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MARCH 11, 2008


IRS announces rebate payment schedule
The Internal Revenue Service announced on Monday that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July.

Home office deduction makes Top Ten list for government reform
The U.S. Small Business Administration's Office of Advocacy has announced its 2008 Top 10 Rules for Review and Reform. The Top 10 are drawn from over 80 rules nominated by small business owners and their representatives as part of the Regulatory Review and Reform (r3) initiative. The recommendations have been transmitted to the appropriate federal agencies for their action.

Cost of IRS rebate letters engenders comment
Over the weekend, the Internal Revenue Service received a lot of attention from Op ed columnists, letter writers, and general news media, in this case because the agency spent $42 million to mail out 130 million letters to individuals who filed a 2006 federal return telling them that they might receive a rebate.

Small Business News

Entrepreneurial positive thinking: Six ways to give yourself the greatest chance for success
The business world is a scary place, no doubt about it. As an entrepreneur you are going to encounter all kinds of obstacles as you carve out your career - it's just the nature of the craft. No one is going to part the sea for you or make your way smooth and easy, so, inevitably, problems will arise. You can count on it. That's why now is the time to acquire the unlikely skill that will actually create a profound impact on your success in business....


What have you got to say today?

Allan Boress, CPA:
Truth Be Told About Business Development Blog
Learning Successful Branding from Communists

I owe a great deal to W. Clement Stone, who started out as a 16 year-old boy selling insurance policies on the weekly payment plan (a "Debit Man") at the turn of the 20th century....

FEI Financial Reporting Blog
Volcker, Backing Treasury Auditing Committee Recommendation, Says, "You Can't Leave Education to A Few Theorists;" PWG Issues Report; Bear Necessities

On March 13, 2008, the U.S. Treasury Advisory Committee on the Auditing Profession (ACAP), co-chaired by former SEC Chairman Arthur Levitt, Jr. and former SEC Chief Accountant Don Nicolaisen, met to discuss the preliminary recommendations of its subcommittees on human capital, [audit] firm structure and finances, and concentration and competition....

Editor's Note

I'm quite curious about what effect these tax rebate/stimulus checks are having on the average taxpayer. Are taxpayers who might normally extend their tax returns rushing to file early so they'll be in line for checks this summer? Are taxpayers who in the past might not have wanted to share their personal bank account information with the IRS taking direct deposit of refunds this year so they'll get their rebate early? Are more taxpayers e-filing, thinking that somehow the electronic filing process will speed up their chances of an early check from the IRS? Inquiring minds want to know....

Gail Perry, CPA
Managing Editor

Tech News

Understanding and using benchmark data
"Benchmarks" are of interest to many types of financial professionals. The topic has been covered substantially lately because, if they are gathered and used properly, they can be helpful to the financial analysis process.

Student News

Accounting students earn course credit through VITA participation
Taxpayers from low income families, military families, and the elderly throughout the country are getting help with their federal and state income tax returns at the Internal Revenue Service's Voluntary Income Tax Assistance (VITA) sites, many of which are staffed by student volunteers from accounting and business programs at nearby colleges and universities.

P.O. Box 2252, Westerville, OH 43086-2252
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