Trends

Off-shoring Fundamental to Finance & Accounting Outsourcing

Every multi-process finance and accounting outsourcing (FAO) contract signed in 2004 and 2005 featured an offshore component, according to the FAO Market Update released last week by Everest Research Institute. The full-service FAO market had revenues of $1 billion, representing 7 percent of the finance and accounting (F&A) market, OutsourcingFinanceandAccounting.com reports.

Flush with Oil-Exporting Revenues, Dubai Looks for Overseas Investment

As Dubai Ports World (DP World) prepared to take over the Peninsular and Oriental Steam Navigation Company of Great Britain (P&O) on Thursday, the United Arab Emirate’s (UAE) economy minister, Sheikha Lubna al-Qassimi, told Reuters in an interview that the furor in the United States about the purchase would not deter the Emirates from further investment in the US. She cautioned, however, that if commercial deals in the US “are prolonged by interference of a political nature. . .

For Wives, A Happy Marriage Blends Old and New

The single most important factor in women’s marital happiness is the level of their husbands’ emotional engagement or how affectionate and understanding they are, according to a study from University of Virginia sociologists W. Bradford Wilcox and Steven L. Nock.

Warm Weather Lures Shoppers to Spend; Housing Still Weak

Factories responded to an increase in consumer spending in January, by cranking up production in February.

FASB and IASB Set Goals for Convergence

Acknowledging the role of their convergence project in the ‘roadmap’ to removing reconciliation requirements for non-US companies registered in the US, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) released a joint memorandum of understanding (MOU) on Monday that lists 11 specific areas where progress is to be achieved by 2008.
Tax

Many Low Income Workers Don’t Claim Earned Income Tax Credit

The Internal Revenue Service (IRS) estimates that four out of five taxpayers who meet eligibility requirements don’t claim the Earned Income Tax Credit (EITC), the government’s largest program for helping low-income working families, the Washington Post reports. Last year 21.1 million taxpayers claimed a total of nearly $40 billion through the EITC credit, enacted by Congress in 1975 as a way to help low-income workers.
A&A

Coalition Urges Retirement Solutions for All Americans

In a letter sent to Secretary of Labor Elaine Chao as she prepares to open the final SAVER Summit, members of Americans for Secure Retirement, a coalition of 34 organizations representing a broad cross section of interests, urged Chao and Summit attendees to explore solutions addressing often-overlooked elements of the retirement security debate.Advertisement
Community News

Miller Accounting and Auditing Titles to Adopt CCH Brand

CCH, a Wolters Kluwer business, announced on Tuesday that its premier line of Miller accounting and auditing books and update services are adopting the CCH brand identity.
Tax

Energy Credit Guidance for Home Owners & Builders

The Treasury Department and Internal Revenue Service (IRS) have issued guidance on the certification the homeowners may rely on when claiming credits for purchases that make their home more energy efficient and the energy efficient homes credit available to eligible contractors constructing qualified new energy efficient homes, including manufactured homes constructed in accordance with the Federal Manufactured Homes Construction and Safety Standards.
Practice Management

The Effect of Meetings on Employee Well-Being

Results from the first international scientific study on the effects of meeting time on employee well-being indicate that, for some individuals, meetings function as interruptions, while for others meetings are welcome events. The study “Not Another Meeting” Are Meeting Time demands Related to Employee Well-Being?

Foundation Tracks Philanthropy’s Response to Gulf Coast Disasters

The Foundation Center, a nonprofit organization that gathers and analyzes information on U.S. philanthropy, has released “Snapshot of Philanthropy’s Response to the Gulf Coast Hurricanes,” an overview of corporate and foundation response to the disasters. Data for this report comes from information provided by the institutional donors through press releases, web postings and other public announcements. The Center will be tracking foundation and corporate giving over the next several years and will publish extensive detailed analysis at the end of 2006 and 2007.

Health Spending Increases

The Centers for Medicare and Medicaid Services (CMS) reports that total health care spending will grow from its current 16.2 percent of the economy to 20 percent by 2015. This translates to each person spending $12,320 annually, according to USA Today. Nationally projected, we will spend more than $4 trillion on health care by 2015.
Tax

Window Closing for 2002 Nonfilers to Claim Refunds

The Internal Revenue Service (IRS) announced on Tuesday that it is holding $2 billion in unclaimed refunds owed to 1.7 million individual taxpayers who didn’t file a federal tax return in 2002. This money will become the property of the U.S.
Community News

XBRL Movement Gains More Tech Vendor Support

The bandwagon for EXtensible Business Reporting Markup Language (XBRL), the rapidly-evolving Internet-based software code for financial reports, has added two new key technology members over the past week.Advertisement
Education & Careers

Oil Industry & Accountants

With a shortage of accountants specializing in the oil and gas industry, EnCana Oil & Gas (USA) Inc. paid $20,000 to partner with the business school at the University of Colorado, at Denver, (UCD) for an oil and gas accounting course. EnCana USA is a subsidiary of Canadian giant EnCana Corporation located in Denver, according to the Denver Business Journal. The company is paying for the books for the course.
A&A

Sole Proprietors Likely to Be Focus of IRS Audits

The Internal Revenue Service (IRS) released data last week based on random audits of 46,000 tax returns for 2001 that showed a tax gap of about $354 billion a year. IRS Commissioner Mark Everson said, according to Bloomberg.com, that most of the noncompliance occurs in businesses where there isn’t automatic reporting of information to the IRS, such as sole proprietors who report income and deductions on Schedule C.
A&A

Growth Predicted for Long-Term Care Market

The market for long-term care (LTC) is expected to grow at an annual rate of 10.5 percent through 2009, with revenues expected to reach $394 billion, according to a new study, The Long Term Care Market: Nursing Homes, Home Care, Hospice Care, and Assisted Living, from Kalorama Information, a division of MarketResearch.com.
Tax

California Sues H&R Block over “Instant” Tax Refunds

California’s Attorney General, Bill Lockyer, filed a suit in San Francisco last week alleging that H&R Block and participating lenders have deceived the tax preparation company’s clients by failing to disclose the true costs of “Instant” refund anticipation loans. The loans are short-term advances of federal income tax refunds, minus fees and interest, that give customers immediate access to their money. The lender who provides the advances – HSBC Bank - collects the borrower’s actual Internal Revenue Service (IRS) refund check as the loan repayment.

President’s Day or Washington’s Birthday?

Actually, it’s neither. The holiday, created by the Uniform Holiday Act of 1968, and celebrated on the third Monday in February, is officially named Washington’s Birthday. George Washington’s birthday, however, is February 22, and it is impossible for the date of the third Monday to be any later than February 21, meaning Washington’s Birthday will never actually fall on his birthday.

Accountants’ Offices Have High Germ Levels

The latest installment of Germs in the Workplace indicates that the offices of accountants are in the top germ bracket, having nearly seven times the germ levels of lawyers’ offices. Only classrooms were found to have higher germ levels than accountants’ offices.“TV producers, consultants, and lawyers ranked on the low end of the germ spectrum,” Dr. Charles Gerba of the University of Arizona and the study’s leading researcher said. “We were pleased to find a decrease in bacteria levels.

Pages

Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
ADVERTISEMENT

Weekly video update

ADVERTISEMENT
ADVERTISEMENT

accountingweb.co.uk

Most read

ADVERTISEMENT