CFO

A&A

Prepaid Phone Retailers Qualify for Refunds

Under the law, retailers and other businesses that sell prepaid phone cards for long-distance service usually qualify for the telephone tax refund. Normally, the phone card retailer, not the phone company that issues the card or the customer who uses the card, is responsible for paying the three-percent federal excise tax.
A&A

Tax Gap Solutions Burden Small Businesses

Proposals recently issued by the Treasury Department to close the tax gap, which focus on small businesses and the self-employed, would generate only $2.9 billion in revenue, one percent of the estimated total, while they would increase the paperwork requirements on small businesses, and even turn them into tax collectors, bizjournals.com reports. “That’s 1 cent on the dollar,” Senator Max Baucus, (D – Mont.) told Treasury Secretary Henry Paulson.
Practice Management

Power of Publicity: Finding Your Business’ Media Niche

Whether you are the owner, manager, or public relations director of a company, chances are, you’re always looking for ways to get your name in the public eye. While advertising is a great start, enhancing your advertising with publicity creates a perfect marriage of exposure for your company, says Marsha Friedman, President, Event Management Services, Inc. What is publicity? It’s non-paid communication to promote your company in a positive light using media vehicles like television, radio, magazines, and newspapers.
Tax

U.S. Business Leaders Seek Reg. Reductions

A all-star panel of American business and government leaders pushed Tuesday for a rollback in regulations they say are necessary to keep U.S.
A&A

Wisconsin Proposes Privacy Protection for Tax Preparers

The Wisconsin Legislature is considering a bill designed to prohibit a tax preparer or an entity that employs tax preparers from disclosing information obtained in the preparation of a client's tax return unless the tax preparer or entity discloses the parties to whom the tax preparer or entity intends to disclose the information, and the client consents in writing.The Bill, WI SB 69, has been referred to the committee of jurisdiction.
A&A

Microsoft to Launch MySpace for Accountants

Microsoft has announced its plans to launch an online community site for financial professionals, similar to the popular MySpace networking site.Calling it a “MySpace for financial pros,” Microsoft has yet to give the Dynamics Live Beta Community site a more marketable name.The site will be aimed at corporate controllers, finance managers, finance staff and accountants and includes blogs, forums, tagging, RSS syndication and other community-specific features.The news follows Reuters’ recent announcement that, it too, will launch a “MySpace for Finance” in the near future.
Practice Management

Allen Boress: How to Measure Your Firm's Marketing Performance

Recently we received the following email:Dear Allan:How can we know if people are doing personal marketing? We know that the economy is booming, our firm revenues are up over last year, but that has to be temporary -- it just can't go on forever! So how can we ensure that everyone is doing their job in keeping the momentum going? It's so hard to stay focused on marketing individually when there is more work to do. Why is it that some people and some firms are so much better at this than we are?
Practice Management

Accounting Shortage Increases Outsourcing

Today’s shortage of skilled accounting staff may be widening the need for outsourcing, reports the Ohio Society of CPAs Corporate Focus.Cutting costs is cited as the primary reason for finance and accounting outsourcing, according to 42 percent of those surveyed by FAO Research Inc. Lack of internal accounting and finance staff followed with 33 percent.
A&A

Junk the Junk: Dealing with the Information Explosion

By Steve RothI am a hoarder. I have always been a hoarder. My school desk used to be a treasure trove of "useful" items – old pens, bits of rubber, half eaten cheese sandwiches, broken bits of Action Man and sticks. Most lay in the desk for years – just in case. Regrettably I can’t have a desk at work. But I have something almost as good – Outlook. Anything even remotely “useful”, contacts I will never contact, things that I’ll “get round to” – when I have the time, can all be stored in Outlook. No doubt they will still be there when I retire.
Practice

Can Your Firm Use a Global Payroll System?

As the world becomes more and more a global village, organizations are having a greater presence in countries worldwide and where there are people there will always be a need to pay them and the systems to support this. And as we move to this global village state organizations are looking for global solutions and so are looking for global payroll and HR systems. But does such a thing as a global payroll system truly exist or is it all smoke and mirrors? Would such a system be appropriate or even truly necessary?
Tax

IRS Extends Tip Income Program

The IRS has extended the 2007 deadline until June 30 for restaurant or beverage businesses to elect to participate in the Attributed Tip Income Program.The extension is in response to requests from restaurant and beverage industry members and is only applicable for the 2007 calendar year.Normally, eligible establishments must elect to participate in ATIP by Feb.
A&A

5 Practical Steps to Becoming a Sustainable Leader

General Electric. Allstate. Yahoo! These companies share some enviable traits—they’re all household names and they’ve all been in business for years. Not easy to achieve in today’s frenetic marketplace. What do leaders at these companies know that you don’t?They know what it takes to build a sustainable business; a business that will be around for years. According to USA Today, every year, nearly 1.5 million Americans start their own business. If they survive the first three years, chances are they’ll stay afloat.So how do you create an enduring business?
A&A

Maryland Hopes Tax Preparers & Massage Parlors Soothe Deficit

Faced with a $1.5-billion budget deficit, Maryland legislators are focusing on widening the list of taxable services to extend the tax base. And they’ve lumped tax preparers in among escort services and massage parlors as targets of new sales taxes.Under bill MD HB 448, Maryland would charge the state’s sales and use tax for such commercial services as tanning salons, massage parlors, escorts and tax preparation.The bill is scheduled for a hearing on March 14.
Practice Management

10 Reasons Why Budgets Cause Problems

Beyond Budget Round Table (BBRT), an independent international research collaborative, recently produced a web article arguing that budgets tend to focus on targets based on incremental changes from the previous period."The result is a target that is inwardly comfortable to you, yet appears outwardly difficult to your superior.
Practice Management

New York Consumer Bill Targets Tax Preparers

A bill before the New York Legislature, designed to educate taxpayers about tax preparers’ qualifications, would require the Department of Taxation and Finance to publish a "consumer bill of rights regarding tax preparers."The bill, NY SB 2970, calls for extensive RAL disclosure requirements, but exempts enrolled agents. If passed, the legislation would require that all tax preparers obtain a license from the Department.
A&A

Top 5 business internship myths

Most managers carry general misconceptions about internship programs, but, by applying thoughtful planning and the right tools, they can realize their full potential. Z University.org (ZU), a leading advocate of workforce readiness and innovator of internship management solutions, has identified a "top five" list of myths that organizations need to eliminate to get the greatest returns from an internship program. Matthew Zinman, president of Z University.org, says that the "Top Five Myths About Internships" are fueled by managers who believe that:1.
Practice Management

Mid-size British Practices Face Closure Crisis

Staff retention problems, partner succession issues and burdensome regulation is threatening British mid-size accountancy firms with almost three quarters fearing for the future, new research warns. The study by practice management experts KATO Consultancy said 72 percent of independent British firms were worried about their continued existence. Staff retention difficulties was the most popular issue cited by respondents, while many said they were struggling to attract appropriately skilled potential partners for their practice.
A&A

Appearance Counts for Successful Start-ups

A new, three-year study of 830 Americans actively involved in starting small businesses has found that the participants who were successful shared the ability to make their businesses appear legitimate and fully operational early in the startup process.
A&A

5 Relationships Every Entrepreneur Must Nurture

You've probably heard it said that entrepreneurs are "married to their work." It's true. Running a company requires amazing quantities of time, energy, and devotion. But there is one big difference: while matrimony is all about maintaining a healthy relationship with another person, being married to a business is all about maintaining healthy (and profitable) relationships with several groups of people.
Education & Careers

5 Reasons Why Demand for Accounting & Finance Pros Will Intensify

Ron Blair, managing director of Century Group, a professional services firm specializing in executive search, professional recruitment and independent project and interim services in accounting, finance, audit and tax believes a demand for accounting and finance professionals will carryover into 2007.Blair listed the following factors contributing to the high demand for finance and accounting professionals:1. Increased utilization of accounting and finance professionals on a project or interim basis if companies delay hiring plans during an economic downturn.2.

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