FICPA: Top Stories
Standard-Setting: Convergence is coming!
But the timeline is uncertain, and the profession needs to do more to get ready
Judge Cooper Orders Tax-Swap Proposal Off Ballot
Leon County Circuit Judge John Cooper has ordered Amendment 5, the tax-swap proposal that would eliminate about a quarter of Florida property taxes, off November's ballot.
Jobless claims rise to highest since March 2002
The number of newly laid off people signing up for jobless benefits last week unexpectedly climbed to its highest point in more than six years as the faltering economy forced companies to cut back.
Businessman charged with fraud
School-Voucher Plan can be on the Ballot Nov. 4, Judge Rules
TALLAHASSEE - A Leon County circuit judge ruled Monday that two constitutional reforms designed to expand taxpayer-funded vouchers for private schools can go before voters statewide in November. Opponents promised to appeal.
Scheme Thwarted After Nearly Taking Florida for Millions
A scheme to defraud state taxpayers out of millions of dollars was thwarted by some alert Regions Bank employees and one of the state's biggest road contractors — but not before some of the money was transferred to Beirut, Lebanon.
Inflation's Next Front is Retailers as Costs Rise
Most inflation this year has come from food and fuel, as retailers resisted passing along to strapped consumers the higher prices manufacturers charged them, but coming increases from companies such as Johnson & Johnson and Hasbro Inc. may leave them with no choice.
Homeowner Rescue Awaits President Bush's Signature
WASHINGTON - Congress approved mortgage relief for 400,000 struggling homeowners Saturday as part of an election-year housing plan that also aims to calm jittery financial markets and bolster the sagging economy. President Bush said he would sign it promptly, despite reservations.
Social Security Debuts Retirement Benefits Estimator
The Social Security Administration unveiled a new online calculator to help people plan for their retirement.
IRS Sending Stimulus Payment Information to Retirees, Veterans
WASHINGTON — The Internal Revenue Service today reminded qualifying retirees and veterans that it is not too late to file for an economic stimulus payment and announced it will send a second set of information packets to 5.2 million people who may be eligible but who have not yet filed for their stimulus payment.
FICPA: IRS Tax News
Tax Calendar for Small Businesses on IRS.gov
IRS Summertime Tax Tip 2008-15 Are you running a small business? Would you like a calendar packed with valuable business tax information? The IRS is offering a free calendar to help you keep track of tax deadlines and important dates throughout the year.
Treasury, IRS Issue Ruling Preventing Certain Pension Transfers
The Treasury Department and the Internal Revenue Service today issued Revenue Ruling 2008-45, which states that a transfer of a tax-qualified pension plan from an employer to an unrelated taxpayer when the transfer is not connected with a transfer of significant business assets, operations, or employees, is not permissible under current law. A copy of the ruling is attached.
Taxpayers with 25 or More Heavy Vehicles Now Must File Excise Tax Forms Electronically
Individuals and organizations with 25 or more trucks, tractors or other heavy vehicles used on highways now are required to make their excise tax filings with the Internal Revenue Service electronically, rather than by paper.
IRS Seeks New Issues for the Industry Issue Resolution Program
Businesses and associations have until Aug. 31 to submit tax issues to the Internal Revenue Service to be included in the Fall 2008 review in the Industry Issue Resolution (IIR) Program.
IRS Releases Updated Drafts of Corporate and Partnership Tax Forms
The Internal Revenue Service has released for public comment draft revisions to Form 1065, U.S. Return of Partnership Income, Form 1120, U.S. Corporation Income Tax Return, and certain related schedules. Included in the release are new Schedule B for Form 1120 and Schedule C for Form 1065. These forms will be for use for tax years ending on or after Dec. 31, 2008.
IRS Sending Stimulus Payment Information to Retirees, Veterans
WASHINGTON — The Internal Revenue Service today reminded qualifying retirees and veterans that it is not too late to file for an economic stimulus payment and announced it will send a second set of information packets to 5.2 million people who may be eligible but who have not yet filed for their stimulus payment.
IRS Revises TIN Matching Program Publication
The intended audiences for this Publication are members of the Third- Party Payor Community, and Their Authorized Agents, Issuing Form 1099 Statements of Income for Recipients of Proceeds from:
Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form
WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.
In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return, but they also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax.
Victims of Floods, Storms and Tornadoes In Six States Now Have Until Aug. 29 to File Certain Returns
WASHINGTON ––The Internal Revenue Service is postponing until Aug. 29 the time to file certain tax returns, to make certain tax payments and to perform time-sensitive acts for storm, flood, and tornado victims in presidential disaster areas in six states, mostly in the Midwest.
FICPA: AICPA News
The AICPA’s Peer Review Board has issued a white paper, Navigating through the Revised AICPA Standards for Performing and Reporting on Peer Reviews and Related Interpretations. The paper serves as a bridge between the current and revised Standards and Interpretations and explains how the changes may affect enrolled firms (including those responsible for the firm’s quality control function), peer reviewers, entities administering peer reviews, and peer review users, including regulators. The revised Standards and Interpretations are effective for peer reviews commencing on or after January 1, 2009.
Doctoral Scholars Program in Accounting Ccreated by CPA Profession
The CPA profession has created an Accounting Doctoral Scholars program to help reverse a shortage of Ph.D. accounting faculty in U.S. colleges and universities. The new program is being spearheaded by the largest accounting firms and will be administered by the American Institute of Certified Public Accountants Foundation.
New Guidelines Available for Fighting Fraud
The ACFE, AICPA, and IIA have released a new resource which provides organizations guidance on establishing an approach to managing the risk of fraud. “Managing the Business Risk of Fraud: A Practical Guide," offers recommendations on how to attempt to prevent fraud in an organization by providing guidance from well respected authorities on establishing effective fraud risk management techniques.
Benjamin Bankes and Savingman™ Offer Retirement Planning Tips for 25-34 Year Olds
Benjamin Bankes, the icon of Feed the Pig™, has teamed up with Savingsman™, icon of the Choose to Save program of the American Savings Education Council, to offer 25-34 year olds advice on planning now for their long-term financial security. Read the press release to find out more.
Americans Should Avoid Borrowing from Retirement Accounts to Secure Cash
The AICPA and CPAs holding the Personal Financial Specialist (CPA/PFS) credential of the AICPA warn that borrowing from retirement plans can be risky. For tips and more information, read the press release.
Accounting Degrees Reach Highest Level
NEW YORK (May 5, 2008) – More than 64,000 students graduated with bachelor’s and master’s degrees in accounting in the 2006-07 school year, according to a new report by the American Institute of Certified Public Accountants. This is the largest number of graduates in the 36 years the Institute has been tracking this data.
Financial Planning a Boon CPA Practices
NEW YORK (April 28, 2008) – CPA financial planning and investment advisory practices are enjoying significant revenue growth and are expanding at a faster rate than their non-CPA competitors, according to a study released today by the American Institute of Certified Public Accountants and Moss Adams LLP.
AICPA Announces the Formation of Succession Planning Resource Center
New York (June 19, 2008)- The American Institute of Certified Public Accountants announces the formation of the Succession Planning Resource Center to help small and medium-sized firms contend with one of the most critical issues affecting their future.
AICPA Calls for Three to Five Year Timeline for Reasonable Transition to IFRS
New York (June 17) -- Barry C. Melancon, president and CEO of the American Institute of Certified Public Accountants, speaking at a forum of accounting and finance authorities on international accounting, called for a reasonable and clear-cut time frame of three to five years for the U.S. accounting profession to adopt International Financial Reporting Standards.
AICPA ADOPTS NEW ETHICS STANDARD ON USE OF INDEMNIFICATION AND LIMITATION OF LIABILITY CLAUSES
NEW YORK (June 3, 2008) – The American Institute of Certified Public Accountants adopted a new standard tightening ethics requirements for its members. Failure to comply with a regulator’s requirements on the use of indemnification and limitation of liability provisions will be considered an act discreditable to the profession.
Accounting News - Accounting News Headlines | Bizjournals.com
Melhiser Endres Tucker merging with Tennessee firm
Louisville’s Melhiser Endres Tucker CPAs PC is merging with Rodefer Moss & Co. PLLC, a firm with offices in Greeneville, Knoxville, Nashville and Kingsport, Tenn..
Accounting graduates find plenty of opportunities in Memphis
New 2008 accounting recruits are having little trouble finding work in the Memphis area despite economic hiccups, according to several of the city's largest public accounting firms.
Fool.com: The Motley Fool
Your House Is Not an Emergency Fund
Don't count on your HELOC to bail you out.
You're Crazy If You Sell Hasbro
Hasbro is doing just fine, despite a downgrade.
You Can Make Money in This Bear Market
It's the right time to snap up shares of great companies at good prices.
Will Lehman Pawn This Crown Jewel?
The time for Lehman Brothers to make hard choices is here.
With small caps, one indicator above all others bodes well for future performance.
What Apple Can Learn From Microsoft
I've seen that bullseye before.
Tracking the Oracle of Omaha's latest moves.
Actions speak louder than words.
As Spanish solar demand droops, Italy takes the fore.
Top-Rated Stocks the Leaders Loathe
These stocks have been marked down by top-rated investors. Are they right?