|APRIL 22, 2008|
FeaturesAICPA applauds House action on tax provisions
The U.S. House of Representatives has passed two provisions that the accounting profession has strongly urged Congress to adopt. One provision would restore the proper relationship between tax preparers and taxpayers by equalizing IRS disclosure standards. The other provision would free businesses from onerous recordkeeping requirements for cell phones.
Taxpayer rights legislation passes in House
Once again on Tax Day, April 15, lawmakers in the House of Representatives, approved by a vote of 238 to 179 a measure designed to simplify the tax code and make it more fair.
Business Tax Index 2008 ranks state tax systems
With April 15, "Tax Day," just behind us, the Small Business & Entrepreneurship Council (SBE Council) has published the "Business Tax Index 2008: Best to Worst State Tax Systems for Entrepreneurship and Small Business," ranking the states according to the costs of their tax systems for small business start up and growth.
Blogs!What have you got to say today?
Linda Cavanaugh, CPA:
1) Business Combination in Stages and Combinations by Contract If you obtain a company in stages you will need to re-measure your previously held equity interest in the company at its acquisition-date fair value and recognize the resulting gain or loss on the previously held interest, if any, in earnings. Any fair value changes recognized in other comprehensive income are to be reclassified and included in the calculation of the gain or loss....
David Tate, CPA, Esq:
The Legal & Accounting Blog
Here are two links of interest around the Internet: governmental transparency; and the Foreign Corrupt Practices Act. First, the Association of Government Accountants (LINK) has a new blog, beginning April 2008. If you are an accountant, or just a person interested in governmental accounting and financial reporting transparency, you may find blog articles of interest...
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The busy season is OVER!!! For those of you not sleeping on a
sunny beach somewhere, you'll be happy to learn that members of
the House of Representatives are trying to whet our appetites
for new tax legislation this week by offering carrots like reduced record keeping requirements for business cell phone
usage. Any tax accountant who has tried to explain to a client
why records of cell phone calls should be kept knows that
business people think they use their cell phones 100 percent of
the time for business calls, including the calls they receive
from their loved ones while they're in a meeting talking with
their tax accountants. Personally, I like recommending to my
clients that if they want lower taxes, they should consider
changing the legislators they vote for, but I'm just not
reaching enough people. Maybe I should start using my cell
Small Business NewsEtiquette 101: Tips from 'The Collection Coach'
As business owners, we sometimes find it hard to collect money that's owed to us. We may find asking uncomfortable and so we postpone. As with most disliked tasks, the more we delay, the more reluctant we become to tackle the chore. Stress builds; cash flow slows.
Lite NewsMusic-loving accountants sing a different tune in April
You have to wonder what the late, great Nat King Cole would think about Steven Zelin changing the lyrics on his hit "Unforgettable" so the ballad conjures up images of tax deductions instead of true love.
Student NewsBecker Professional Review announces national scholarship winners
Becker Professional Review, a subsidiary of DeVry Inc., announced that it has selected 50 deserving students for its Scholarships for Success program. Each of the selected winners will receive a Becker CPA Review scholarship to prepare for the CPA Exam.