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APRIL 17, 2008


IRS shifting audit focus to small corporations from largest corporations
The number of Internal Revenue Service field audits of the nation's largest corporations, companies with more than $250 million in assets, declined from 4,693 in 2005 to 3,308 in 2007, while the IRS has told Congress that the number of audits of all corporations has increased, according to the latest report from the Transactional Records Access Clearinghouse (TRAC).

PCAOB cites deficiencies in Grant Thornton audits
The Public Company Accounting Oversight Board (PCAOB) has found deficiencies in five audits conducted by Grant Thornton.

IRS issues draft instructions for 2008 Form 990
The Internal Revenue Service recently released for public comment the draft instructions to the 2008 Form 990, which is the return most tax-exempt organizations must file annually.


What have you got to say today?

Eva Rosenberg, MBA, EA:
Talk to TaxMama
Tax Season's Over, Let's Have Fun!

You've worked hard all tax season, digging away at that mountain of tax returns and nagging resisting clients for those elusive final documents. Now that you can breathe a sigh of relief, let's look at fun things to do. Of course, just because you've earned a ton of money, or have a huge refund coming - and a Stimulus Rebate - that doesn't mean you need to spend it all. So here are some ideas on how to have fun for free - or close to it....

The A-Team:
Voices of the AccountingWEB Staff
McCain's Moves

John McCain proposes giving taxpayers the option of filing a simpler, shorter tax form each year than is available now. What are your thoughts on this? What do you think about his proposal to eliminate the alternative minimum tax?

Join the forums -
express your views!

Quiz Me!

Accounting Documents Quiz
"This week's Student Zone quiz is "Accounting Documents 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. Sharpen your skills! Win a sharpener!

Publisher's Note

Teenagers used to champ at the bit to get their driver's licenses, eager for the social opportunities that go along with driving. Nationwide, the percentage of 16 year-olds receiving licenses has fallen from 41 percent in 1996 to 30 percent today. The theory on this decrease is based on technology. Since today's teenagers can be in touch almost anytime they want, they have less need to drive and see their friends in person. How times have changed!

Three weeks ago I asked you what green practices your respective offices are employing. Without question, a high percentage of AccountingWEB's readership is recycling in the office. Teenagers not as eager to drive, offices careful about disposal, the paperless movement, e-filing, PDAs ... indeed, how times have changed. AccountingWEB pledges to you, our faithful audience, that we'll try our best to keep you apprised of important changes that affect your accounting practices!

Rob Nance

Latest News

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

Gartner IT analysts opine that Windows is collapsing under its own weight
Windows is too "monolithic," claimed Gartner IT analysts Michael Silver and Neil Macdonald last week. And when two analysts from Gartner got up and warned at the Gartner IT/Expo and Symposium in Las Vegas last week that Windows was in danger of collapsing under its own weight, all hell broke loose.

Student News

College job market to become more competitive
The job market for this year's college graduates is inspiring stiff competition, as employers slow their hiring pace amidst economic uncertainty. Fifty-eight percent of employers plan to hire recent college graduates in 2008, down from 79 percent in 2007.

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