Accounting

  • Most Topular Stories

  • What is Forensic Accounting?

    CPACareerCoach.com
    Jonathan
    25 Jan 2012 | 5:16 am
    I am often asked what I believe to be some of the rising career fields in accounting. One of those careers that I have heard a lot of chatter about in the past year is forensic accounting. A forensic accountant has become known as part investigator, part attorney, part auditor, and part accountant. Forensic accountants [...]

  • The Top 12 Tax Return Preparation Errors

    CPA Trendlines
    Rick Telberg
    23 Jan 2012 | 8:10 pm
    GET THE INSTANT DOWNLOAD: Ed Mendlowitz's Tax Season Opportunity Checklist Kit

  • Five Steps to Turn Linkedin into a Lead-Generating Machine

    CPA Trendlines
    Rick Telberg
    22 Jan 2012 | 9:35 am
    Start by optimizing your company page. by Becky Livingston Royal Apple Marketing So you listed your company on Linkedin, but maybe you have forgotten all about it—until now. Here are a few tidbits on ways to leverage your LinkedIn company page to your benefit, including generating leads. Start here: 1. Create and optimize your page. [...]

  • How Two California Accounting Firms May Be Revealing the Future of the Profession

    CPA Trendlines
    Rick Telberg
    23 Jan 2012 | 9:23 am
    New business models break the mold. by Bruce W. Marcus Professional Services Marketing 3.0 Of all the emerging changes in the world of Professional Services Marketing 3.0, few are as innovative as the accounting firms of Kellog & Andelson in Los Angeles and Seiler LLP in Silicon Valley’s Redwood City. Each substantially breaks the traditional [...]

  • CPAs make a righteous (and record-breaking) noise

    CPA Success
    Bill Sheridan
    19 Jan 2012 | 7:00 am
    Question: How big of a deal was the 2012 edition of CPA Day in Annapolis? Answer: A year ago, more than 150 MACPA members attended the annual legislative event -- 20 percent more than the previous record. This year, we pulled in about 170 members. That's about 13 percent than last year's record. That's huge. We've been saying it for years, but here it is again: The more CPAs who make their voices heard, the louder our message becomes. This year, we were absolutely deafening. "CPAs have enormous credibility, and what you're doing is absolutely crucial," said Maryland Comptroller Peter…
 
 
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    Deloitte US

  • World-class talent programs aren’t waiting for the recovery

    27 Jan 2012 | 3:24 am
    Explore the key questions senior executives and talent managers at large companies are confronting in the face of economic uncertainty and an uneven talent market.

  • The next evolution:Store 3.0

    27 Jan 2012 | 3:21 am
    Traditional retailers are finding it harder to keep pace with evolving consumer attitudes and expectations - and may not have time to catch up. They have come to a crossroads where they need to rethink how they can transform their stores, strategies and operating models into a store of tomorrow - a Store 3.0 - to attract the loyalty wallets of customers.

  • CFO Signals: 2011 Q4 results

    27 Jan 2012 | 3:03 am
    Few current economic trends bode well for consumer demand or economic growth at home or abroad, and CFOs' expectations bear this out. CFO optimism did not rebound after last quarter’s large drop, and year-over-year financial projections continued their declining (albeit positive) trend.

  • Tap into the power of analytics

    19 Jan 2012 | 7:36 am
    New ways of applying supply chain analytics can lead to dramatically higher levels of performance.

  • Risk Intelligence: Focus on risk committees

    19 Jan 2012 | 7:33 am
    Even outside the financial services industry - where risk committees will become more prevalent with the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as the Federal Reserve’s notice of proposed rulemaking (NPR) on enhanced prudential supervision - many large companies are starting to explore how a board risk committee might help them navigate the broadening array of risks in today’s uncertain economic and regulatory environment. Explore our latest resources to learn more.
 
 
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    Deloitte Debates

  • Do you need a cost czar?

    19 Jan 2012 | 7:42 am
    Many leading companies are assigning an executive to oversee cost improvement activities across the entire enterprise. Should you?

  • The Postdigital Age: Is your enterprise ready?

    15 Dec 2011 | 4:51 am
    Few companies can ignore that approximately two billion people around the world are using the Internet for communications, information and commerce. We’re clearly in the Digital Age. But what’s next? Do emerging technology forces mobility, analytics, social business, cloud computing and cyber intelligence have the power to transform business beyond digital? Some say we’re entering the Postdigital Age when these new technologies will be implemented and integrated into each facet of the enterprise. Are we? Or is this just a futurist’s wishful thinking? Read the debate.

  • Isn’t more analytics the answer to solve your pricing challenges?

    28 Nov 2011 | 5:36 am
    Pricing has always been perceived to be a numbers game. So it’s not surprising that, encouraged by new technologies, a lot of companies are pushing for advanced analytical tools to help take their pricing strategies to the next level. But at the same time, some are wondering whether more analytics is really the answer to their problems. After all, they’re already swimming in numbers. In fact, they could probably rely on intuition alone to identify the obstacles in their way today, right? Explore the debate.

  • Marketing ROI on steroids

    7 Nov 2011 | 9:52 am
    Is your Marketing ROI sufficient enough in today’s complex business environment? Or should you pump things up by using advanced analytics? Weigh in on the Debate.

  • Energy and business

    18 Oct 2011 | 4:46 am
    Energy is a critical input that no business can survive without. It is also an input for which the price is poised to be increasingly volatile due to a wide range of factors such as increased regulatory pressures, closure of aging power plants, commodity price volatility, high fixed costs, major capital investments and shifting supply and demand patterns. Yet, aside from trying to conserve, there isn’t much a business can do to control its energy costs and risks. Or is there?
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    Accounting News and Notes

  • Is Our Tax System Too Complicated and Will Obama Care Work?

    John Dillard
    27 Jan 2012 | 2:53 pm
    Is Our Tax System Too Complicated and Will Obama Care Work? What our clients have to say about our tax system and Obama Care… The note is real….the details are disguised. Is it time America stands up and takes control back from our government? I can respect your personal beliefs and they are not too far removed from my own in many ways. I think anyone’s relationship with God is a very personal thing and I believe all business dealings should be handled honestly and ethically. However; I also believe that the American Tax system is one of the most difficult and poorly…

  • Lawrenceville, Lilburn, Atlanta CPA: Don’t Be Afraid to Walk In to an IRS Office

    John Dillard
    27 Jan 2012 | 1:09 pm
    Lawrenceville, Lilburn, Atlanta CPA: Don’t Be Afraid to Walk In to an IRS Office Many locations in your local area offer services to help you with your taxes and questions. We listed a few below: • Post offices, libraries, and IRS offices can be used to pick up necessary forms to complete your returns and tax filings. Many stores and offices will also have CD’s, journals, instructional documents, and other similar resources to get that can help you through your return and filing. IRS offices usually have the IRS code and regulations so that you can check your tax methods with…

  • Receiving IRS Help On the Telephone

    John Dillard
    26 Jan 2012 | 2:12 pm
    Atlanta, Tucker, Decatur CPA: Receiving IRS Help On the Telephone The IRS offers a multitude of services through their phone representatives. We have listed the most common below: • You can use 1-800-TAX-FORM to order forms and papers for the current year, regulations and instructional documents, and forms and such from the previous years. The shipping time is an average of 10 days. • You can call 1-800-829-1040 to call the IRS and get in line with an agent or representative that can help you through your tax questions and or problems. • You can schedule appointments to go in to your…

  • How Much Should a CPA Cost for My Business?

    John Dillard
    26 Jan 2012 | 1:50 pm
    Snellville/Roswell/Alpharetta CPA…How Much Should a CPA Cost for My Business? They range from a few hundred to over ten thousand depending upon your needs and size of business. To get you a really good reliable quote I would need to talk to you a bit about what you need done and how well you have your data organized. Please note our initial consult is free. Let me know a couple of times that work for you and we will set something up. However we have many clients for whom a typical fee is $900 to $1400 annually. This is for their corporate income tax return, their personal income tax…

  • Mission Hangovers…Keeping the Love Alive

    John Dillard
    26 Jan 2012 | 10:41 am
    Lawrenceville/Snellville/Lilburn CPA…Mission Hangovers…Keeping the Love Alive When coming back from Mission Trips and getting back into the world of computers, e-mail, and cell phones it is easy for us to get distracted and to take our eyes off the prize of Jesus Christ. As you begin your life back in the world Satan will redouble his efforts to derail you and your walk in Christ as you seek to serve Him. Leaving the safety and the cocoon of love on your mission trip, the devil will do what He might to lead you astray and away from our Savior. Resolve in your heart that you will…
 
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    Golden Practices Blog

  • Knowing When and How to Say No

    Michelle Golden
    27 Jan 2012 | 10:28 pm
    We all do it. We agree to do something that we immediately regret. Sometimes we even propose on work we know we don't want. Part of it is not knowing where our next work is coming from. Part of it is knowing we have mouths to feed or payroll to make. Part of taking on projects that we shouldn't comes from plain ol' guilt. Those of us in the USA who grew up in the sixties and before probably heard from our parents that we should clean our plates because of the starving children in [insert far-off place]. Turning away paying work can feel like brazenly defying the universe. Not accepting an…

  • Listener Beware: Don't Take Everything You Hear from Experts as Gospel

    Michelle Golden
    24 Jan 2012 | 10:44 am
    I think industry experts have some responsibility to qualify their opinion statements, but their audiences have a far bigger responsibility to vet what they hear. For one thing, experts don't all agree, so what does that tell you? Further, experts in some areas aren't necessarily experts in all areas. And even when they are, in general, advice is "one size fits one" (a concept I heard a few times at an event last week). Last week, I was at the Winning is Everything conference held by The Advisory Board—a group of my colleagues who are widely recognized accounting-industry consultants.

  • The Original Accounting and Law Marketing Professional, Bruce Marcus, Releases 16th Book

    Michelle Golden
    4 Nov 2011 | 8:31 pm
    A few months ago, I had one of those career shock-and-honor moments.  Bruce Marcus (of The Marcus Report and Marcus Letter fame) called to ask me if I would write the introduction for his sixteenth book Professional Services Marketing 3.0. I've long been a reader of Bruce's musings and admirer of his no-holds-barred views about firms and their operations. I particularly appreciate that he never tried to separate marketing from ops; he agrees they are integral.  Allow me to tell you a little about Bruce. He joined Peat Marwick Mitchell in 1951 (after serving the our country during a…

  • Why Social-Media Rock Stars are Good for Your Firm

    Michelle Golden
    2 Nov 2011 | 2:31 pm
    Partners and associates often worry about marketing “the individual” versus marketing “the firm.” When a person markets herself (whether online or off) and receives some attention around it, colleagues can become envious. Some may speculate that she’s not a team player, and that she’s more interested in getting her name known than the firm’s. Others might pick at her with comments like “You spend too much time on your blog, not doing client work.” Just anticipating these sentiments could preclude her from promoting herself, as if she’d be stepping out of bounds. But…

  • Why Outsourcing Social Media Isn't Always the Best Step

    Michelle Golden
    15 Sep 2011 | 2:06 pm
    Social media takes considerable time and energy. There are certainly aspects of maintaining a social media presence that are tempting to delegate to interns or outsource to outside companies.  But wait. Before you turn to others to "do your social media" for you, remember that social media are just communication tools like telephones and email. When you have someone "do" email or phone for you, what's that like? How does it go over with the recipient? Would you let just anyone do it? I prefer you don't delegate the interaction at all. Delegate monitoring and even researching and drafting…
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    Beancounter Ramblings

  • Can’t Buy Me Love

    Chad Bordeaux
    25 Jan 2012 | 7:35 am
    Heiress Huguette Clark, who was born in 1906 and died last May at 104, was America’s last living link to the 1890s “Gilded Age.” Her father, William A. Clark, was Montana’s “Copper King” and, according to her New York Times obituary, “once bought himself a United States Senate seat as casually as another man might buy a pair of shoes.” Huguette grew up in a 121-room mansion, at the corner of New York’s Fifth Avenue and 77th Street, that cost three times as much as Yankee Stadium. But her life soon took an odd turn. She married, for just a…

  • IRS Goes Where The Money Is

    Chad Bordeaux
    16 Jan 2012 | 1:26 pm
    The outlaw Willie Sutton stole an estimated $2 million over a 40-year career robbing banks — and scored the ultimate “success” in his business, living long enough to die of natural causes. Sutton always carried a pistol or Tommy gun with him on jobs, declaring “you can’t rob a bank on charm and personality.” But the gun was never loaded, because, as he said, someone might have gotten hurt! And he became legendary, ironically, for something he never actually said. According to the story, Sutton was asked why he robbed banks — and replied “because…

  • Tax Detectives, on the Case

    Chad Bordeaux
    9 Jan 2012 | 8:15 pm
    The IRS is busy playing detective! But are they building cases, clue by meticulous clue, like the supersleuths of television’s CSI? Or are they falling on their faces like the bumbling Inspector Clouseau? Last month, a federal judge gave the IRS permission to serve a “John Doe” summons on the California Board of Equalization, demanding names of residents who transferred real estate to children or grandchildren for little or no consideration. The IRS sought the names as part of a nationwide effort to find taxpayers who transfer property to relatives without filing gift tax…

  • E-Verify is now in effect for All South Carolina Employers

    Chad Bordeaux
    6 Jan 2012 | 8:25 am
    If you employ people in the State of South Carolina, make sure you are aware of the E-Verify requirements that went into effect on January 1, 2012. Below is a copy of the notice from the South Carolina Department of Labor, Licensing and Regulation. NOTICE TO ALL SOUTH CAROLINA EMPLOYERS: You Must Verify All New Hires through E-Verify Effective January 1, 2012 Amendments to the “South Carolina Illegal Immigration and Reform Act” were signed into law by Governor Nikki Haley on June 27, 2011. The amended law requires all employers to enroll in the U.S. Department of Homeland Security’s…

  • Nickels and Dimes

    Chad Bordeaux
    4 Jan 2012 | 3:54 pm
    Last Thursday, cellphone carrier Verizon Wireless announced a new $2 fee for one-time payments made online or over the phone. On Friday, the Federal Communications Commission immediately announced they were “concerned about Verizon’s actions” and planned to look into the matter. At the same time, over 158,000 visitors signed an online petition demanding that Verizon drop the fee. In fact, the website hosting the petition expressed shock that “while you are instituting this new fee, Verizon paid zero federal income tax from 2008-2010, and actually got almost a billion…
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    Life and Times of Accounting

  • Are You Looking for a Refund?

    26 Jan 2012 | 4:19 pm
    Before you call your tax preparer about your refund, make sure you know what the IRSis saying about their refund timing...The IRS has opened its filing season successfully this month, and refunds have started going out to many taxpayers. As with the start of any tax season, there are system validations that occur requiring some fine-tuning of our systems. As part of this, some taxpayers will receive refunds approximately one week later than initial projections they may have received, but these are still in line with historical refund delivery times.The IRS reminds taxpayers that refund time…

  • Do You Love Your Boss? ...

    25 Jan 2012 | 2:20 pm
    Tax Tips for the Self-employed There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed.1. Self-employment can include work in addition to your regular full-time business activities, such as part-time work you do at home or in addition to your regular job.2. If you are self-employed you generally have to pay self-employment tax as well as income tax. Self-employment tax is a Social Security and Medicare tax primarily for…

  • Snipping away at Taxable Income ...

    24 Jan 2012 | 11:52 am
    If you are a Parent, you want to review these Ten Tax Benefits ... maybe that rug rat can help you out this year, ha,ha...Your kids can be helpful at tax time. That doesn't mean they'll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year.1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.2.

  • Alternatives....

    21 Jan 2012 | 4:10 pm
    Needless to say, this last week our deep water exercise class at night was cancelled.  So, what's a girl to do?Well, I found that shoveling lots of snow off the sidewalks is VERY GOOD exercise and is a good Plan B.  Lucky for me, we moved to Edmonds from the East Coast.  We actually brought with us something that is foreign to Edmonds ... a snow shovel.I shoveled out our trash can area.  I shoveled our sidewalk at the street to the mail box and almost to the theatre next door.  Heck, I even shoveled our walkway from the driveway to the front door and most of our…

  • Murphy's Law ... Again...

    19 Jan 2012 | 1:12 pm
    Murphy's Law reared its ugly head again yesterday.  Amidst a snow storm my laptop computer switch broke.  You know, the one that turns the laptop on and off!So, off we went in the truck to search out the computer repair shop in Edmonds.  Of course, it was closed like most of the businesses downtown.  Heck, it was snowing!Then we drove in the snow storm to Office Depot in nearby Lynnwood (3 miles away).  Ah ha, they were open.  Of course, they could not fix the computer and told me that they would have to send it out.  Then the manager gave me a card for a…
 
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    A Counting School - Hardcore Chartered Accountancy

  • How to keep your client present and available on Fridays

    Krupo
    23 Jan 2012 | 8:01 am
    The start of a fresh week is an occasion to consider your plans for the coming five days. Or if you're in AuditLand, likely six days given that busy season is ramping up and the joys of full two day weekends are fast becoming fleeting memories. It doesn't help if your client has a proclivity for only sticking around for four days beford disappearing to work from home on Friday. Given that you may need those client contacts to be present and available, what can you do to encourage people to stick around? Donuts. Yummy treats are a surefire winner with all but the most health-obsessed…

  • All the tablets are back on sale: the Playbook is back, 32GB is on sale for $249 this weekend

    Krupo
    25 Dec 2011 | 3:57 pm
    Good news!Especially if you were on the fence about getting a Playbook when it went on sale last month, hemmed and hawed, and then realized it was too late to order one, only to find out you could still get one from Shopblackberry.com, just to endure a cycle of cancellation, re-ordering, more cancellation, frustration with a coda of "well, you can mail us a cheque and then we'll send you one."Ridiculous.Fortunately Future Shop, Best Buy, and presumably other fine retailers have it online for their Boxing Day sales, which started last night already.$249 for a Playbook, which I…

  • I'm in a JIT: the Ernst & Young "I'm on a boat" parody video, explained

    Krupo
    4 Dec 2011 | 2:37 pm
    Once in a while a staff-produced parody video is inspired. This is one of those. A few points of clarifications. First off, JIT stands for "Just in Time," which at Ernst & Young as well as other firms is a meeting room used for impromptu meetings and other sessions where more privacy than that provided by a standard cubical is needed. A "TPE" is a Team Planning Event, used to prepare for audits. The reference to Turley relates to the firm's global CEO, "GAMx" is the E&Y proprietary audit software program, and WBLs are "Web based learning,"…

  • 2011 UFE Results came out, congratulations to the successful writers

    Krupo
    3 Dec 2011 | 2:08 pm
    Congratulations to everyone who made it, passing the UFE which means succeeding in the penultimate step to becoming a Chartered Accountant.The results came out yesterday - and Ontario's successful writers are listed here. Despite my less frequent posting pace, I've always tried to time a post for the reporting of results. Thankfully Going Concern was there to trumpet the news while I was out of the country. Thanks guys.The CA Institute posted a PDF with a list of all the writers on the national Honour Roll. Ernst & Young's Juliana Yuen from the Toronto office got the highest…

  • When you realize you can write here from your Blackberry Torch

    Krupo
    8 Nov 2011 | 5:16 pm
    Things suddenly change. Let's see if I end up with deliciously more time for posting, now that my idle thought "I can probably do this from my phone" led to this short post.
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    Tick Marks

  • Romney Releases Two Years of Tax Returns

    24 Jan 2012 | 8:37 am
    Romney Tax Return AnalysisMajor Republican Presidential contender Mitt Romney, under considerable pressure, released two years of tax returns this morning. Important features include income of about $20 million per year, annual taxes of about $3 million or 15% and giving to his Mormon church of about 10%, consistent with Christian teaching about tithing (the issue of whether Mormonism is or is not part of Christianity will be left for other bloggers to address). Romney, whose wealth approaches one quarter BILLION dollars, explained his hesistancy in releasing the records as an accomodation to…

  • The Santorum Slash: Rick Does NOT Tell Taxes to Take a Hike

    19 Jan 2012 | 9:24 pm
    Scoring Santorum's Tax ProposalsRick Santorum, whose campaign has had highs and lows in January (but comparatively speaking, much better highs than bad lows) has made a variety of statements in regard to the federal income tax while speechmaking and debating. The Tax Policy Center, associated with the presumably left-leaning Urban Center and Brookings Institute, estimated that if all Santorum's proposal were to be enacted; tax revenue losses would be $1.3 trillion or 40% of present tax revenue. Among former Senator Santorum's tax proposals are continuation of the "Bush" tax cuts early in the…

  • Like Currency, Like Professional Designation: "CPA" Going Canadian?

    18 Jan 2012 | 9:29 pm
    Canadian Accountant Bodies Plan to MergeCPA Canada websiteThree major professional organizations in Canada: the Canadian Institute of Chartered Accountants, the Certified Management Accountants of Canada and the Certified General Accountants of Canada are in talks to merge the organizations into a single body for Canadian accountants. The designation of choice for the proposed new organization is Chartered Public Accountant (does the acronym look familiar?). The four goals of the new professional organization are to insure public confidence through a single certification program and high…

  • Key Topics of 2011

    9 Jan 2012 | 10:04 am
    Rick Telberg's CPA Trendlines reviews its 20 stories with greatest reader interest and summarizes by saying that competitiveness has become the emphasis of the day. The top five topics plus a sampling of the rest: Its Offical: The War for Clients Has Begun, Top Tech Strategies of High-Performing Firms, Widening Gap Among Solo Practitioners, Five New Realities for Accountants and Lawyers, Super-Sized: Meet the new "CliftonLarsonAllen," Marketing Efforts Surge as Accountants Battle for New Clients, Cloud Computing for CPAs? Client Portals? Be Afraid, Be Very Afraid, Bookkeeping Rates Show Broad…

  • Tax Update to Start 2012

    9 Jan 2012 | 9:48 am
    2011 Tax UpdateCarnival of Taxes 94Welcome after three weeks away. For a summary of some important posts by other bloggers in the interim, link to the Carnival of Taxes above.Bonnie Lee of Fox Business provides alerts about a number of 2011 filing season changes and issues to look for in 2012. Base filing date this year is April 17 instead of the (more or less) usual April 15. For those with quarterly payments to make, January 17 (moved back for Sunday and Martin Luther King Jr. holiday) is the due date for the fourth quarter. A new Form 8949 spells out basis in shares sold (for Schedule D…
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    NJSCPA Exam Cram Blog

  • Study?

    Alyssa Shadinger
    24 Jan 2012 | 9:44 pm
    What's that again? All jokes aside, I'm feeling pretty strapped for time. After working longer hours and weekends, traveling, and keeping my apartment in a half decent state, it's easy to feel like there's no time left in the day....

  • Count Down!!

    Edward Adiele
    18 Jan 2012 | 1:55 pm
    Hello Everyone, Its count down to my FARE exam, I feel like a hunter with just one bullet left. Am I going to have to re-take Regulation.....No way, I ponder over this every day, and I just need to stop....

  • Rough Times

    Edward Adiele
    12 Jan 2012 | 10:33 pm
    Hello Everyone, I know its been some time, but before I start writing my thoughts, I would like to welcome the new bloggers on board. The CPA exam is indeed a journey. So very unfortunate for me, I had a...

  • Tax: Week 2

    Njcpa2b
    12 Jan 2012 | 8:43 pm
    I am into week two of tax season. Nothing really has changed yet, except coming into the office on Saturdays. The firm is utilizing the Saturday’s in January to train the new staff in tax work. In the world of...

  • The Long Wait

    Alyssa Shadinger
    10 Jan 2012 | 8:49 am
    Hi all, I hope everyone is excited for busy season! Ok, maybe not excited, but at least optimistic about gaining valuable experience and learning new things. I took my BEC exam on Friday and I'm feeling okay about it. I...
 
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    AccountingCoach.com Q&A

  • What is burn rate?

    ACoach
    25 Jan 2012 | 5:00 am
    In business, burn rate is usually the monthly amount of cash spent in the early years of a start-up business. Burn rate is an important metric since the new business must spend time and money developing a product or service before it obtains cash from revenues. If a company has $200,000 in initial cash and [...]

  • What is COS?

    ACoach
    23 Jan 2012 | 5:00 am
    In accounting, the acronym COS could indicate either cost of sales or cost of services. The income statements of many retailers and manufacturers use the phrase cost of sales instead of cost of goods sold. In other words, for these corporations COS is the same as COGS. The income statements of some service companies will [...]

  • What are consolidated statements of operations?

    ACoach
    18 Jan 2012 | 5:00 am
    Consolidated statements of operations is the heading appearing on the financial statement also referred to as the income statement. In a small survey of 14 U.S. corporations with stock that is publicly-traded, I found that eight used the title consolidated statements of operations. The other six corporations used one of the following titles: consolidated statements [...]

  • What is the internal rate of return?

    ACoach
    16 Jan 2012 | 5:00 am
    The internal rate of return is the interest rate that will discount an investment’s future cash amounts so that the sum of the present values will be equal to cash paid at the beginning of the investment. In capital budgeting, the internal rate of return is also the interest rate that results in an investment [...]

  • What is hurdle rate?

    ACoach
    11 Jan 2012 | 5:00 am
    In capital budgeting, hurdle rate is the minimum rate that a company expects to earn when investing in a project. Hence the hurdle rate is also referred to as the company’s required rate of return or target rate. In order for a project to be accepted, its internal rate of return must equal or exceed [...]
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    CPA Success

  • Top eight challenges facing finance executives

    Tom Hood
    27 Jan 2012 | 6:18 am
    Our friends over at Financial Executives International recently shared this list from FEI's CEO, Marie Hollein.  Controlling the U.S. deficit Tax reform Health care uncertainty Dodd-Frank Act implementation and revision Employer-provided retirement plans XBRL Convergence of U.S. GAAP and IFRS Private company accounting Last August, the MACPA had a group of CFOs and controllers in for a roundtable on what was keeping them up at night and came up with this list: Communicating effectively (new tools vs. face-to-face) Talent / training / succession planning Economic environment…

  • State of the union: Taxes and politics prevail

    Bill Sheridan
    25 Jan 2012 | 9:26 pm
    So there you have it -- just your ordinary, run-of-the-mill, election year State of the Union Address and opposition responses. Nothing at all political there. Nudge-nudge, wink-wink. It's almost impossible to scrape the politics off your shoes after one of these things, isn't it? You can never quite get it all. Still, let's give it a shot by taking a glance at some of President Obama's tax proposals. He called for a longer-term extension of the payroll tax cut -- not a terribly bold move, since Congress was likely to do that anyway after passing a short-term extension in December. He…

  • CPAs make a righteous (and record-breaking) noise

    Bill Sheridan
    19 Jan 2012 | 7:00 am
    Question: How big of a deal was the 2012 edition of CPA Day in Annapolis? Answer: A year ago, more than 150 MACPA members attended the annual legislative event -- 20 percent more than the previous record. This year, we pulled in about 170 members. That's about 13 percent than last year's record. That's huge. We've been saying it for years, but here it is again: The more CPAs who make their voices heard, the louder our message becomes. This year, we were absolutely deafening. "CPAs have enormous credibility, and what you're doing is absolutely crucial," said Maryland Comptroller Peter…

  • Top 10 criteria for effective tax legislation

    Tom Hood
    18 Jan 2012 | 6:11 am
    We thought we would offer this advice to our legislators as we enter the 2012 session of the Maryland General Assembly. Three of the top four Issues facing CPAs in the General Assembly relate to taxes (and this is true at the federal level as well). Here are the top 10 Criteria for effective tax legislation: Simplicity: The tax law should be simple so that taxpayers understand the rules and can comply withthem correctly and in a cost-efficient manner. Fairness: Similarly situated taxpayers should be taxed similarly. Economic growth and efficiency: The tax system should not impede or reduce…

  • In a collaborative world, SOPA is doomed

    Bill Sheridan
    17 Jan 2012 | 3:34 pm
    How do I abhor SOPA? Let me count the ways. If you haven't been paying attention (and if you have a web site, you need to start paying attention), SOPA is the Stop Online Piracy Act. It sounds innocent enough: SOPA aims to "expand the ability of U.S. law enforcement and copyright holders to fight online trafficking in copyrighted intellectual property and counterfeit goods." So far, so good. Stop online piracy? I'm on board. Creators should get paid for what they've created. But let's not break the Internet in the process. SOPA could do just that. It looks like the poster child for unintended…
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    CPA Technology Blog

  • CES 2012 Wrapup

    Brian Tankersley
    23 Jan 2012 | 2:18 pm
    As happens every year, I ran out of caffeine, battery power, or both toward the end of CES 2012. As such, I’ve been looking through my notes to clean up some of my writing for various sources which will discuss...

  • CES 2012 Coverage

    Brian Tankersley
    8 Jan 2012 | 4:11 pm
    Your humble editor (@BFTCPA) is at the Venetian in fabulous Las Vegas for the 2012 International Consumer Electronics Show. I’ll be providing coverage of the event for the next three or four days, and will try to filter the content...

  • The Passing of Newt Becker

    Brian Tankersley
    4 Jan 2012 | 11:22 am
    As many of you know, I’ve taught the Becker CPA Review for the last 15 years. I learned this morning of Newt’s passing in the following e-mail from the Becker organization, which I am publishing in its entirety. It is...

  • Preparing for CES…. and Apps

    Brian Tankersley
    23 Dec 2011 | 11:16 am
    I’m preparing to go to my third CES as a member of the media next month, and it looks like it will be the last for Microsoft. I’ll be proving a thorough review here, and will also be providing some...

  • Accounting Technology Fashion Weeks, 2011

    Brian Tankersley
    8 Nov 2011 | 8:51 am
    The last week of October and the first week in November each year is where many of the major conferences are held. National conferences from CCH, Thomson Reuters, and the Sleeter Group take place this time of the year, and...
 
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    CPA Trendlines

  • CPA Trendlines Founder Named “Top Thought Leader”

    Rick Telberg
    27 Jan 2012 | 1:15 pm
    CPA Practice Advisor symposium takes on tech and workflow evolution. For the second year in a row, Rick Telberg, president and CEO of Bay Street Group LLC, which publishes CPA Trendlines, has been named one of The Top 25 Thought Leaders in the tax and accounting profession by CPA Practice Advisor magazine. Telberg joins honorees Greg [...]

  • The 2012 Marketing Plans of the Best Firms

    Rick Telberg
    24 Jan 2012 | 7:09 pm
    High-performing firms look to leap ahead of low-performers with a few key strategies. by Rick Telberg A new study by CPA Trendlines shows that high-performing firms and low-performing firms are following markedly divergent marketing and practice development strategies as they battle through a sluggish economy. The complete 160-page study, “Marketing and Business Development Strategies at [...]

  • The Top 12 Tax Return Preparation Errors

    Rick Telberg
    23 Jan 2012 | 8:10 pm
    GET THE INSTANT DOWNLOAD: Ed Mendlowitz's Tax Season Opportunity Checklist Kit

  • How Two California Accounting Firms May Be Revealing the Future of the Profession

    Rick Telberg
    23 Jan 2012 | 9:23 am
    New business models break the mold. by Bruce W. Marcus Professional Services Marketing 3.0 Of all the emerging changes in the world of Professional Services Marketing 3.0, few are as innovative as the accounting firms of Kellog & Andelson in Los Angeles and Seiler LLP in Silicon Valley’s Redwood City. Each substantially breaks the traditional [...]

  • Five Steps to Turn Linkedin into a Lead-Generating Machine

    Rick Telberg
    22 Jan 2012 | 9:35 am
    Start by optimizing your company page. by Becky Livingston Royal Apple Marketing So you listed your company on Linkedin, but maybe you have forgotten all about it—until now. Here are a few tidbits on ways to leverage your LinkedIn company page to your benefit, including generating leads. Start here: 1. Create and optimize your page. [...]
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    Big4.com

  • PwC: Australia Gets Ready For Global Power M&A Shift From Europe To Asia Pacific

    28 Jan 2012 | 1:52 am
    Rob Starr, Big4.com Staff Reporter With Europe's economy weakened and facing further uncertainty, emerging markets centred in Asia Pacific and South America are creating a two-speed world market in global power M&A. According to PwC's annual Power Deals report, European dominance in power deals is ending, while the Asia Pacific region is becoming the hub of global activity. The report reveals Europe recorded its lowest share of worldwide power deal value since PwC started analysing dea...Keep on reading: PwC: Australia Gets Ready For Global Power M&A Shift From Europe To Asia Pacific

  • PwC: Update On Administration Of Petroplus Refining and Marketing Limited (PRML)

    28 Jan 2012 | 1:38 am
    Rob Starr, Big4.com Staff Reporter PwC's joint administrators of Petroplus Refining and Marketing Limited (PRML) have confirmed entering into agreements which will commence shipments of refined oil products from the Coryton site with immediate effect. "I am pleased that we are able to resume fuel supplies in the region. The team has worked collaboratively with customers to get to this stage so quickly," commented Steven Pearson, Joint Administrator with Stephen Oldfield of PRML, and PwC pa...Keep on reading: PwC: Update On Administration Of Petroplus Refining and Marketing Limited (PRML)

  • Accenture: Developing Regional Human Services Operating Model In Southeast Minnesota

    28 Jan 2012 | 1:33 am
    Rob Starr, Big4.com Staff Reporter With funding from the Bush Foundation, Accenture (NYSE: ACN) has been selected to develop a regional operating model for human services in twelve southeast Minnesota counties. This innovative effort including the business case, redesigned operating model and implementation roadmap for the creation of a multi-county framework for human services delivery, will be among the first and largest projects of its type in the U.S. according to David Wilson, the co...Keep on reading: Accenture: Developing Regional Human Services Operating Model In Southeast Minnesota

  • Deloitte: Are Businesses Ready To Take Advantage Of Economic Boost Expected From London 2012 Games?

    28 Jan 2012 | 1:32 am
    Ethan Strassfield, Big4.com Staff Reporter A new report from Deloitte, the official professional services provider to London 2012, shows over three-quarters of large businesses in the UK expect London 2012 to generate an increase in demand for their goods and services. The research reveals that 81% of companies across the UK anticipate an economic boost from the Games, compared to just 38% of companies surveyed last May. While businesses in previous host cities have tended to underestimate...Keep on reading: Deloitte: Are Businesses Ready To Take Advantage Of Economic Boost Expected From…

  • Deloitte: Appoints New Global Public Sector Analytics Leader

    28 Jan 2012 | 1:28 am
    Ethan Strassfield, Big4.com Staff Reporter Costi Perricos, Deloitte's UK consulting partner, has been named new global public sector analytics leader. Perricos takes on this new role in addition to leading the firm’s public sector technology practice and the public sector analytics team in the UK. Perricos’ experience spans both the private and public sectors, but he has focused on the public sector for the last nine years. With more than 20 years’ experience, including 14 years w...Keep on reading: Deloitte: Appoints New Global Public Sector Analytics Leader
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    Success Starts Here

  • McGladrey Welcomes the Busy Season Intern Bloggers!

    Courtney
    27 Jan 2012 | 12:29 pm
    by Kim McLaughlinTalent Acquisition ManagerNew Jersey Each winter we are fortunate to on-board a class of new interns at McGladrey and this January we welcomed more than 225 of them!  So often when we meet prospective candidates, they ask what it’s like to work at McGladrey, especially what a real internship is all about.  To provide an insider’s perspective, we are pleased to bring you 5 unique perspectives from interns around the country who are working with us this winter:John Reshke is an Assurance intern in Orlando, FL and hails from University of Central Florida Valerie…

  • Planting My Roots

    Courtney
    27 Jan 2012 | 12:24 pm
    Written by Valerie KoufidakisTax InternBoston, MA            It’s hard to believe I’m only two weeks into my internship at McGladrey. You see, I first started networking and making my connections to the firm back in September, a full four months before I would ever step foot in the office- and I’ve felt a strong connection to the firm ever since. As an accounting and finance dual major at Northeastern University in Boston, I’m required to complete cooperative education (“co-op”) experiences in my field of study. Prior to…

  • Experiencing the power of being understood

    Courtney
    27 Jan 2012 | 12:21 pm
    Written by Regina RoetzheimAssurance InternSan Diego, CA Six months ago I did not foresee myself experiencing the power of being understood. In fact, six months ago I was probably the most misunderstood accounting applicant on the job market. When I graduated in May 2011 with my accounting degree from SDSU, I was one of the very few individuals without a job already lined up. My situation was a direct result of a choice I made one year earlier, at the beginning of my senior semester: my choice to forego campus recruiting. The recruiters were demanding I choose my specialty immediately in…

  • Build-A-Bear Rap Songs, Makeshift Windshield Wipers, and Misconceptions of Pencil Pushers

    Courtney
    27 Jan 2012 | 12:18 pm
    Written by Ashley Schmitt Tax Intern Elkhart, INI have always been a forward thinking person. I tend to look into the future and imagine where I’d like to be; I make goals for myself, and strive to reach each milestone. At the beginning of my freshman year of high school I decided it was time to start thinking about a career choice. I thought about all of the subjects and classes that I was taking but nothing seemed to click with me. It wasn’t until my junior year when I took my first accounting class that I made my decision. A great career with good opportunities and tasks I enjoyed, I…

  • A Tax Intern’s Journey with McGladrey

    Courtney
    27 Jan 2012 | 12:13 pm
    Written by Daniel Brown Tax Intern Cedar Rapids, IA Hello!  My name is Daniel Brown and I’m a tax intern at McGladrey & Pullen, LLP.  It is only week two of my internship, but I already feel incredibly fortunate to be among McGladrey’s rank of professionals.  I’m assuming that the majority of people perusing McGladrey’s “Success Starts Here” page are interested in pursuing a career in public accounting, whether it is with McGladrey or another firm.  If the above statement applies to you, I hope that I can initially shed some light on what it is like to go…
 
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    Jr Deputy Accountant

  • Here's How Stupid Those Geniuses at the FOMC Are

    Jr Deputy Accountant
    27 Jan 2012 | 8:19 pm
    Did you hear? The Fed is going to keep rates as low as possible at least until 2014. I know, I know, it was the news of the week, surely. Anyone with half a brain in their head (yours truly included - though I think I'm running at 3/4 a brain on my good days) knew that at some point this year, the FOMC would throw out a strong signal reaffirming for the 100th time that they are all about free money for as long as they can manage it. Without it, the whole Ponzi will crumble. You know that. I know that. Bernanke knows that. Obama knows that. As WC Varones has so astutely pointed out time after…

  • Who Accidentally Sent This Coke to the UN?

    Jr Deputy Accountant
    26 Jan 2012 | 10:08 pm
    Weird ass shit. Via USA Today: A New York Police Department spokesman says a shipment containing 16 kilograms of cocaine has been seized at the U.N.'s mail intake center. Paul Browne, NYPD's chief spokesman, said Thursday the drug was in a white bag that raised suspicions because it was stamped with what looked like a poorly concocted version of the U.N. logo. He says there was no name or address on the shipment sent from Mexico City through Cincinnati. Browne says U.N. security officials called the NYPD and Drug Enforcement Administration, which confirmed the substance inside the shipment…

  • Congressional Cowards Abandon SOPA/PIPA... For Now

    Jr Deputy Accountant
    21 Jan 2012 | 12:16 am
    It's the Internet, stupid, you can't take us.Plus the cats are on our side (why do you think I have 3?) Hey, listen to me and listen good. NEVER FORGET. Never forget the assholes in Washington who wanted to build a Great Wall of America across the Internet. Never forget the proposed Cybersecurity Act of 2009. NEVER EVER WHATEVER YOU DO, don't you dare forget. That's all I ask. Ding dong, the witch is dead (for now): After getting panned on the Web, Hollywood’s blockbuster anti-piracy bill imploded like a box-office bomb this week — and Washington realized the Internet’s “series of…

  • The Answer To Everything Is "The Government"

    Jr Deputy Accountant
    19 Jan 2012 | 11:41 pm
    I was completely with this person until they insisted "the government should fix this," at which point I no longer felt bad for the poor bastard. Your Emails: Sallie Mae Servicing - Loanshark/Beyond Predatory Lender My loans are consolidated with Sallie Mae. Sallie Mae has added per a recent conversation with one of their customer service reps $15,000 in interest to my student loans in approximately in a 7 year period. I recently started paying on my loans on Sallie Mae's graduated plan. I have a due date for the 28th of the month, but because I pay Sallie Mae earlier than that date I am told…

  • TLP: In Case You Didn't Already Think Glenn Beck Was Irrelevant

    The Lazy Paperboy
    19 Jan 2012 | 12:00 pm
    Whatever it was Glenn Beck went off to do when he left his rant room over at Fox News Channel must not be working out so well. Witness this cry (sorry, not literally) for attention.Huffington Post:Glenn Beck harshly criticized GOP candidate Ron Paul Wednesday night, when the talk show host appeared on Bill O'Reilly's Fox News show.Beck was referring to Paul's answers on foreign policy during Monday night's Republican primary debate. Beck told O'Reilly that Paul really needed to "shhh, shhh, on foreign policy." Beck said that Paul should keep his points to himself, and sounded "a little like…
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    One Accounting

  • Email Marketing

    oneaccounting
    6 Jan 2012 | 6:27 am
    One of the challenges I face as the marketing person on staff is presenting tax and accountancy information in a way that encourages our clients to take a closer look. Let’s just say that I fully understand that “tax info” sounds a bit dry and doesn’t leave you dying to know more. We send out a monthly email newsletter with a quick update about what we’re up  to and links to tax articles that are often quite useful. Because we use a lovely online program developed by the ever fantastic 39 Steps, I can track the number of people who open that email and the…

  • Five Hours with Sage

    oneaccounting
    5 Jan 2012 | 8:17 am
    Chris stumbled across a common problem with traditional accounting software yesterday and has a wee (but very polite) rant about it: I’m a huge fan of online accounting systems, such as FreeAgent and Xero. I would not normally admit this but I am also respectful of Sage Line 50 for its robustness, audit trail and also because it speaks the language that I learned in college (debit, credit, trial balance, nominal ledger etc). One of the biggest advantages of going online is that every single user throughout the world is always using the same version of the software. No need for the user (or…

  • January Q & A’s

    oneaccounting
    4 Jan 2012 | 5:33 am
    Q. I want to close down my consultancy company and pay the funds it holds to me as the only shareholder. Should I wait until the new tax year or start the process now? A. If permission is granted from the Taxman in advance (called a C16 clearance), the funds the company distributes to the shareholders during the winding-up process will be treated as a capital gain and taxed at 10% where entrepreneurs’ relief applies. However, the law will change on 1 March 2012. From that date where more than £25,000 is distributed to shareholders in anticipation of the winding-up of the company, the…

  • Online VAT Filing Compulsory

    oneaccounting
    30 Dec 2011 | 2:17 am
    Are you already filing your VAT returns online? If not, then you need to prepare to switch to online filing as this will be compulsory for all VAT registered businesses from 1 April 2012. Don’t leave this task until the last minute as it can take a few weeks to receive the unique user ID you need from the Tax Office. You will also have to create a password and set up a system to pay the VAT you owe. You will no longer be able to pay the VAT due by cheque. You have to pay by electronic means. This includes using a direct debit, bank-transfer such as CHAPS or BACS, a personalised bank…

  • Are You On The Taxman’s Target List?

    oneaccounting
    28 Dec 2011 | 1:16 am
    The Taxman has formed a number of task forces to investigate certain business sectors, where he believes tax rules are being ignored. A summary of the current work of those task forces is listed below, but bear in mind that each task force will move on to a new geographical area once the first area has been investigated. London Properties This task force is investigating commercial property deals in Greater London, where the VAT rules may not have been applied correctly. Where they find such a case, the tax officers will review the entire tax compliance of the property owner, across all…
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    CPACareerCoach.com

  • The 4 Best Open Source Accounting Software

    Jonathan
    27 Jan 2012 | 6:00 am
    Accounting can seem like a daunting and often impossible task to a new business owner. While business owners can pay top dollar for the best accounting software available, there are free and much more user friendly options available. Open source accounting software offers the same features as fee based software without a price tag. We [...]

  • How to Write a Letter of Recommendation

    Jonathan
    26 Jan 2012 | 6:00 am
    Do you know how to write a letter of recommendation? Are you a college professor who’s been asked by one of your students to write a letter of recommendation? Or an Accounting Manager who’s been asked by one of your employees for the same thing? Whatever the current situation you’re in, today I want to share some [...]

  • What is Forensic Accounting?

    Jonathan
    25 Jan 2012 | 5:16 am
    I am often asked what I believe to be some of the rising career fields in accounting. One of those careers that I have heard a lot of chatter about in the past year is forensic accounting. A forensic accountant has become known as part investigator, part attorney, part auditor, and part accountant. Forensic accountants [...]

  • A Sample Thank You Letter After Interview You Can Use

    Jonathan
    24 Jan 2012 | 6:08 am
    So, the interview is all over and you really want the job. What’s next? Should you be aggressive? Should you lay low for a little while so you do not look desperate? This is something that you will always have to balance. You want to be somewhere in the middle. You want to come across [...]

  • 6 Cover Letter Writing Tips That Get Results

    Jonathan
    23 Jan 2012 | 9:55 am
    It’s usually not a good idea to send a resume to someone blindly. A more effective method is to provide a cover letter along with it. Depending on your circumstances, the cover letter would explain your situation and ask the recipient for a specific action. Writing a cover letter is not a one and done [...]
 
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    Intuit News Central

  • FAQs for 2011 FUTA Credit Reduction States

    Woody Adams
    27 Jan 2012 | 11:45 am
    This article explains how the Federal Unemployment Tax Act (FUTA) credit reduction affects your FUTA taxes, Form 940 and Schedule A for 2011. Click here to learn how this affects your clients and how it will work in QuickBooks. As an employer, if I am impacted by the under-allocation of FUTA taxable wages, what can I do to adjust the FUTA taxable wage on Schedule A (Form 940)? Download Payroll Update 21204 on or after Jan. 19, 2012. The payroll update includes modifications to a report available in QuickBooks, entitled: Tax Form Worksheets in Excel. The Tax Form Worksheets in Excel report can…

  • In the Driver’s Seat: Dashboards Offer a Real-Time View to Productivity

    Brian Tankersley
    26 Jan 2012 | 7:00 am
    The information age has changed how we all gather, organize, locate and consume information. Devices like the Amazon Kindle (which launched less than five years ago) and the iPad (which was released slightly less than two years ago) have made massive changes to the publishing and computer industries. While there is no substitute for timely, accurate, historical, GAAP-based financial statements as an indicator of business performance, many business owners are using graphical, on-demand, real-time summary reports to direct their daily efforts. These one-page reports, also known as Dashboards,…

  • Limited Time Offer for Intuit® Accountants

    Mimi Turner
    26 Jan 2012 | 7:00 am
    No matter how streamlined your invoicing process is, Intuit has an online invoice payment network that can help you get paid faster and save time by automatically reconciling payments. Here are just a few features and benefits of Intuit PaymentNetwork: Quick and convenient Payments are automatically recorded and reconciled in QuickBooks – new and improved in QuickBooks 2012. Add a pay button to your website for fixed or variable amounts. Sign-up in minutes and Intuit Accountants are auto-approved. Convenient and free for your customers. Protected Intuit PaymentNetwork uses data encryption…

  • QuickBooks® 2012 R6 Patch: What You Really Need to Know!

    Woody Adams
    26 Jan 2012 | 7:00 am
    The R6 maintenance release is important for QuickBooks 2012 users who will be processing 1099s. Although it is not critical for the new 1099 Setup Wizard to work in QB 2012, R6 improves the following: Accounts will be in the same order as the Chart of Accounts. A tooltip was added that will display the full parent and sub account path when your mouse cursor hovers over the account name. The Account Number is appended before the Account Name when the preference, Show Account number is enabled. There is improved handling of parent and subaccounts with 1099 account mapping. The following reports…

  • Paradigm Shifts in Accounting Technology

    Doug Sleeter
    26 Jan 2012 | 7:00 am
    Amazing new opportunities are on the horizon and they’re about to change nearly everything for accounting software consultants! However, these new opportunities are only available to those who are willing to rethink, retool and lead clients into a new world of “Chunkification,” “Zero-entry” and connected applications. I’ll define these terms below, but first let’s discuss how innovation impacts our world, and how the pace of change today is faster than ever. Although new innovations disrupt how we live and work, they are an inevitable characteristic of our evolving business…
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    AICPA Insights

  • 2012 CPA Exam Score Release Timetable Q1/Q2

    AICPA Communications
    27 Jan 2012 | 3:32 pm
    In late 2011, we announced that U.S. CPA Exam scores would begin to be reported earlier and published the U.S. CPA Exam score reporting timeline for Q4’2011. Early score reporting is possible due to the implementation of a major U.S. CPA Exam update known as CBT-e, launched in January 2011. Today we’re excited to announce the Q1 and Q2 2012 U.S. CPA Exam score reporting timeline.  In the first half of 2012, scores for the CPA Exam will be released by the National Association of State Boards of Accountancy to individual state boards of accountancy based upon the target score release dates…

  • 12 Things You Need to Know About Benjamin Bankes

    AICPA Communications
    27 Jan 2012 | 6:00 am
    In light of the new Feed the Pig PSAs, we asked the star of the PSAs, Benjamin Bankes, our twelve light-hearted questions. These are just for fun and to gain some insight to what makes him tick. If you had one super power what would it be? Teleportation. Do you know how much I would save on transportation and travel?! Best summer job you’ve had? My very first summer job: roadside lemonade stand. It was the first time I really started understanding the value of money and saving. I opened my first bank account, with the help of my parents, with the money I earned. Greatest smell? Mmm…

  • Live Blogging the CGMA Launch

    Gregory J. Wright
    26 Jan 2012 | 6:00 am
    AICPA Insights will be live blogging from the interactive business forum celebrating the launch of the Chartered Global Management Accountant on January 31 starting at 8 am ET. Check back here at that time and follow the real-time event as it unfolds in New York and London. The CGMA was established through a joint venture between the AICPA and the Chartered Institute of Management Accountants. The forum will feature a panel discussion on the future of management accounting. Panelists will discuss a new study, Rebooting Business: Valuing the Human Dimension, conducted by Oxford Economics, that…

  • Scrutiny of Foreign Accounts Puts Taxpayers in Tough Spot

    Guest Blogger
    26 Jan 2012 | 5:00 am
    We’ve all seen the headlines: assets hidden offshore, millions in penalties, jail time. They get your attention. But what does it boil down to? The rules regarding the reporting of financial and non-financial accounts and assets are getting increasingly complicated.  The U.S. government has taken numerous steps over the past five years to increase income tax compliance by U.S. taxpayers with overseas assets, including: stepping up enforcement regarding reporting of foreign bank and financial accounts and payment of all U.S. income tax on those foreign accounts; enacting new, additional…

  • Financial Planning Conference Attracted Diverse Crowd (Part 3)

    Guest Blogger
    25 Jan 2012 | 6:00 am
    The third and final part of this series covering the 2012 AICPA Advanced PFP Conference. Our on the ground bloggers: Jean-Luc Bourdon, CPA/PFS, Principal, BrightPath Wealth Planning LLC. Jean-Luc is a regular contributor to CPA Insider and currently serves on the AICPA’s PFS Credential Committee. Theodore Sarenski, CPA/PFS, President/CEO, Blue Ocean Strategic Capital, LLC. Ted is an appointed member of the AICPA Virtual Grassroots Panel, Social Security Task Force and Planner Magazine Editorial Advisory Board. Ted serves as Chair of the AICPA Elder Planning Task Force and is a…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • Self-Employed? Tips on Reducing Health Care Costs

    Ed Becker
    18 Jan 2012 | 8:32 am
    Health Insurance Deduction Did you know that for 2011, there is a self-employed health insurance deduction? Eligible self-employed individuals and S-corporation shareholders can use the self-employed health insurance deduction to reduce their income tax liability. It’s not too late the claim the deduction if you’re eligible. Who is covered? The deduction includes premiums paid for health insurance covering the taxpayer. Spouses and dependents generally qualify for this deduction as well. In addition, premiums paid to cover an adult child under age 27 at the end of the year, also…

  • Payroll Tax Cut Extended into 2012…Temporarily

    Ed Becker
    30 Dec 2011 | 8:22 am
    Feds Approve Payroll Tax Cut Extension Nearly 160 million workers will benefit from the extension of the 2011′s reduced payroll tax rate into 2012. The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2% to 4.2% of wages paid through Feb. 29, 2012. This reduced Social Security withholding will have no effect on employees’ future Social Security benefits.  Consult your bookkeeper as to how best to implement this extension and make…

  • Don’t Make this Mistake with QuickBooks and Credit Card Receipts

    Ed Becker
    24 Dec 2011 | 7:00 am
    A simple, but helpful tip from my QuickBooks training files If you’re like many small businesses, you use your credit card to pay for as many small business expenses as you can: gas, office supplies, travel, meals, etc.  Some small businesses use their credit cards as a line of credit.  Others like accruing points.  And for some, credit cards help them stay organized by aggregating all their expenses on one statement. Sounds great, right?  Well it is, unless you’re making this mistake: Not entering individual charges into QuickBooks.  Here’s what I mean: Many…

  • Watch Out – They are Coming After You! (1099 Warning)

    Ed Becker
    20 Dec 2011 | 5:20 am
    1099 Classifications — States and the Federal Government are Cracking Down States and the Federal Government are hiring agents to go after employers who are not abiding by employee classification laws. Why? Because with huge budget deficits, pinging small businesses with penalties can bring in revenue for struggling states. Both the New York State Department of Labor (“NYSDOL”) and the Internal Revenue Service offer specific guidelines for qualifying a worker as a “1099 Contractor” (instead of as an employee). To avoid penalties, follow these guidelines: First, as an…

  • How to Save Time Preparing 1099s – QuickBooks Training Tip

    Ed Becker
    15 Dec 2011 | 11:00 pm
    Want to save time this year preparing 1099′s?  If you are a QuickBooks user, you’re in luck.  Follow this simple QuickBooks training tip to make 1099 preparation as efficient as possible. In order to print out accurate 1099 forms at the end of the year using your QuickBooks software, the first thing you’ll want to do is to make sure that you have chosen the right options within the 1099 settings of QuickBooks.  Complying with the IRS’s 1099 rules is a small business bookkeeping best practice and QuickBooks makes compliance straight forward so why not take a few…
 
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    Forensic Accounting Today

  • RICO…Not Just for Organized Crime Cases

    jemoore
    20 Jan 2012 | 10:38 am
    This morning, I attended the “Civil RICO for CPAs” presentation by James M. Deichert, an Atlanta attorney and former federal prosecutor and Supervisory Assistant U.S. Attorney. The session was hosted by the Forensic and Valuation Services Section of The Georgia Society of CPAs. The Racketeer Influenced and Corrupt Organizations Act, also known as the RICO Act, or simply RICO, is a federal law that can serve as a “nuclear bomb” type weapon for victims of white-collar crime and all sorts of other unlawful activity. While RICO was established in 1970, primarily as a way to prosecute the…

  • Seminar: CPAs and Financially Troubled Companies

    jemoore
    6 Jan 2012 | 10:20 am
    The Troubled Businesses and Bankruptcy Division of the Forensic and Valuation Services Section of the Georgia Society of CPAs will host a 4-hour educational event on February 1, 2012.  The “CPAs and Financially Troubled Companies Seminar” will feature the following topics and speakers: How Bankers are Dealing With Financially Troubled Georgia Companies (Panelists: Richard Gaudet, Glass Ratner Advisory & Capital Group; Richard Spink, SVP of First Citizens Bank) Financial Restructuring of a Middle-Market Georgia Company (Panelists: Gary W. Marsh, Esq. and J.

  • Non-Traditional Services in Smaller CPA Firms

    jemoore
    14 Nov 2011 | 10:08 am
    “My company ought to have more cash in the bank. When I asked my Controller about it, he didn’t have a good response. In fact, he turned red-faced and seemed super-anxious about my query. I’m beginning to think he’s stealing from me.” “Our CFO just got bad news from her doctor and she must go on medical leave for two months. Do you have anyone on your staff who can fill in for her while she’s out?” “We’ve recently been having discussions with an out-of-state company that we’re considering acquiring. Could we get your firm to…

  • Improve Business Processes Using T.E.A.M.

    jemoore
    29 Oct 2011 | 2:41 am
    On several large consulting engagements, I’ve worked closely with one of my alliance partners, Rob Berling, to assist clients with enterprise-wide corporate performance and profit enhancement initiatives. These projects entailed the use of the T.E.A.M. approach, a methodology developed by Rob’s firm, Berling Associates. T.E.A.M. is an acronym used to describe an organization’s efforts to integrate the notion of continuous process improvement into its culture by continually… Training ourselves to best do our jobs Enabling ourselves by acquiring the tools we need to…

  • Tips for Managing a Financially Troubled Business

    jemoore
    21 Oct 2011 | 3:58 am
    I just came across the following article that was authored by Mike Periu. I think it has particular relevance to forensic accountants, lawyers, bankers, turnaround consultants/advisors, and others who serve financially-troubled business clients. As professionals, we should encourage our distressed-business clients to heed the suggestions outlined in this writing. How To Manage A Crisis As the owner of a company, you have a great responsibility to your employees, customers, suppliers and other stakeholders. This responsibility becomes urgent when something unexpected happens—something that…
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