State and Local

Community News

Rothstein Kass Acquires San Francisco Accounting Firm

Rothstein Kass – Certified Public Accountants, a top 25 ranked international accounting and consulting firm, has acquired the assets of San Francisco-based Stadtler, Rosenblum & Saris (SRS), a medium-sized accounting and consulting firm. Effective July 1, SRS’ clients are being serviced by Rothstein Kass & Company, LLP.“We diligently searched for the ideal accounting firm to join and Rothstein Kass provides the best opportunities for us to substantially broaden our service offerings,” Sander Stadtler, SRS Managing Principal, explained in a prepared statement.
A&A

CPAs Debate FASB’s Pension Draft

The American Institute of Certified Public Accounting (AICPA), state societies of Certified Public Accountants and accounting firms have expressed the views of many in the profession in comment letters published on the Financial Accounting Standards Board’s (FASB) web site on the Exposure Draft of the Proposed Statement, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans.
Community News

The Business of Powwow

On a manicured, level stretch of soccer field, the drum beat begins. The eagle staff begins the procession, followed by the universal flag of American Indians,next comes the American flag, California flag, three Armed Services flags and a Prisoners Of War/Missing In Action flag. The dancers come next, representing native nations that span the western hemisphere, sharing a pride and dignity that is both difficult to describe and immediately evident. It is Grand Entry on Saturday afternoon at an Intertribal Powwow in Southern California.
Community News

Survey Finds Midwestern Service Firms Optimistic

Accountants, architects, engineers and other professional services firms in the Upper Midwest did well over the past year and expect to continue to grow over the next twelve months, according to a recent survey of nearly 400 professional services firms conducted by the Federal Reserve Bank in Minneapolis and the Minnesota Department of Employment and Economic Development.Results reveal growth in sales prices, revenue and productivity.

States Facing ‘Unmanageable’ Retiree Health-Care Liabilities

A new accounting standard has states and local governments worried about their ability to borrow money, while employees fear their benefits may be cut.Advertisement
Education & Careers

University Accounting Programs Receive Gifts

Kansas State University, located in Manhattan, Kansas, recently received a gift of $38,400 from the accounting firm of Grant Thornton, located in Wichita. The Wichita Business Journal reports this commitment will go to the K-State University Foundation Changing Lives Campaign and will be used to help establish the Grant Thornton Department Head Fellowship in Accounting.The university also received an undisclosed amount from Brenda and Gib Compton to the Changing Lives Campaign that will be used to establish four scholarships, a fellowship and a building fund.
Tax

IRS Headquarters to Remain Closed This Week, Maybe Longer

The headquarters of the Internal Revenue Service (IRS) in Washington, D.C., will remain closed for the rest of the week, the Washington Post reported Wednesday.
Tax

IRS Reminds Charities to Avoid Political Campaign Activities During Election Season

The Internal Revenue Service (IRS) reminds charities to avoid becoming involved in political campaign activities during the coming election season.
Tax

Flooding Closes IRS Headquarters Monday, Tuesday

Flooding caused by more than a foot of rain washed out highways around Washington, D.C., and forced the closing of several offices across the metropolitan area, including the headquarters of the Internal Revenue Service (IRS).
Tax

Accountant Held Liable for Interest Expense from Tax Error

The South Dakota Supreme Court last week upheld a Circuit Court decision allowing a jury to award damages to Doug O’Bryan Contracting Inc. for interest expense on underpayment of taxes that resulted from an error made by his accountant. The state’s high court had not previously allowed recovery of interest expense in lawsuits against tax advisers, the Associated Press reports.Bruce Ashland, a certified public accountant, understated O’Bryan’s income for 1995.
A&A

Asset Loss Costs Average School District $250,000 a Year

The average school district loses nearly a quarter of a million dollars annually to asset loss and damage costs, according to a recent study of district asset management.
Tax

Governor Arnold Accused of Pandering to Accountants

California Governor Arnold Schwarzenegger is under attack from the press and a public interest group for allegedly pandering to the accounting profession.The Los Angeles Times claims that recent actions by the California State Board of Accountancy “underscore the political clout of the accounting profession,” which the newspaper says has contributed about $500,000 to campaign funds that support Schwarzenegger’s political agenda.
Community News

Online License Renewal Becoming Available in More States

Alabama, South Carolina and New Mexico have joined the list of states offering accountants the option of renewing their CPA licenses online. New Mexico provided CPAs with registration codes in their license renewal letters that they will need to access the state’s database.
Technology

New York’s Revised Telework Tax Policy Called “Useless”

The Telework Coalition (TelCoa), a telework advocacy group headquartered in Washington, D.C., has denounced revisions New York State recently made to its telework tax policy as “misleading” and “useless.” Both TelCoa and another telework advocacy group, The Association for Commuter Transportation (ACT), have reaffirmed their call to Congress to protect Americans who telecommute to out-of-state employers by passing the Telecommuter Tax Fairness Act (S. 1097, H.R.
Community News

Some CPAs Escape State Disciplinary Actions

It is difficult to believe in these times of regulation that accountants that have had disciplinary action taken against them by the Securities and Exchange Commission (SEC) are still practicing accounting. After the actions against them, the Associated Press reports that nearly half of them still hold valid state professional licenses.

CFOs Expect More Hiring During Third Quarter

Chief financial officers (CFOs) anticipate increased hiring activity in accounting and finance in the third quarter, according to the most recent Robert Half International Hiring Index.
Tax

Compromise Unlikely on Estate Tax Repeal

Small business owners, leading supporters of the drive to repeal the federal estate tax, are debating the next step for the proposal since the defeat of the repeal measure in the Senate last Thursday, by a vote of 57 to 41. Ending debate on outright repeal requires 60 votes and compromise measures face opposition from both Democrats and Republicans. Four Democrats joined the Republicans to open debate on repealing the tax. Some small business owners suggest keeping the tax but raising the exempt amounts, USAToday reports.

Celebrating World Ocean Day by Looking at Ocean Economics

“[W]e don’t have enough information about the oceans’ impact on our economy,” William M. Daley, Secretary of Commerce said back in 1998. “A complete and accurate assessment of the ocean bounty has never been done, and I think this has been a serious handicap in our decision making over the past number of years. We need such information to make decisions on how to responsibly use our ocean resources. And we need it to protect the marine environment.
Tax

Sharp Commission Makes Recommendations Increasing Professional Fees

In seeking a “fairer way” to overhaul Texas’ inefficient business tax structure, Gov. Rick Perry named members to the bi-partisan Texas Tax Reform Commission chaired by John Sharp.
Tax

Seller-Funded Down Payment Assistance Programs are Not Tax Exempt

The Sacramento, California-based Nehemiah Corp., a nonprofit mortgage assistance program, and 184 similar programs around the country, have been accused by the Internal Revenue Service (IRS) of operating a down payment scam and are no longer eligible for tax exempt status, the Sacramento Bee reports.

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