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December 17, 2009    
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Publisher's Note
Rob Nance, PublisherAsk any person on the street the question “What is an ‘unfun’ way to spend money?” and many people will say “Paying taxes!” No question about it, that’s not an exciting way to disperse one’s funds.

Let’s put together a running list of “unfun” ways to spend money. I want to start the list creation campaign with these quite dull ways to deplete your cash:

   • Replacement refrigerator water filters
   • Tree removal services
   • Printer ink cartridges

Build the list!

Rob Nance

Top News
Unemployment taxes may double or even triple in 2010
Soup Kitchen Employers should anticipate increases in their unemployment taxes in 2010 and possibly beyond, whether or not their business is in a state like Virginia, where increases are automatic if the unemployment trust fund falls below a certain level, or in states like Michigan and Texas that have complex formulas based on "experience rates," or states that decide to levy some form of deficit surtax.
At least for now, death will not be a taxable event in 2010
Democrats in Congress have been scrambling to keep the scheduled change in estate tax law from taking effect on January 1, 2010. As it stands, the estate tax is due to be repealed as of the first of the new year. The tax will disappear entirely and then reappear in 2011 at an increased rate of 55 percent with a mere $1 million exclusion.
House passes Tax Extenders Bill of 2009
In what has become almost a routine action, the U.S. House of Representatives voted Wednesday to renew for one year 45 tax breaks due to expire December 31, including a sales tax deduction for people in states without income taxes, a property tax deduction for people who do not itemize, and the research and development credit.
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Featured Articles
Deer hunters and the IRS: Tax-break would help both needy and hunters
No-Tax DeerU.S. Senator Charles Schumer (D-NY) is proposing a tax break for deer hunters who donate venison to food pantries, and the idea is gathering support. U.S. Senator Kirsten E. Gillibrand (D-NY) last week also supported the legislation, which Schumer touted as a way to help hungry families while boosting the hunting industry in upstate New York, where the number of meals served in food programs is steadily increasing.
Today's teens will expect access to Facebookand other social media on the job
Online social networks have become so central to teens' lifestyles that they would consider their ability to access them during working hours when weighing a job offer. This is according to the seventh annual Junior Achievement/Deloitte Teen Ethics Survey, which focused on the ethical implications of the popularity of social networking.
Attention online shoppers: Last minute rush can lead to costly mistakes
Recent Google/OTX Consumer data shows 64% of consumers have yet to complete their holiday shopping. And if 2008 shopping patterns are any indication, according to comScore Inc., the busy days for online shopping are just ahead. Last year the week before Christmas accounted for 20% of online sales.
AccountingWEB's Policy Templates Policy Templates
AccountingWEB is pleased to bring you tools that can help systematize the accounting department of a small company, corporate business, or a public accounting firm. Over 200 accounting department policy templates available for immediate download.
Firm/State/People News
LBMC Nashville office filling holiday wishes
Snow AngelsThe Nashville office of Lattimore Black Morgan & Cain, PC (LBMC) recently adopted 45 angels through the Salvation Army. LBMC employees participated by purchasing or donating funds to purchase gifts for the adopted angels consisting of children and elderly and/or disabled adults.
Alan Deichler named new president of CPAmerica International
Alan Deichler, a sales and marketing executive with more than 35 years of corporate experience, is the new president of CPAmerica International, one of the world's largest associations of independent CPA firms.
First woman inducted into The American College Alumni Hall of Fame
Susan D. Waring, CLU, ChFC, recently became the first woman to ever be inducted into The American College's Alumni Hall of Fame.
The One Hour Financial Forecast
The ONE HOUR FORECAST™ 10 Easy steps to creating a complete business budget and cash flow forecast. Our FREE software tool allows you to see into the future of your business. A gift from Up Your Cash Flow budget forecasting software. Download your FREE Budget Forecasting Tool Today!
What do you have to say today?
Accounting, Auditing Provisions (including Sarbox 404b Exemption) In H.R. 4173
The House of Representatives passed by a 223-202 vote, its version of a comprehensive financial regulatory reform bill, entitled H.R. 4173, the Wall Street Reform and Consumer Protection Act. Separately, the Senate still has to vote on its version of the bill....
Service Companies: Impact of "Market-Based Sourcing"?
If you are a service provider who performs services across the country in many states, then a review of your apportionment factor may provide opportunities, and possibly, refunds.
Social Media and How it Impacts Your Organization
This past week I had the privilege of presenting on Social Media to the Institute of Internal Auditors. Many organizations (for profit and not for profit) have yet to embrace social media and do not fully understand its reach and impact.
Position Your Firm for 2010 Right Now
While no one seems to know what's next on the economic scene and experts' predictions seem unreliable at best, it is always a good idea to have a well thought out business plan for your firm for both the short and long term.
Kaplan Weekly Quiz
Kaplan Are you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz.
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