CFO

A&A

Tips For Reporting Misclassified Employees

Most employers make every effort to meet their employment tax obligations. They take the care to review all factors affecting their relationship with their workers and classify their workers as employees or independent contractors accordingly.
A&A

A Conversation With Allan Boress: It All Boils Down To Marketing

What are the biggest problems or concerns you have with your accounting practice?
A&A

CEOS Make ‘Strong Execution’ High Priority In 2007

As CEOs develop their growth strategies for 2007, a top priority focuses on the strong execution of all major business processes, according to the Grant Thornton LLP Survey of U.S. Business Leaders, 14th Edition. Almost two-thirds of respondents (63 percent) say they are putting more emphasis on strong execution today than a year ago. More than eight out of 10 (83 percent) survey respondents place the quality of execution throughout the organization among their top three priorities.
A&A

Legislation To Boost Electronic Payment Processing

Many treasurers dream of eliminating paper from their processes and are moving both data and funds entirely electronically, according to Business Finance magazine.Several new pieces of legislation will facilitate the move to electronic payment processing. One is back-office conversion, or BOC. Effective March 2007, BOC will allow retailers and other businesses to convert checks to electronic data streams.
AccountingWEB Life

Legacy Assurance Financial Joins BKR Group

BKR Cornwell Jackson Group is pleased to announce the addition of Legacy Assurance Financial Group, L.P. to the BKR Group of companies.Legacy Assurance Financial Group, L.P. focuses on wealth management and business succession solutions designed specifically for entrepreneurs and closely held businesses owners. The managing director of this new division is Robert D. White, a chartered Financial Consultant and 19-year veteran in the financial services profession.
Practice

Study: Male Accountants Threatened By Women

Nine out of 10 male accountants believe they have been adversely affected by attempts to create a more favorable working environment for women in Europe, new research reveals. Recruitment specialists Careers in Audit found that many men working in the profession claimed that women were being promoted even if they do not deserve it. The resentment ran high despite 76 percent of male accountants backing the view that a "glass ceiling" still exists which prevents women from progressing.
A&A

Employers Must Sign Up To Pay 409A Taxes For Backdated Options

Employers face a deadline of February 28, 2007 to take part in a new compliance resolution program designed to allow them to may pay the additional federal taxes imposed under Code Sec. 409A on behalf of certain employees who exercised backdated options or other discounted stock rights during 2006.The IRS initiated the program to minimize the burdens of compliance on employees who are not corporate insiders while ensuring that all applicable taxes are paid.
A&A

Liquidation Sales Ruled Non-Business Income in Illinois, Missouri, Utah

Recent court decisions in Illinois, Missouri, and Utah have ruled that gains from a liquidation sale of a business do not constitute taxable business income.In each case, the respective state revenue department disagreed with the companies' classification of the gains and issued the companies notices of deficiency.
A&A

IRS Offers Bank Secrecy Act Reminder

The Internal Revenue Service reminded small businesses that provide money services, including money transfer services, check cashing, and money orders, may be accountable to reporting and record keeping requirements under the Bank Secrecy Act (BSA).The BSA, passed in 1970 to fight money laundering in the United States, requires businesses to keep records and file reports that have a high degree of usefulness in criminal, tax, and regulatory matters.
Technology

Information Security Management Remains Chief Concern

Information Security Management is expected to continue to have a powerful influence over business in 2007, according to the 18th Annual Top Technology Initiatives survey of the American Institute of Certified Public Accountants (AICPA). For the fifth consecutive year, the survey identified Information Security as the technology initiative expected to have the greatest effect in the upcoming year.A related initiative, Identity and Access Management, jumped from sixth place in 2006 to second in 2007.
A&A

Experts Predict Bad Year Ahead for Cyber-crime, Cyber-terrorism

According to information released by Risk Bloggers, security and risk management experts around the world predict information security events will occur in 2007, with sophisticated criminal groups increasingly exploiting technology to keep one step ahead of consumer and corporate defenses, resulting in unprecedented losses.Some key vulnerabilities cited were large groups of zombie computers organized into Botnets, web server security holes and uncontrolled mobile devices, such as portable storage and smart phones.
A&A

How Are Small Businesses Viewing the Economy?

The results of an International Profit Associates Small Business Research Board (IPA SBRB) survey shows that small and medium-sized food service companies, though cautiously optimistic about their near term prospects for the coming months, are the least confident of any other small business industry measured.Advertisement
A&A

A Conversation With Barry Goldwater: The Root of the Problem

This is a quote I picked up from a CPA written article; “We don’t help our clients or prospects when we wait for them to come to us with problems. Often they don't seek help because every time they talk to us we are so busy.
A&A

Survey: High Energy Costs Impact Margins

Managers at production and manufacturing companies responded on the impact of high, volatile energy costs in Industry Direction's second annual study, The Energy Cost Factor: Transforming the Supply Chain to Offset Margin Squeeze. Responses from 139 respondents from a wide range of industrial companies were recorded."This year's findings are significant because they demonstrate that companies are not simply bearing the brunt of high energy costs in the most obvious areas of the supply chain,'" said William Brandel, Principal at Industry Directions.
A&A

Brand Value Important to Small, Mid-Sized Businesses

Even for business to business companies, brand value is usually the largest component in a company's market value. As reported annually in Business Week, the value of the Coca-Cola brand is 58.9 percent of the market capitalization of the entire company and the IBM brand is 39.1 percent of the market cap. Still, for the most part, in today's capital markets the value of brands is greatly underestimated. These facts are not only important to large corporations and famous brands. In fact, the same proportions apply to small and medium-sized companies (SMB), both public and private.
A&A

Use Safe Harbors to Navigate Manufacturing Deductions

From The Tax Strategist, http://thetaxstrategist.netAt this point in the year, you’ve probably figured out which business clients qualify for the Section 199 “manufacturing deduction.” But a tax law enacted last year changed the way the annual limit is imposed on business entities.Visit www.microsoft.com/forecaster for more information.
A&A

The Future Looks Bright to Western Small Businesses but Not to Southern Firms

A recent national study reported on the opinions of small business managers and owners on how national and international issues could impact their businesses in the coming year and the results showed marked differences in separate regions of the country.Advertisement
A&A

Small Companies Lead Pack of Restatements

Smaller companies more often restated their financial results through the third quarter of 2006 than the largest companies, a financial research firm has found.Glass, Lewis & Company, which tracks the number of restatements by U.S. companies, said companies with market capitalizations of less than $75 million filed the most restatements in the first nine months of 2006, compared with the same period in 2005.
A&A

The Differing Work Habits of Small Business Men and Women

A survey conducted of men and women who work in the Small and Medium Sized Business (SMB) segments revealed that working habits differ between the sexes. The survey of 314 men and women was conducted in the last quarter of 2006 by Broadwick Corporation.
A&A

Small Businesses Have More Credit Card Debt

A newly released report by the Small Business Administration (SBA) finds that small businesses have acquired more outstanding debt. Most of it was credit card debt. From June 2004 to June 2005, both the number and dollar amounts of small business loans rose 25 percent. All commercial lending institutions accounted for the numbers, not just SBA loans and the increase in business debt was especially prevalent in the smallest businesses, under $100,000.

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