Sabrina Walker of Minneapolis must have been one happy camper—at least for a while. It seems that in March the state of Minnesota inadvertently cut a $2.5 million check to her instead of the Hennepin County Medical Center, the intended recipient. Walker’s only other dealing with the state’s accounting system
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Indianapolis Power & Light Trips Circuits
In a split decision, the Third Circuit Court of Appeals required a grocer to include in gross income a payment characterized as a loan from a supplier. The loan could be forgiven if the grocer, Karns Prime and Fancy Foods Ltd. of Harrisburg, Pa., purchased a certain volume of goods.
Ease the Burden of Busy Season
With busy season just around the corner, here are some suggestions from firms that have learned how to make what could be their annual trial by fire less stressful and more productive. By treating their staffs with an extra measure of consideration and carefully planning and analyzing
Double Take: Unequal Taxation of Equals
by Lester B. Snyder Vandeplas Publishing, 2007, 281 pp. In the backward world envisioned 135 years ago by Samuel Butler in Erewhon , taxation is regressive, on the theory that a business fortune is evidence of society’s esteem toward its holder. Rather than the social Darwinism that Butler parodied, however,
No Theft Loss for “Phantom” Income
The section 165 theft loss deduction seldom benefits taxpayers to the extent they think it should. This can be especially true if the thief is their investment manager and they discover only belatedly they’ve been paying taxes on investment income that never existed. Between 1992 and 2000, Michael and Anita
A Point of No Return
Is filing of a return required for a conviction of false return preparation? A recent case held it was not. Linda Borden of Florida was convicted by a federal jury in March 2007 of 27 counts of preparing or presenting false or fraudulent returns under IRC section 7206(2). However, she
Securing Succession Success
EXECUTIVE SUMMARY Act now. Start planning for succession several years in advance. Don’t wait until you’re almost ready to retire. As soon as a potential successor candidate has been identified, start the grooming process. Look for someone who is decisive, assertive and entrepreneurial. Consider an acquiring firm and
Give and Take at the SSA
Starting in January 2008, the maximum earnings subject to Social Security tax will rise 4.6%, from $97,500 to $102,000, marking the first time the taxable maximum exceeds $100,000. The Social Security Administration expects nearly 12 million workers will pay higher taxes as a result. The $4,500 increase in maximum taxable
Can You Ask for Severance?
The saying “last hired, first fired” might creep into your head as you think about changing jobs, but the current staffing shortage in the accounting and finance sectors has put CPAs in a prime position to negotiate severance. Dona DeZube of JobsintheMoney.com, a career Web site for accounting and finance
Rescue A Drowned or Soaked Cell Phone, Laptop or Keyboard
Now to the rescue steps: It’s important that you act fast. Keyboards are the most resilient to spills. Unplug it from the computer, drain the spill, and use either distilled water or denatured alcohol to flush out the coffee or soda residue. Alcohol is best—it evaporates quickly and leaves no
Data Point: 39
Companies whose securities have been suspended from trading since the launch of the SEC’s Anti-Spam Initiative on March 8. Source: www.sec.gov.
Preventing No-Shows
The 2007 CCH Unscheduled Absence Survey found that to combat unscheduled absenteeism, U.S. companies offer an average of nine work/life programs, though each varied in its effectiveness, and the most effective programs are not necessarily the most frequently used. The programs rated highest for reducing unscheduled absences (on a
Financial Services Bear Brunt of Losses
“The risk of fraud is part of doing business. It can even be considered a consequence.” According to a joint survey of 892 senior executives by Kroll, a risk consulting company, and the Economist Intelligence Unit, the statement above by Andres Antonius, president of Kroll’s consulting group, rings especially true
Tell Us What You Really Think
In the third quarter this year, almost 80% of corporations purchased a variety of services from non-Big Four audit firms, often using them for multiple services, according to a survey of 220 CFOs from both public and private companies. Purchased services included: Tax (74%) Auditing (68%) Consulting (36%) Information Technology
Perform A Find and Replace Across Multiple Files and Directories
» Key to Instructions To help readers follow the instructions in this article, we used two different typefaces: Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type shows the names of files and the names of commands and instructions that users should type into
What Is Your Fraud IQ?
Fraud detection class is now in session. It’s time to put your smarts to the test and see how you score on these questions from the Association of Certified Fraud Examiners. 1. According to ACFE’s 2006 Report to the Nation on Occupational Fraud and Abuse , the typical organization
Circular 230 Revisions Finalized
The Treasury Department issued final regulations amending a number of Circular 230 standards, including sections on conflicts of interest, contingent fees, conduct for which practitioners may be sanctioned and publicity of disciplinary hearings. Most of the changes became effective upon their issuance on Sept. 26. The final regulations concerning conflicts
You Deleted The File, But It’s Not Really Gone
The solution: Get an unconventional tool that erases. However, the tools don’t really erase. Instead, they encode the data of the “deleted” file so it can’t be translated. Many such tools are on the market, with prices that run from free to hundreds of dollars. While the free programs lack
New Form 990 Taken to Task
The IRS is assessing hundreds of comments, including those by an AICPA task force, on its draft revised Form 990, Return of Organization Exempt From Income Tax . The task force suggested a new summary should emphasize exempt purpose and activities, rather than compensation and fundraising and total expense ratios.
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