Trends

Tax

Patents on Tax Ideas Trouble the IRS and Tax Attorneys

Since 1998, when a federal appeals court ruled that business methods could be patented, the U.S. Patent Office has issued patents to 49 tax strategies.
Practice Management

Cohabitating Couples, Straight or Gay, Need to Know Rights

Now that the U.S. Census Bureau has found that married households are no longer the nation’s preferred living arrangement, the definition of “family-friendly” policies may change for a growing number of companies.For the first time, married couples make up a minority of the nation’s households, at 49.8 percent, according to the Census Bureau’s 2005 American Community Survey. Marriage did not play a part in 50.2 percent of roughly 111 million American family households.Single women headed 14 million households and single men headed 5 million.
Practice Management

Diversity and Turnover: An Unexpectedly Weak Link

Employees are more likely to quit if few of their co-workers share the same race. That’s the popular thinking among diversity consultants.
Tax

East European Hackers Invade Online Brokerage Accounts

Using spyware loaded on public computers in internet cafes or hotels or attached to email messages to potential victims, hi-tech crooks, operating from remote locations, have been able to enter online brokerage accounts in the U.S. and either sell off the contents and take the proceeds or manipulate stock prices, according to regulators at the Securities and Exchange Commission (SEC), Reuters reports.
Practice Management

Legal, Tax & Regulatory Information Market to Exceed $18 Billion by 2009

Providers of legal, tax and regulatory information can look forward to a compound annual growth rate of 6.5 percent from 2006 to 2009, according to the first annual MarketVeiw report from Outsell, Inc., the only research and advisory firm for the worldwide information industry.
Community News

Mid-Size Firms Unite to Capture Big Four Business

A national network of 22 mid-size accounting firms is marketing itself as one company to draw business away from the Big Four.The network is called Baker Tilly USA, and it opened for business Monday, offering tax, audit and consulting services under one brand name, according to the Washington Post. "We're coming at a time when the business market is crying out for alternatives to the Big Four, and we believe our structure can fill that void," Geoff Barnes, chief executive and president of Baker Tilly International, told the Post.
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

More Restatements in 2006 for Smaller Accounting Firms - Update 1

Of the 928 companies that announced in the first half of 2006 that they would file restatements of their results for prior periods, 504 were clients of firms other than the eight largest accounting firms, according to data compiled by AuditAnalytics, a company that analyzes audit problems, the New York Times reports.
Tax

Avoid Using “Accounting Gimmicks”

Warren Buffett, the second richest man in America after Bill Gates, told his senior managers at Berkshire Hathaway Inc. in a memo published by FT.com, to resist the temptation to use “accounting gimmicks” to manipulate earnings, Bloomberg.com says. “Every time you hear the phrase ‘Everybody else is doing it’, it should raise a huge red flag,” Buffet wrote.
Tax

SOX Compliance Can Transform Payroll Management

Time tracking in today’s service businesses is central to understanding costs, to the billing process and tracking salary information or paid leave, all issues with important Sarbanes-Oxley (SOX) implications, according to Curt Finch , writing for ecommercetimes.com. The Human Resource payroll professionals need to understand how their functions can lead to risk or greater profitability for the company as a whole.
Tax

The Best, and Worst, State Tax Climates for Business

When it comes to gaining or losing jobs, the Department of Labor (DoL) reports the most mass job relocations occur between U.S. states, rather than jobs moving out of the country entirely.
Technology

NetSuite, “The Next Big Thing”, Ends Salesforce Sticker Shock

NetSuite, selected as one of five “the Next Big Thing” companies at http://www.sandhill.com/conferences/enter2006.php Enterprise 2006, has struck a blow to end sticker shock by offering life-time fixed subscription price for salesforce.com users migrating to NetSuite CRM+.
Community News

More Firms Combine – Goal is Long-term Growth

Mergers have been announced recently in Indiana and Connecticut between firms with similar cultures looking to expand their existing client service capabilities and establish a stronger presence in their regions.
Practice Management

PCAOB Drafts Rewrites to AS2; Senior Administrators Moving On

Signs that the Public Company Accounting Oversight Board (PCAOB) is entering a new phase of its development came recently when the Board submitted a draft of changes to the Auditing Standard 2 (AS2) to the Securities and Exchange Commission (SEC) that are said to modify confusing definitions and eliminate the need for separate internal control and financial statements audits.
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

Mobile Security Market: Preparing for Dynamic Growth

A new study found that an increasing market for mobile security products, including anti-virus, virtual private networks (VPN), data and file encryption and mobile identity management applications, is expected to reach almost $5 billion, installed in 247 million phones by 2011. Juniper Research, specialists in providing quality analytical research reports and consultancy services to the telecom industry, gathered information from some of the fastest growing mobile security providers to gain insight into the current and future market.
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.
A&A

Examining the Financial Health of America's Pastime

Despite the cloud of suspected steroid use that continues to hover over baseball, the sport seems to be financially healthy — at all levels.Representatives of Little League Baseball and Softball in Williamsport, Penn., the National Collegiate Athletic Association in Indianapolis and Major League Baseball in New York City, all report recent growth in revenue or profit.Advertisement
Technology

E-tutoring Now Available to Accounting Students

Accounting students, struggling with a problem in the middle of the night, can now get live help from one of the new online tutoring companies.Based in India and the U.S., these firms employ tutors from around the globe, using a combination of Voice over Internet Protocol (VoIP), instant messaging (IM) and a virtual white board to which the student and the tutor both have access, Reuters reports. Smarthinking.com provides tutoring through individual accounts, college and institutional accounts and its partnership with the publishing company, Houghton Mifflin, Co.
Technology

The Paper Trail Isn’t Dead, Yet

The demise of paper has been predicted for decades. Paper, however, is proving more durable, and important, than many imagined, particularly in the wake of history’s largest corporate scandals. The 29 million short tons of printing and writing paper consumed in the U.S.

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