The sagging economy and the pressure to go “green” are prompting firms to become more efficient. Whenever you make staffing changes, set new goals or tighten your budget, you have an opportunity to reassess workflow, enhance technology or improve productivity. Consider the following ways to lower expenses and increase profitability:
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Divesting? Act Fast
Previous divestment norms no longer apply in a volatile economy, according to an Ernst & Young report. Companies need to be more creative, prepare more carefully, and act more decisively and with greater flexibility to ensure their deals are successful. One of the biggest changes has been the time available
When Is Money Worth Mentioning?
It may not be the most comfortable subject to broach, but compensation is on everyone’s mind during job interviews. When is the right time to bring up salary? According to an Accountemps survey of 150 senior executives from the nation’s 1,000 largest companies, job candidates should get the compensation questions
Slowing Down the Paper Chase
The typical office disposes of 350 pounds of wastepaper per employee per year, according to the National Resources Defense Council (NRDC). Going a little greener could benefit the environment and your business. For instance, an environmentally friendly program can send the message to shareholders and clients that the firm is
Data Point: $48,334
The average starting salary offer to accounting majors in the class of 2009, according to the National Association of Colleges and Employers’ Salary Survey. The figure is an increase of 1.9% from salaries offered to the class of 2008. Source: www.naceweb.org.
Government
GASB issued a statement that incorporates the hierarchy of GAAP for state and local governments into GASB’s authoritative literature. GASB Statement no. 55, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, is intended to make it easier for preparers of state and local government financial
Clean Energy Gets a Tax Jolt
From fitting a home with energy-efficient windows to harnessing the power of waves and tides, activities that conserve energy or produce it from clean and renewable sources enjoy new or expanded tax credits in the American Recovery and Reinvestment Act of 2009 (ARRA). The next generation of electric vehicles gets
A Broker Is What a Broker Does
The Tax Court held that a woman’s work as an independent contractor for a real estate agency enabled her and her husband to deduct losses because they were incurred from a real property trade or business rather than a passive activity. According to the court, the taxpayers’ real estate activities
Put Your Business on the Map With Google Maps
Every firm’s dream should be to have a free listing on a major search engine at the top of its first results page, allowing prospective clients to find the firm when they’re searching for accounting, tax or financial planning services. Imagine if this free listing also included the firm’s phone
In Search of a Standard
Editor’s note: This is a sidebar to “Executive Compensation: What’s Reasonable?“ A seminal case employing the independent investor test for reasonable compensation is the 1983 decision by the Ninth Circuit Court of Appeals in Elliotts Inc. v. Commissioner (716 F.2d 1241). In it, the Ninth Circuit (Alaska, Arizona, California,
ASB Names Four New Members
The AICPA named four new members to its Auditing Standards Board, which develops auditing, attestation and quality-control standards for nonpublic audit engagements. The new members are: Ernest F. Baugh Jr., national director of professional standards for Mayer Hoffman McCann PC in Chattanooga, Tenn. Thomas A. Ratcliffe, director of accounting
Safeguarding Data: Requirements and Resources
Editor’s note: This is a sidebar for “Protect Your Portable Data – Always and Everywhere.” CPAs should understand their ethical, legal and regulatory responsibilities to safeguard data. The following listings direct you to primary sources: LAWS, REGULATIONS Federal laws Federal Trade Commission, Gramm-Leach-Bliley Act, Disclosure of Nonpublic
The Tech-Savvy CPA
When it comes to technology, are you a leader or a laggard? Do you embrace technology or shun it? This article contains questions and explanations to help you determine how technology-savvy you really are, and identify where you could improve your technology performance. 1. Does your computer have more than
Other Routes to Transparency
I would like to submit my name as being less than enamored with the new Form 990 that the IRS has visited upon hapless not-for-profits. I noticed that your article “The Redesigned Form 990” (March 09, page 72) featured the use of the buzzword “transparency.” It seems that any reporting
Fraud
The U.S. Government Accountability Office (GAO) is encouraging people to use its FraudNet system to report waste, fraud, abuse or mismanagement related to funds distributed under the American Recovery and Reinvestment Act of 2009. The $787 billion stimulus act was signed by President Obama on Feb. 17. FraudNet is
Timely Prosecution
A return filing date is not the only benchmark for measuring the six-year time limit within which the government must begin a prosecution for tax evasion under IRC § 7201. Criminal defendant Leonard Widman found that out when the U.S. District Court for the District of Connecticut denied his motion
Neuhausen Recognized for Contributions to Standard Setting
Ben Neuhausen, former chairman of the Institute’s Accounting Standards Executive Committee (AcSEC), received the AICPA Special Recognition Award at the recent AICPA Regional Meeting of Council in Chicago. He was given the award, which recognizes individuals who have made outstanding contributions to a particular area of the profession, for his
Executive Compensation: What’s Reasonable?
When a corporate client seeks words of wisdom regarding tax planning, most CPAs go through the litany of suggestions related to acceleration of deductions and deferral of income. Yet one of the biggest and potentially most dangerous tax issues facing corporations is the compensation paid to the top executives and
IRS Sets Procedures for Tax Return Preparer Penalties
The IRS has issued internal memoranda setting forth procedures for consideration of tax return preparer penalties in taxpayer examinations. A memorandum by the Large and Mid-Size Business Division (LMSB) describes procedures for tax return preparer penalty cases, and two audit technique guideline memos by the Small Business/Self-Employed Division (SB/SE) explain
State Taxation of Telecommuters
Walk into any office today—not just late on a Friday afternoon—and you might wonder where all the workers are. Most likely, they’re telecommuting, from home or anyplace they can plug in or catch a wireless signal and log on—and for a lot of good reasons. Employers don’t have to provide
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Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.
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