Articles by Terri Eyden

Crime Watch: December 27, 2013

A sixty-three-count superseding indictment in a conspiracy to defraud the IRS was unsealed December 23. The indictment alleges that Primetime Tax Services Inc. was a tax return preparation business with three storefronts in the Minneapolis area.

Time Is Running Out to Renew or Apply for 2014 PTINs

The IRS is reminding professional tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) if they plan to prepare returns in 2014.

Crime Watch: December 20, 2013

A San Jose, California, woman was convicted December 18 of a federal fraud charge for running a Ponzi scheme that bilked more than 250 victims out of approximately $9.5 million.

Illegal but Taxable: Medical Marijuana Farming

Under federal law, income from growing medical marijuana is ill-gotten gain. It is, however, taxable, as is all income. In some states, growing cannabis is legal for medical purposes and in Colorado, it's legal – period.

A New Era in Talent Development and Learning

The days of listening to stodgy diatribes about technical accounting standards are over, or at least they should be, according to Tom Hood, executive director and CEO of the Maryland Association of CPAs and the Business Learning Institute.

IRS Issues Guidance on Roth 401(k) Rollovers

The Roth 401(k) has failed to gain much traction in the workplace. But a provision in ATRA was designed to grease the skids. Now the IRS has provided valuable guidance on in-plan Roth 401(k) rollovers in Notice 2013-74.

Reduce Stress Through Daily Reflection

Reflection is something I do a lot of – I have for many years quite regularly in my daily or weekly goings on. At certain holiday times and other milestones every year, I reflect on my year and perspectives at that snapshot in time.

Bernie Madoff Cried as His Empire Toppled

The name Bernard Madoff has become synonymous with investment scams after his firm defrauded investors of $20 billion in investments and $47 billion in fake profit his clients believed they had.

Ohio Firms Battelle & Battelle and Rippe & Kingston Merge

Two Ohio accounting firms – Dayton-based Battelle & Battelle and Cincinnati-based Rippe & Kingston – recently finalized their merger and will now be known as Battelle Rippe Kingston LLP.

Auditing Special Purpose Frameworks - Part 1

This series of articles by Larry Perry, CPA, will discuss special considerations concerning engagement acceptance, the planning and performance phase of this type of engagement, and determining an opinion and reporting on the audit.

Dallas Firm Nicholas Montgomery Merges with TravisWolff

Dallas-based accounting firms Nicholas Montgomery, LLP and TravisWolff, LLP completed their merger on December 2, according to officials from both companies.

Study Examines Audit Committee Members' Social Ties with CEOs

Despite federal regulations instituted in the wake of corporate financial scandals, a substantial number of corporations have audit committees whose members have social ties to the CEO, according to new research.

Crime Watch: December 13, 2013

Rathana Ung, the former director and officer of Lim's Income Tax and Lim's Tax, Inc., was sentenced to twelve months and a day imprisonment, one year of supervised release, and ordered to pay $103,736 in restitution to the IRS.

Boxer Manny Pacquiao Now Cornered by Two Tax Opponents

Boxer Manny Pacquiao had enough troubles holding off the tax authorities in his Filipino homeland. The BIR of the Republic of Philippines said he owed an enormous tax bill relating to income he earned fighting US matches in 2008 and 2009.

Marketing Your Cloud Accounting Services Differently Than Audit and Tax

Predominantly, when I meet with new firms and go over the Cloud accounting services opportunity, the first thing they want to do is start putting together a marketing plan. Most firms quickly find they're lost when they start this way.

Resnick Druckman and WeiserMazars Complete Merger

New York City-based accounting, tax, and advisory service firm WeiserMazars LLP recently completed a merger with The Resnick Druckman Group LLC, a full-service accounting, tax, and consulting firm with offices in New York City and Long Island, New York.

Virginia Married Gay Couples Face Tax Dilemma

The Virginia Department of Taxation says it cannot legally allow same-sex married couples who are residents of Virginia to file their state tax returns using the married/joint status.

New Study Maps Out Travel-Related Taxes

According to a press release by the Global Business Travel Association, a business and travel meetings organization with more than 5,000 members, "taxes levied specifically on travel-related services increased the total tax bill for a traveler by 58 percent in 2013."

PCAOB: Deficiencies Found in Engagement Quality Reviews

A report released by the Public Company Accounting Oversight Board (PCAOB) found that audit firms may not be executing engagement quality reviews appropriately under a particular auditing standard.

IRS Clarifies Tax Rules for Start-Up Costs of Terminated Partnerships

What are the tax consequences if a partnership technically terminates due to the sale or exchange of its interests? This issue is finally settled under new proposed regulations released by the IRS.

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