Average number of jobs a person entering the work force today is likely to have held by age 38. Source: U.S. Department of Labor.
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Data Point: 50%
Proportion of all charitable giving done between Thanksgiving and New Year’s Eve. Source: Charity Navigator, www.charitynavigator.org.
Points for Retention
Retaining valuable staff members is becoming increasingly difficult in today’s competitive environment. In addition to ideas about flexible work arrangements, compensation and benefits, consider these recommendations for retaining valuable employees: Re-recruit top performers before they get a better offer. Retaining valued staff means being proactive. Remind top performers of their
Hiring Incentives Target Veterans, Rural Counties
The work opportunity tax credit (WOTC) has been in existence for years; however, the Small Business and Work Opportunity Tax Act of 2007, P.L. 110-28 (SBWOTA), expanded the definition of some of the target groups, creating tax incentives that will affect more clients than originally expected. SBWOTA
Corporations and Partnerships to Tell More About Ownership
The IRS issued proposed revisions to Form 1120, U.S. Corporation Income Tax Return, and Form 1065, U.S. Return of Partnership Income , that would ask for more ownership information. Corporations would be required to identify individuals who own at least 50% of the voting power of all classes of the
Financial Reporting
In a letter to Barry Salzberg of Deloitte & Touche USA LLP, James Turley of Ernst & Young LLP, Timothy Flynn of KPMG LLP and Dennis Nally of PricewaterhouseCoopers LLP, Schumer wrote that one potential obstacle to refinancing or modifying at-risk subprime loans is a concern that such a move
Son of BOSS Goes Into Overtime
As a general rule, the statute of limitations on income tax returns is three years, extended to six years under section 6501 for a substantial omission of gross income. Courts in recent tax shelter litigation involving overstatement of basis have declined to apply the longer period. However, a recent district
High Exam-Scorers Recognized
HIGH EXAM-SCORERS RECOGNIZED T he AICPA’s 2006 Elijah Watt Sells Awards were presented to the 10 candidates earning the highest cumulative scores on the four sections of the Uniform CPA Examination. The award was created in 1923 to honor Sells, one of the country’s first CPAs under the provision of
New Scholarship Program for Inspirational Students
NEW SCHOLARSHIP PROGRAM FOR INSPIRATIONAL STUDENTS T he AICPA will fund three prizes of $5,000 each for the Medal of Inspiration program for Beta Alpha Psi for the year 2007–2008. Under the program, members of the accounting, finance and information systems honors society will nominate themselves or be nominated by
Accounting for Gift Cards
EXECUTIVE SUMMARY The accounting for gift card sales presents an emerging reporting dilemma for retailers. Unresolved reporting issues stemming from the reporting treatment of gift card sales and “breakage” (gift cards that consumers fail to redeem) potentially involve several accounting regulations, including standards for revenue recognition and the
What to Keep?
Don’t be too aggressive when removing clutter from your desk or office. The IRS insists records of employment taxes be kept for at least four years, and files should include: Amounts and dates of all wage, annuity and pension payments. Names, addresses, Social Security numbers and occupations of employees, as
Excel Has Its Own Track Changes
Excel’s Track Changes is a very handy tool. It works somewhat like the Word version in that it records a history of any changes made to a workbook—with the exception of format changes. And like Word’s Track Changes, much of its operation is quite intuitive, but I will mention some
Anthony R. Reed, CPA
President, Reed, CPA PC, Dallas We lived for a period of time when I was young in housing projects in St. Louis. I saw a lot of things growing up that, if given the opportunity, I would have changed. And I guess you could say that I have spent the
FYI
Adam Brown, CPA, currently a senior manager in BDO Seidman’s National SEC Department based in Dallas. Robert G. Fox III, CPA, currently a senior manager in Grant Thornton’s Professional Standards Group based in Charlotte, N.C. Brett A. Williams, CPA, currently a senior manager in Pricewater-houseCoopers’ National Office based in Florham
Scholarships Celebrate Diversity
SCHOLARSHIPS CELEBRATE DIVERSITY T he AICPA recently awarded three scholarships to outstanding accounting students. Two scholarships were awarded at the Association of Latino Professionals in Finance and Accounting’s annual convention in August. Beatriz S. Rengifo, a senior accounting and finance major at Fairleigh Dickinson University in New Jersey, received the
International
The project’s second phase, which has already begun, is examining more fundamental questions about the presentation of information in financial statements. The IASB expects to publish a discussion paper on the subject within the next six months. The current changes require information in financial statements to be aggregated on the
One Big Step
“Interactive data has the potential to save significant time and expense for investors, analysts and those who prepare financial reports. This significant step by the world’s largest exchange is another important milestone in the evolution of all public company reporting into the interactive format.” — SEC Chairman Christopher Cox, following
Excel Shortcuts
EXCEL SHORTCUTS Chart selected data: F11 Format cells: Ctrl + 1 Remove borders: Ctrl + Shift + _ Fill down: Ctrl + D Fill right: Ctrl + R Copy formula above: Ctrl + ‘ Copy value above: Ctrl + ” Stanley Zarowin is a contributing editor to the JofA .
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