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APRIL 10, 2008


House Committee on Small Business recommends targeted changes to the Internal Revenue Code
The U.S. House Committee on Small Business, calling the Internal Revenue Code an obstacle to entrepreneurial growth and progress because of its size, complexity, and age, proposed on Thursday seven specific changes to the Code that the Committee believes can "can be accomplished in a short period of time - and without delay."

Huge increase in refund anticipation loans in 2008
The number of taxpayers requesting refund anticipation loans this filing season may be double the number for the 2005 filing season, the most recent year for which the Internal Revenue Service (IRS) has published data. In the 2005 filing season, the IRS processed approximately 9.6 million returns with RAL indicators.

TIGTA report: IRS security controls 'weak'
U.S. taxpayers' personal information is vulnerable to identity theft because the IRS is plagued by computer security breaches. That's according to an audit by the Treasury Inspector General for Tax Administration (TIGTA).


What have you got to say today?

Sally Glick:
Marketing Today and Tomorrow!
Some Marketing Tools for Small Firms - Part One

While there is a good amount of information available for firms that have full time professional marketers, many of you are at firms that do not have a designated marketer. That does not mean you cannot execute some great marketing initiatives!

The K2 Team:
Accounting Technology Talk and More!
Laptop Security for Accounting Professionals

Clearly people with confidential information on their laptops need to take measures to make sure that the thieves will not be able to access this confidential information.... Whole disk encryption is certainly a solution people with confidential information on their laptop should consider. This is clearly an important issue but not the subject of day's post....

Inquiring AccountingWEB readers want to know:

Mary Zankl asks: Financials are obtained quarterly from the fund and are used to update the investment amount on the balance sheet to comply with the equity method. What if the fund itself is valued at fair value? Does that mean that the investment needs to be put into a hierarchy per FAS 157?

Becky Ziviski asks: I am preparing a tax return for a former partner of an LLC, and he feels that he should be able to claim a loss for the amount of his initial investment.... Does there need to be some kind of document showing the buyout attached to the return?

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Publisher's Note

It amazes me how much of a market there is for "game-worn" jerseys from today's athletes. To spend hundreds of dollars on a jersey worn by a sweaty athlete boggles my mind. However, like everything else in today's society, there's a market for it.

Perhaps we should do a "tax season-worn" shirt giveaway here at AccountingWEB? We could run a contest involving a button-down shirt worn by a CPA while reviewing tax returns. Well, on second thought, maybe not. You might kick the idea around in the break room, though.

Try to get in a few laughs in these final stressful days leading up to the 15th!

Rob Nance

Latest News


Quiz Me!

Not-for-Profit Quiz
This week's Student Zone quiz is "Not-for-Profit Quiz" and is brought to us by Barbara W. Scofield, PhD, CPA - Associate Professor of Accounting and Director of the Financial Accounting Concentration at the University of Dallas in Irving, Texas.

Lite News

Sitcom Tax: On April 15th Dagwood gives the mailman a bum's rush
For reasons that will always dismay accountants, many taxpayers wait till April 15th to file their yearly returns. Chances are, none of them will have to plead with the IRS for an extension after being sent up as a substitute astronaut, like Jack Swaggart on Apollo 13. But any number of other things could happen.

Tech News

Gadget Zone: Computer gadgets can save power from 'energy vampires'
Consumer electronics are notorious energy vampires, sucking energy even when they're not in use. But going green in your office may be easier than you think.

Firm/State News

CBIZ acquires national executive search firm EFL Associates
CBIZ, Inc. has announced that it has acquired EFL Associates, Inc., a national executive search firm based in Overland Park, KS, effective April 1, 2008.

Last Chance

Gail Perry, our managing editor, is looking for contributions to a new book she is penning about Excel macros. The tome is to be written for people who are new to writing macros, so she's looking for basic macros that are useful to a wide range of business settings and that can be either recorded or programmed using straightforward techniques. Send macros today! You will be acknowledged in the book if your macro is used.

P.O. Box 2252, Westerville, OH 43086-2252
"Resources to help you grow"

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