options or for those unable to identify similar public entities for which share or option price information is available.
The IRS Whistleblower Program: a government program that works
There is no shortage of government programs, and few can claim to be genuinely successful. The IRS Whistleblower program may be an exception.
PwC releases new guide to taxes and wealth management
PricewaterhouseCoopers has released its 13th Annual Guide to Tax and Wealth Management, 2010. This year, in light of the current economy and pending tax law changes under the Obama Administration, the Guide was restructured to focus broadly on the wealth management strategies and tools that are most instrumental to building an effective plan.
Small Audit Tips from Start to Finish
CPE Link Small Audit Series Begins October 19.
Don’t miss the upcoming live webcast series with small audit expert Larry Perry. These 15 live webcasts will give you a start-to-finish overview of how to plan and complete small audits efficiently. Each webcast qualifies for 2 CPE hours. Larry Perry is a nationally-known author of accounting and auditing manuals, a professional continuing education instructor and author, and a consultant to CPA firms. View Larry Perry’s upcoming webcasts.
Firm/State/People News
INSIDE Public Accounting announces its annual Best of the Best Firms
INSIDE Public Accounting’s Best of the Best Firm’s recognition honors 25 firms annually for their wise management and superior operational performance in fiscal and management metrics based on over 50 criteria. Another 25 firms are recognized with designations as Best of the Best Honorable Mentions.
Ohio CPA firm receives Sloan Award for exemplary workplace practices
The Sloan Awards honor organizations of all sizes and all types across the country that are using workplace flexibility as a strategy to increase workplace effectiveness and yield positive business results.
New York CPA gets 33 months for stealing refunds
A Chappaqua-N.Y. based CPA has been sentenced to 33 months in prison for pocketing more than $320,000 of his clients' tax refunds over 11 years, according to the U.S. Attorney's Office in the Southern District of New York.
Oregon CPA admits to filing false tax return for bookie
A Redmond, Oregon-based CPA has pleaded guilty to assisting in filing a false tax return on behalf of a client who admitted to running an illegal gambling operation, the Department of Justice announced.
AccountingWEB's Breakroom Bulletin
Breakroom Bulletin Tired of reading the same old company memos and clunky full-sized newspapers in your breakroom? Give AccountingWEB's Breakroom Bulletin a whirl! Post it in the office breakroom or kitchen! The Breakroom Bulletin is a nifty one-page PDF that you can download, print, and enjoy free of charge. You'll receive timely news items with a splash of humor designed to brighten everyone's day in the entire office. Print it and post it!
What do you have to say today?
Is our Country on a Collision Course?
For many years our government has been selling shorter term debt as opposed to locking in slightly higher rates for long term debt. This, of course, lowers our cost of borrowing, but hurts us long term.
State Budget Update: Revenue Shortfalls Grow = New Taxes On the Way
Due to the economic conditions in which states are operating, states are cutting budgets and attempting to generate new revenues.
How Does Your Website Stack Up?
Small, medium and large firms all rely in good part on their website to tell their story. BUT - what do you know about the visitors to your site?
Accountants Care
Accountants care about where they work. In my experience, they take their jobs personally. If anything goes wrong with the company, they feel it, even if it is something completely out of their control.
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