Accountant and Acccounting News

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Tax Preparation Certification Coming in 2011

2010-01-06T11:54:00.000-08:00

Starting in 2011, tax prepares will need to be certified by the IRS. The IRS announced Monday that preparers will be given a three year window to pass a "competency" exam in either individual or small business taxation. Going forward they will be required to take at least 15 hours of training each year.

IRS Audits Nosedive

2009-03-25T09:08:00.000-07:00

According to IRS data obtained by Syracuse University, there was a sharp decline in IRS audits from fiscal year 2007 to fiscal year 2008. The biggest drop was in individuals with incomes exceeding $1 million. The audit rate for this group is now 6.5 per 100 returns or a 19% drop from the previous year.

This finding contradicts the IRS claim that they were increasing enforcement. Insert your own Obama Cabinet joke here.

Tampa Accountant Sentenced for Fraud

2009-02-26T12:21:00.000-08:00

Jose Roman, a Tampa accountant has been sentenced to one year in prison and ordered to pay $227,000 in restitution to a bank for making false statements. The statements were made to a band in an effort to secure loans for himself and his clients.

Prosecutors say paperwork given to the bank included business and personal financial statements. The documents overstated assets, understated liabilities. He also provided bogus tax returns with overstated income entries.

Waukegan, IL Accountant

2008-01-22T15:19:00.000-08:00

Accounting Aisle is continuing to build their network of the best accounting firms in the US. The latest is CPA's Limited in Waukegan, IL. They offer a wide range of accounting services along with excellent customer service.

If you are looking for a great accountant in Waukegan then CPA's Limited is a great choice. To get a proposal for your needs visit the Accounting Aisle.

Peachtree Integrated CC Processing

2007-12-20T15:38:00.000-08:00

Sage Software has announced they have integrated credit card processing into their Peachtree accounting software for small businesses. Rates for the credit card processing begin at 1.74%.

Sage also announced the same functionality for their Sage MAS 90 and Sage MAS 200 packages aimed at medium to large businesses.

Inverness, FL Accountant

2007-12-20T13:20:00.000-08:00

Today the Accounting Aisle announced the addition of Robert Eldridge to their list of member accounting firms. Located in Inverness, Florida, they offer a range of accounting services to businesses. As an Enrolled Agent they can also represent their clients for any IRS requests.

To find excellent accountants like Robert Eldridge visit the Accounting Aisle today.

El Monte, CA CPA Firm

2007-12-19T14:13:00.001-08:00

The Accounting Aisle is assembling a network of highest quality CPA firms throughout the United States. The latest addition is Eric Wu in El Monte California. The accounting firm offers service to all of Los Angeles County. If you are looking for a good CPA in Los Angeles for your business then Eric Wu is a great option. To get a proposal for your accounting needs in El Monte or anywhere else in California then visit the Accounting Aisle Today.

Arcadia CPA

2007-12-17T14:48:00.000-08:00

The Accounting Aisle is working to provides businesses with the best options for accounting firms and CPAs around the country. Today they announced the addition of a new CPA firm in Arcadia. Jean Chang offers excellent service to his client businesses and individuals.

If you are looking for a CPA in Arcadia then Jean Chang is an great option. You can ge quotes form him as well as other firms at the Accounting Aisle.

Charleston Accounting Firm Merger

2007-12-17T13:35:00.000-08:00

Elliot Davis has announced a deal to merge with McKnight Frampton CPAs and Schleeter Monsen & Debacker. Terms of the deal were not disclosed but the three will all operate under the Elliot Davis name beginning January 1st. The combined companies have a total payroll 0f 375.

McKnight Frampton CPAs and Schleeter Monsen & Debacker will maintain their two Charleston accounting offices with plans to merge them in the future.

Judge Dismisses KPMG Malpractice Suit

2007-12-14T12:19:00.000-08:00

A malpractice suit filed against KPMG by JoAnn Tredennick has been dismissed by a Pennsylvania judge. The suit was a result of work done by KPMG for Resco Products. KPMG advised Resco on strategies to limit the tax burden of the stockholders which turned out to be incorrect. Tredennick held a 92% share of Resco at the time of the sale.

The judge threw out the case because KPMG was hired by Resco and not Tredennick so she has no grounds for malpractice.

Orange County Accountant

2007-12-13T14:55:00.000-08:00

AR Tax & Accountancy Group is the latest accounting firm to join the Accounting Aisle network or member firms. Offering service to Orange County, AR Tax & Accountancy provides bookkeeping, accounting, tax preparation and QuickBooks support to businesses.

For help with your business accounting in Orange County or anywhere else in North America, the Accounting Aisle will help you find the right accountant. Just lets us know a bit about you and your needs.

Accounting Error for Miss California

2007-12-12T12:02:00.000-08:00

Christina Silva, Miss California 2008, has been asked to give up her title to Raquel Beezley when it was discovered that an accounting error. The mix-up occurred when points were reversed for the two contestants. Christina has hired a lawyer and is weighing her options.

SOX 404 Requirements Delayed for Small Business

2007-12-12T10:35:00.000-08:00

Securities and Exchange Commission Chairman Christopher Cox today announced that the SEC is delaying 404b requirements from Sarbanes-Oxley (SOX) for the smaller public companies. The delay is to further investigate the costs of implementing the rule.

SOX was designed to prevent the accounting fraud from the Enron scandal. However, some of the laws provisions, disproportionately impact smaller companies. A coalition of small business groups performed an analysis of SOX compliance and found that compliance will cost more than 3 percent of their net income.

This information conflicts with Congress's intent to not overly burden business with compliance costs.

Where Does Derek Jeter Live?

2007-11-19T08:44:00.000-08:00

While this may not seem like an accounting question at first glance the City of New York thinks so. They have fined Jeter for past due taxes for his residence in the city. Jeter's claims to not live in New York but in Florida. The problem for Jeter is his many public comments about how much he likes living in New York. What endeared him to fans may cost him millions of dollar.

Here is Jeter's response to the tax filing.

Online Payroll Service Unveiled

2007-11-14T07:46:00.000-08:00

Intuit has unveiled an online payroll service. Employers enter employee hours into a website and the paychecks are printed right away or issued through a free, direct deposit service. The service computes the correct compensation, deductions and withholdings. It also keeps tax tables up to date.

The puzzling thing is that it doesn't currently integrate into Intuit's Quickbooks software.

International Accounting Standards

2007-11-08T15:58:00.000-08:00

The European Union internal markets commissioner Charlie McCreevy has called upon its member states to do more to enforce international accounting standards. McCreevy said that a the the work that was done to create the standards must now have the same effort spent enforcing them.

Accountants Need Online Marketing Help

2007-11-01T11:41:00.000-07:00

According to a new study released by the AICPA, accountants are not fully realizing the potential of online marketing. With more and more people moving from the yellow pages to the internet for information it is quickly becoming the central avenue for new customers. The amount of online advertising is increasing at 20% a year.

The report also confirmed some obvious marketing thoughts, newsletters are more likely to be saved and forwarded than email blasts or banner advertising. Any accounting firm that is not focusing a greater share of their marketing to online means may see their flow of new customers dry up.

An easy solution is to use services like the Accounting Aisle to do the marketing work for you. The firm gets the benefits of the new customers without adding people to perform the marketing work.

Tax Overhaul Proposed

2007-10-29T08:25:00.000-07:00

Representative Charles Rangel of New York, chairman of the House Ways and Means Committee has introduced a new bill that would repeal the alternative means tax (AMT). The bill would also reduce corporate tax rates from 35% to 30.5%. The tax rates of hedge fund and private equity fund managers would also rise.

The bill is not expected to be voted on until next year. But Rangel hopes to prevent the AMT being applied to 21 million more Americans next year.

While we won't comment on the politically charged tax rate changes we do support the reduction of tax rates on corporations. Simply because taxes to corporations are always passed on to consumers in the form of price increases.

Unpaid Taxes Posted

2007-10-23T07:14:00.000-07:00

If you don't pay your taxes then avoid the state of California. The state posts the top 250 delinquent accounts on the internet. Some notables on the list include Dionne Warwick and OJ Simpson.

We hope you didn't miss the October 15th tax deadline.

QuickBooks 2008 Released

2007-09-28T14:57:00.000-07:00

Intuit has released QuickBooks 2008. The latest addition includes better integration with Outlook, easier importing with Excel, pre-authorization for credit cards and easier sharing of files with an accountant.

The bad news is it does not include the two features we would like to see:
1) Setting the "to be emailed" flag with imported invoices
2) Emailing of applied payments from credit cards

Accountant Turned Bandit

2007-09-21T13:43:00.001-07:00

For any accountant who identified with Butch Cassidy and the Sundance Kid we have a story for you. Rajib Chatterjee, a 31 year old accountant in Kolkata, India left his job to be a highway robber.

Over the years, Rajib built up a gang and a notoriety that would put even hardened criminals to shame. They would stop trucks and loot them on the highways around Howrah.

Apparently, things were going quite well for him till six of his cronies were recently arrested. Rajib was nabbed last week and is now in police custody.

IRS Offers Guidence on Foreclosure

2007-09-21T13:13:00.001-07:00

The IRS has created some new tools and information for people who have experienced a home foreclosure. The information helps taxpayers know if they are eligible for any tax relief. However, the IRS suggests that struggling homeowners should consider all their options carefully before going through a foreclosure.

This is because under the tax law, if the debt wiped out through foreclosure exceeds the value of the property, the difference is normally taxable income. But a special rule allows insolvent borrowers to offset that income to the extent their liabilities exceed their assets.

New Tax Rule Leads to Probes

2007-09-12T08:39:00.000-07:00

FIN 48 disclosures rule requires public companies to disclose how much they have set aside to pay tax authorities if certain tax avoidance strategies are successfully challenged by the IRS. The disclosure requires the company to attach a dollar figure to tax-savings that could be vulnerable. The disclosure also has the effect of letting the IRS know which companies are taking a more aggressive tax position.

As a result of this disclosure, the Senate's Permanent Subcommittee on Investigations has issued 30 letters to companies asking for more details on the tax arrangements that led to their FIN 48 disclosures.

IRS Warns of Phishing Scam

2007-08-31T11:08:00.000-07:00

The IRS has re-issued their warning about a phishing scam that claims to come from the IRS. The latest one asks the recipient to fill out a customer satisfaction survey. The survey is supposed to pay $80. However, if you fill it out you don't get $80 but hours trying to chase down an identity thief.

IRS Press Release