Personal Finance

Savings in America

The concept or practice of personal savings has been lost among excesive spending for most Americans. According to Forbes, the American personal savings rate as a percentage of disposable income was negative 0.5 percent. Other industrialized nations, like France or Germany, have savings rates of 11.6 percent and 10.6 percent, respectively, while Japan can be proud of a savings rate of 6.7 percent.Sophie Beckmann told Forbes, “The savings situation in this country is dire, as people are not adding to their savings in the way they should be.
Practice Management

AICPA Tries Again with Proposed Valuation Standard for CPAs

The American Institute of Certified Public Accountants (AICPA) on Monday released an Exposure Draft of Proposed Statement on Standards for Valuation Services (SSVS) Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset.
A&A

SBA-Backed Loans Set Records for 6th Consecutive Year

Small businesses turned to the U.S. Small Business Administration (SBA) for commercial financing in record numbers during fiscal year 2006, setting new single-year records for both the number of loans and the dollars loaned, according to SBA Administrator Steven C.
A&A

Accounting Rules Allow “Spring-loading,” “Bullet-dodging” Option Grants

The government will not have any accounting basis for enforcement actions against companies for “spring-loading” or “bullet-dodging” stock option grants, according to Scott Taub, deputy chief accountant for the U.S. Securities and Exchange Commission (SEC ). Taub spoke at a Financial Accounting Standards Board (FASB) advisory council meeting in New York on Tuesday, Reuters reports.
Tax

Reminder: October 16 Filing Deadline Approaching for Katrina Victims

The Internal Revenue Service (IRS) reminds taxpayers from the areas of Louisiana, Mississippi and Alabama, most severely damaged by Hurricane Katrina, that the deadline for filing tax year 2004 and 2005 individual tax returns is October 16, 2006. No additional postponements or extensions are available for tax year 2004. An additional six-month filing extension to April 15, 2007, is available to affected taxpayers whose 2005 filing date was postponed from April 15, 2006, to October 16, 2006.

National Medical Support Notice: Guidance for Employers

The Internal Revenue Service (IRS) offers employers guidance for responding to a National Medical Support Notice (NMSN).
A&A

Making the Fourth Quarter Push

For many small businesses, the fourth quarter of the year presents their greatest opportunity to meet budget and sales expectations for the entire year. How you prepare your business now can mean a big difference in your bottom line for the New Year.

4 of 5 Executives Consider Outsourcing Pension Plan Management

Major changes in pension plan rules are fueling a trend toward outsourcing plan management, with 81 percent of executives responding to a Quick Poll reporting they will consider it. The results of the poll, released on Monday, also indicate that 42 percent of participating U.S. and Canadian plan sponsors remain committed to their defined benefit plans. 
Community News

Dell Delays Filing Due to Accounting Issues; Battery Technology May be Problem

Dell Computer, Inc. announced Monday that it would delay filing its Form 10-Q for the second quarter because of questions raised in a previously announced informal inquiry by the Securities and Exchange Commission (SEC) into accounting and reporting matters from 2005. The company also announced that the U.S.
Tax

TinyBooks Adds Sales Tax Support

TinyBooks, a single-entry accounting program for Mac computers from Space Time Associates, has added support for U.S. sales taxes, international Goods and Services Tax (GST), Provincial Sales Taxes (PSTs) and Value Added Tax (VAT), as well as international dates and other changes to the 4.0.09 release.This Mac-only accounting package for individuals and small businesses features: income and expense tracking; report generation; invoice creation and printing; and import and export of data.
Practice Management

Deadline for Establishing a SIMPLE Retirement Plan Approaching Fast

"With the future of social security up in the air and traditional corporate pension plans on the path towards extinction, contributing to a retirement plan provides some peace of mind that you'll be able to retire comfortably," explains Andrew Schwartz CPA, founder of CPA Niche, LLC.Advertisement

Large Shareholders Impact Profitability, Policies

“Large shareholders come with different sets of skills and preferences when they invest in a company.
Tax

Investing in Real Estate After the Boom

Real estate is pricey these days but is still a valuable commodity, says Linda Stern, writing for Reuters, and one alternative to buying a house for investors is purchasing shares in a real estate investment trust that owns commercial or apartment real estate (REIT). Another alternative offered by the Chicago Mercantile Exchange (Merc) is commodity-style trading on housing futures and options in select cities.
A&A

Effects of 9/11 on Wages and Earnings

September 11, 2001, has had a far-reaching impact on the wages and earnings of individuals affected by the events of that day. Wages and weekly earnings for Arab and Muslim men living in the U.S. declined 10 percent following the attacks.

Tips for Avoiding Sour Grapes in Life’s Biggest Transaction

Buying a home is one of the biggest transactions in most people’s lives.
Community News

H&R Block Plans to Reduce Refund Lending Costs by Opening Bank Accounts

One million tax return clients of H&R Block may soon have low cost bank accounts.
Tax

Hybrid Sense: The Effects of Rising Fuel Prices & Tax Credits

“Our study revealed that high gas prices and generous tax credits now offset the high sales prices of some hybrids, assuming owners keep their hybrids for a few years,” said Alex Rosten, Manager of Pricing and Market Analysis for Edmunds.com, in a statement introducing the findings of the latest installment of Edmunds.com Fuel Economy Guide.Advertisement
A&A

Introducing the First Contactless MasterCard for Small Business

When MasterCard WolrdWide and Advanta Corp. begin issuing the PayPass™-enabled Advanta MasterCard® Small Business card in September, it will be the first small business credit card to be equipped with PayPass contactless payment technology.

Dirty Secrets of Bankruptcy Lawyers

The field of bankruptcy law has exploded in recent years, even though the process of filing for bankruptcy really only involves filling out a few forms.
Technology

Dell Recalls Millions of Laptop Computer Batteries

Owners and users of Dell Latitude™, Inspiron™, XPS™ and Dell Precision Mobile Workstation™ notebook computers should be aware that, under rare conditions, certain batteries sold for use with these models may overheat and pose a fire risk. In cooperation with the U.S.

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