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FEBRUARY 5, 2008


Test your networking know-how Networking is the development and maintenance of mutually beneficial relationships. It's not schmoozing, it's not handing out business cards, it's not selling, it's not marketing, and it's not small talk. Some of those activities might be part of networking, but be careful not to confuse form with function. Networking is a process that takes the right attitude, patience, and organization.

FIN 48-2: FASB upholds FIN 48 for public companies; non-public entities may defer
The Financial Accounting Standards Board unanimously decided at its January meeting to require public companies to implement FASB Interpretation (FIN) 48, Accounting for Uncertainty in Income Taxes - an Interpretation of Statement No. 109, for all fiscal years beginning after December 15, 2006, by March 31, 2008, despite calls for a delay from many corporations.

Snipes jury acquits on felony tax charges
The jury in the Wesley Trent Snipes tax trial has found the actor guilty on three misdemeanor charges for failing to file income tax returns. Snipes was acquitted on felony charges of conspiracy to defraud the Internal Revenue Service and presenting a fraudulent claim for payment to the IRS. He was also acquitted on three other charges of failing to file income tax returns.

Firm/State News

Pennsylvania diverts gambling revenue to tax rebates for seniors
Pennsylvania Governor Edward G. Rendell is encouraging senior citizens and residents with disabilities to apply for Property Tax/Rent Rebates of up to $650. Application forms have been mailed to nearly 550,000 residents who received a rebate last year.


What have you got to say today?

Linda Cavanaugh, CPA:
Plugged In
Just as I started to memorize those Standard numbers, the FASB changes the playing field!!

The FASB has decided that the current GAAP hierarchy is just too complicated with all the Standards, EITFs, DIG issues, AICPA SOPs, SEC guidance and other stuff. They have been working on a "codification project" for years and have finally intoduced it to the public.

Ryan Williams:
Tech Better
How To Increase Your Screensaver Timeout

This tech tip is not going to be very profound, however, it is a common question, and it was submitted by a loyal reader so I am going to address it. The reader wants to know how to increase the screensaver timeout on her computer so she does not have to relogin to Windows quite so often.

Editor's Note

You've seen the quizzes - the ones that tell you if you've picked the right mate. Usually they ask you questions about how your mate interacts with your family members or how he or she responds when you do something embarrassing, what the two of you like to eat, read, watch at the movies, and of course there are those quizzes that ask about intimate details of your relationship. But here's a quiz that really gets intimate. Finance - the forbidden topic - provides the arena for a quiz offered by the Virginia Society of CPAs. Take this quiz when you're completely sober and with all the lights on - you'll want to be sure the answers you're getting (and giving) are truthful. Whether your relationship is just getting off the ground, or headed for ground zero - working through this quiz might just help point you toward financial bliss. Find out if you are two peas-in-a-pod, a work-in-progress, or in need of a money makeover.

To read the whole story, Click Here.

Gail Perry

Tech News

Internet disruptions a 'close shave' for India
Internet speeds slowed for several days after three Internet cables in the Mediterranean Sea were sliced, disrupting service in the Middle East and India, but observers say major outsourcing operations adjusted to the crisis well.

Lite News

Are you and your mate financially compatible?
You like the same movies and you finish each other's sentences, but where do you and your significant other stand on important financial issues? Take a financial compatibility quiz and find out if you REALLY fit together well.

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