Administrative

Tax

Tax Relief Granted for Hurricane Rita

The Internal Revenue Service (IRS) on Monday announced that deadlines for taxpayers and businesses in the areas of Texas and Louisiana affected by Hurricane Rita have been postponed to February 28, 2006.
Practice

President Bush Signs Flexibility for Displaced Workers Act

On Friday, President Bush expanded disaster relief employment by signing the Flexibility for Displaced Workers Act. Advertisement
A&A

Regulatory Relief Sought For Small Businesses

A report by the Small Business Administration (SBA) Office of Advocacy reveals that the full annual cost of Federal regulations on businesses is $1.1 trillion or 11 percent of additional income. The report, The Impact of Regulatory Cost on Small Firms, finds that the total Federal regulatory cost per employee in firms with 500 or more employees is $5,282 per employee while in firms with less than 20 employees, the cost escalates to $7,647 or 45 percent over larger firms with 500+ employees.
Tax

Some Quarterly Tax Payments from 13 States Lost in Traffic Accident

An estimated 30,000 tax payments mailed to the Internal Revenue Service (IRS) post office box in San Francisco have been lost in a traffic accident. The payments were mailed between September 1 and September 11, 2005.
Technology

Longevity: The Most Dangerous Planning Tool

Life and death are not exact sciences.

Medicare Premiums Increasing in 2006

In 2006, seniors and disabled citizens will be paying another $10.30 over the $78.20 that they are already pay this year. This represents a 13.2 percent increase for Medicare Part B premiums.
Community News

Accounting Professor Spends Sabbatical Researching Taxes

Thomas Sears, Professor of Accounting and Management at Hartwick College in New York will be spending his sabbatical studying the emergent taxation systems of Hungary, Bulgaria and Romania.
A&A

Doing Business Away from Home: Expediting Reciprocity

Last week, National Association of State Boards of Accountancy (NASBA) President David Costello and American Institute of Certified Public Accountants (AICPA) President and CEO Barry Melancon, sent a letter to the State Boards of Accountancy requesting assistance in speeding and easing the process by which displaced accounting professionals can begin practicing in other states.Advertisemen
A&A

U.S. Businesses Unprepared for Disaster

For nearly 40 percent of American businesses, said business continuity planning is not a priority.
A&A

Katrina Relief is Personal for PKF Texas

Like so many of us, the staff members of Pannell Kerr Forester of Texas P.C. (PKF Texas), have given generously of both their time and money to help the people affected by Hurricane Katrina. For the 105 employees of the largest locally owned accounting firm in Houston, Texas, however, the affects are not just images in the media. They are personal and so is the help they are giving.PKF Texas has donated approximately $20,000 to the Hurricane Katrina relief and employees have donated another $10,000.
A&A

For Accounting Purposes, Katrina Considered 'Ordinary'

If Hurricane Katrina and the Sept. 11, 2001 terrorist attacks are not considered “extraordinary” events, what are?
Community News

Crowe Chizek Raises Money for Katrina Relief

Crowe Chizek and Company LLC last week launched a fund-raising effort among it personnel helping to raise money for the countless victims still reeling from the devastation of Hurricane Katrina. Crowe will match every dollar donated by staff members through September 26, 2005 up to $50,000.
Tax

CORRECTION: Tax Court Make Decisions For and Against Taxpayers

The prospect of delaying tax collections by using frivolous court cases is not a good tactic. The U.S. Tax Court levied penalties totaling $117,500 from 2004 up to now. The Seattle Times reports that taxpayer penalties since 2001 now total $378,900. Tax court cases are sometimes appealed to higher courts but even federal appeals courts have upheld earlier Tax Court decisions and imposed steep penalties.
Technology

DoD Employees Asked to Access Pay Documents Online

A new policy issued last week by the Department of Defense (DoD) asks servicemembers, government civilians and retirees to obtain need pay documents from an online web site the American Forces Information Service.

Cisco's Plan Rejected but SEC Leaves Door Open to New Approaches

Donald Nicolaisen, the departing chief accountant of the U.S. Securities and Exchange Commission (SEC), said on Friday that based on the SEC’s staff review of Cisco Systems’ plan to value stock options by selling similar securities to investors, he had “significant doubts” that the method would produce an estimate of fair value, Reuters reports. In a separate statement, however, SEC Chairman Christopher Cox said that the staff’s conclusions were “tentative and subject to ongoing assessment,” according to the New York Times.

Debate on Global Accounting Standards: Rules Versus Principles

Harmonizing accounting standards among the United States and 95 other countries means agreeing to a common language for financial reporting.Advertisement
A&A

SBA Small Business Report Raises Criticism

Rep. Nydia M. Velazquez (D-NY) has alleged that the U.S. Small Business Administration (SBA) incorrectly reported data contained in their prime contracting report on 2004 federal contacting. The report released in August stated small businesses had been awarded 23.1 percent of all federal contracting dollars or $69.2 billion on about 4.4 million actions.
Education & Careers

Starting Salaries Increase for Accounting Grads

Accounting firms lead all other employers in hiring new college graduates according to the summer 2005 issue of Salary Survey of the National Association of Colleges and Employers (NACE), the Westchester County Business Journal reports.
Community News

Indian Trust Fund Scandal Points to Decades of Poor Accounting

Thousands of American Indians are still waiting for the federal government to account for billion of dollars held in trust in what is the largest and longest-running class-action lawsuit against the government.Advertisement
Community News

KPMG Settles with Justice Department and IRS -- Eight Ex-Partners Indicted

KPMG agreed to pay a $456 million fine and admitted in U.S. District Court in New York on Monday that it sold fraudulent tax shelters designed to help wealthy clients avoid taxes, the Associated Press reported. Eight former tax partners and a lawyer who provided advice to KPMG were indicted for tax shelter fraud and are due to be arraigned August 31, the AP and Bloomberg News reported.

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