June 24, 2008  

Editor's Note

The IRS has announced a new standard mileage rate of 58 1/2 cents per mile, effective July 1. Be sure to remind all of your clients who track mileage to clearly separate pre-July 1 mileage from miles driven in the second half of the year. This presents an excellent opportunity to touch base with your clients mid-year.

AccountingWEB is looking for some people who have used Microsoft Accounting and who would be interested in sharing their experiences with our readers. Whether you've used the program as a small business, advised users on it as an accountant, or have simply played around with a trial version, please send us a message if you would be willing to talk or write about your knowledge of this program.

Gail Perry, CPA
Managing Editor
AccountingWEB, Inc.

Questions & Advice

A reader is interested in learning more about using dual monitors on her desktop.
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A small local government is looking for information on rules on commingling funds with a joint venture.
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Bloggers Crew
What have you got to say today?

Allan Boress, CPA:
Truth Be Told About Business Development Blog

Penny Wise, Dollar Stupid
How does working for a CPA firm work against marketing success? Got a call last week from a marketing professional that just lost her job. "They decided that the marketing function wasn't producing enough results for the investment," she said....

Linda Cavanaugh, CPA:
Plugged In

FASB Issues Some Standards and Proposes Others
I am really far behind in my reading and I thought I would just give you a quick update on what is going on in the FASB realm. Approved: FAS 161 - Derivative Disclosures. This is a new standard that is effective for fiscal years beginning after December 15, 2008. It requires tabular disclosures of derivatives by risk group. Much more to come later....

Sally Glick:
Marketing Today and Tomorrow!

Going Out of Town!
As I head out West to speak at a conference on the subject of accounting marketing (specifically for firms without accounting marketers on staff) I am thinking about all of you - and how this blog can deliver the greatest value....

Operational Risk Management: A Case Study Approach to Effective Planning and Response
by Mark D. Abkowitz

Operational Risk Management offers peace of mind to business and government leaders who want their organizations to be ready for any contingency, no matter how extreme. This invaluable book is designed to be used as both a preparatory resource for when times are good and an emergency reference when times are bad. Author Mark Abkowitz gets managers up to speed on what they should be prepared to deal with and offers real solutions for putting those business continuity plans in place. From natural and man-made disasters to terrorist attacks, Operational Risk Management is destined to become every risk manager's ultimate weapon to help their organization survive no matter what.

Top News

IRS raises standard mileage rate for remainder of 2008

The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. more

The IASC Foundation publishes IFRS Taxonomy 2008
IRS provides guidance on withholding of supplemental wages
U.S. behind other nations on international office romance survey

Small Business News

SEC approves one-year SOX 404(b) extension

The Securities and Exchange Commission has announced that it has approved a one-year extension of the compliance date for smaller public companies to meet the Section 404(b) auditor attestation requirement of the Sarbanes-Oxley Act. more

Hidden Overhead - Hidden Expenses Cost You Money
Measuring employee engagement

Firm/State News

Sometimes it pays to fight the tax authorities

When the Science Applications International Corporation (SAIC) filed its 1999 tax return, it made a huge mistake based on a misreading of the tax law. That mistake led them to overpay their state taxes by millions of dollars. Combined with other amounts they had paid (about $4.9 million) they still got a refund of over $685,000. more

Massachusetts Society of CPAs announces new board of directors
CPA firm wins national industry award

Tech News

The Paperless CPA ... Or close to it

It's true, your firm can green-up without going entirely paperless. But if paperless - or nearly paperless - is a goal, you'll not only save trees and buy fewer ink cartridges, but you'll save in many other ways as well. more

New tool links online files to Excel applications
Thomson Tax and Accounting partners with EDGAR Online

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