The Federal Reserve Board, FDIC, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision, and the CSBS worked on the revisions with the Financial Crimes Enforcement Network, the federal agency responsible for administering the BSA. The manual can be downloaded at www.ffiec.gov/bsa_aml_infobase/default.htm.
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One firm is taking a show-and-tell approach to recruiting. Deloitte & Touche USA LLP staffers were encouraged to submit short films that express the organization’s culture and values for the “What’s Your Deloitte?” online film festival, an initiative that aims to attract Generation Y employees “It’s very clear to us
QSub Is Employer
The IRS issued final regulations under which qualified subchapter S subsidiaries (QSubs) and other disregarded entities—rather than the entities’ owners—are responsible for reporting and paying employment taxes. The rules represent a change from temporary provisions of Notice 99-6, under which either the entities or their owners could be regarded as
Embezzlement No Excuse
The Third Circuit recently affirmed a district court’s opinion holding a corporation liable for payroll taxes embezzled by its payroll agent. Pediatric Affiliates PA of New Jersey (Pediatric) hired PAL Data Processing Inc. (PAL) to handle its payroll needs. PAL’s founder, Menachem Hirsch, would routinely send Pediatric a tax form
Tech Execs Find 123(R) Challenging
Technology companies might be more likely than those in other industries to offer stock option and employee stock purchase plans to attract and retain employees, but as a result, they are also spending more time and money on financial reporting, according to a Grant Thornton survey of 104 technology executives.
Navigating Negotiations
Want to hire and keep the best? Be prepared to open your wallet a little wider. According to The Employment Dynamics and Growth Expectations Report by Robert Half International and CareerBuilder.com, 55% of employees surveyed reported that their compensation has increased over the last 12 months, up from 45% in
Obituary: Former AICPA President Wallace Olson
Obituary Former AICPA President Wallace Olson Wallace “Wally” E. Olson, AICPA president from 1972 to 1980, died Sept. 20, at his home in Onalaska, Wis. He was 86 years old. “He presided over an organization and a CPA profession undergoing rapid and unprecedented change,” said Gary John Previts, CPA, professor
CPAs Grab Seats on Audit Committees
Accountants—categorized as CPAs, controllers and comptrollers, accounting professors and professionals who have served on accounting standards or oversight boards—doubled their presence on audit committees between 2002 and 2006, growing from 6% to 12% of all committee members, according to a Huron Consulting Group study. The percentage of audit committees with
Partners Unplug and Recharge
Don’t use the excuse “I’m too busy to take a vacation” at one Missouri-based accounting and financial services firm. BKD LLP of Springfield, Mo., requires partners to take a one-month paid sabbatical every five years. Randy Hultz, BKD’s director of human resources, said the time off not only allows partners
Professional Issues
Out-of-state CPAs holding a valid CPA license in another state will not need to obtain an Illinois license, registration or temporary practice permit to practice public accounting in Illinois or hold themselves out as a CPA in Illinois. Out-of-state CPAs exercising the practice privilege above agree to comply with the
Speaking in the Public Interest
Randy G. Fletchall still remembers what attracted him to the CPA profession more than three decades ago—its focus on quietly and diligently serving clients, helping them solve challenging issues, and “getting it right,” while benefiting the public interest. “We’re not the kind of people who seek attention,” Ernst & Young’s
Banking
For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. Loan-loss provisions totaled $11.4 billion in the quarter, a 75.3% increase from the year-ago period. The value of loans and leases
Employees Not Up to Snuff
The bosses are not impressed. In fact, 32% of executives who responded to the 2007 MAP Quarterly CEO Survey conducted by Vantage Research, said that up to half of their new employees haven’t been meeting expectations over the past two years. Source: www.mapconsulting.com.
A Better Idea
Stanley Zarowin is a contributing editor to the JofA. His e-mail address is stanley.joatech@gmail.com . Do you have technology questions for this column? Or, after reading an answer, do you have a better solution? Send them to me via e-mail at stanley.joatech@gmail.com or via regular mail at the Journal of
New Director for a New Position
NEW DIRECTOR FOR A NEW POSITION M at Young has joined the AICPA as director of Congressional and Political Affairs. In this newly created position, he will help cover issues including the Sarbanes-Oxley Act and tax policy for the Institute. Young reports to Mark Peterson, vice president–Congressional and Political Affairs,
Dialing for Dollars
We would all like to win the lottery. But Leszek Wojcik went to extreme lengths for a shot at the jackpot. Wojcik, a bus driver in Slupsk, Poland, sent 38,000 text messages in an unsuccessful attempt to win a contest paying $36,000. The cell phone bill totaled $34,000. If that
Deferred Compensation Documentation Deadline Extended
Employers now have an extra year, until Dec. 31, 2008, to bring documentation of nonqualified deferred compensation into compliance with final regulations under IRC § 409A, issued in April. Although IRS Notice 2007-78 also provided other transitional relief, it did not postpone the regulations’ Jan. 1, 2008, effective date.
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