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APRIL 15, 2008


SEC foils Craig's List identity theft scammers
The Securities and Exchange Commission took action last week to stop a sophisticated Internet scheme that stole the identities of unsuspecting individuals and netted more than $66,000 in illicit profits in just seven weeks.

Senate votes for tax breaks for home builders and credits for home buyers
Focusing on problems faced by the home building industry in the current housing crisis, the U.S. Senate voted overwhelmingly last Thursday to give home builders a $6 billion tax break by temporarily extending a rule that lets businesses count current losses against taxes from prior profitable years. The bill would also permit money-losing companies to accelerate use of accumulated tax credits for new business investments, the Washington Post reports.

Passing the CPA exam on the first try: Top colleges are ranked
Kansas is known for its bumper crops but who knew they were growing accountants? At Kansas University's School of Business, 72 percent of students without advanced degrees passed the CPA exam on the first try, which is much higher than the average considering most people take the exam more than once.


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The K2 Team:
Accounting Technology Talk and More!
Issue with QuickBooks 2008 (or Lacerte or Proseries Tax) Not Starting

A NON-SECURITY WINDOWS UPDATE THAT WAS DISTRIBUTED BY MICROSOFT THIS WEEK MAY CAUSE QUICKBOOKS 2008 TO STOP OPERATING. If you're affected by this problem, when you launch QuickBooks you may see the QuickBooks Splash Screen for a second or two, but the software doesn't open. Or, you may see an error message referring to the Web Connector failing to initialize, and the software won't run....

FEI Financial Reporting Blog
Senate Finance Hearing Today on Tax Reform; FEI Files Amicus Brief on Textron; More Tax News

What better day than "Tax Day" - April 15 - to provide a tax update? Matt Miller, FEI's Director of Tax and Economic Policy, tells us that the Senate Finance Committee is holding a hearing today on, "Tax Fundamentals in Advance of Reform." We also have an update on Tax Freedom Day, as well as a study published this week by the Syracuse Transactional Records Access Clearinghouse (TRAC) showing a reduction in large corporate tax audits....


Coaching Salespeople into Sales Champions: A Tactical Playbook for Managers and Executives by Keith Rosen
Tap into the experience of a master coach. Discover step by step how to become an effective and influential sales coach, and turn your people into motivated, successful sellers.

Editor's Note

If you thought you'd never make it to April 15, remember that things could be much worse. It was on April 15, 1912 that the Titanic sank. Responding to the sentiment of the times, the United States Internal Revenue included a special line in the instructions for the first tax return in 1913 that provided for, "Losses actually sustained during the year incurred in trade or arising from fires, storms, or shipwreck." If you've got time to read this news wire, then you not only survived the spring busy season, but neither are you lost at sea. Congratulations!!! Get some sleep!!!

Gail Perry, CPA
Managing Editor

Small Business News

Tips on how to conduct an effective meeting
When members of a company gather at a meeting, their purpose is to conduct business - to collect information and discuss issues and to make decisions on how these issues will be resolved or addressed.

Lite News

Surviving the final push to April 15
Attention CPAs in Chicago, New York and Houston: Your cities rank No. 1, 2 and 3, respectively, on the list of Top 10 Tax Procrastinating Cities in America.

Firm/State News

Maryland becomes 18th state to enact CPA mobility legislation
The Maryland General Assembly last week passed a CPA mobility bill that will make it easier for CPAs to do interstate business. When signed by Governor Martin O'Malley, the law will make Maryland the 18th state to enact similar legislation.

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