A panel of the U.S. Court of Appeals for the District of Columbia ruled that taxpayers could challenge under the Administrative Procedure Act (APA) the IRS’ method of refunding long-distance telephone excise taxes. The 2-1 decision in Neiland Cohen v. U.S. reversed and remanded a dismissal of the case by
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Deal With It
A recent Deloitte poll found that an increasing number of executives are rethinking their deal strategy in light of FASB ASC 805, Business Combinations, formerly Statement no. 141(R). Of executives polled, 44.3% said they are rethinking their strategy or that the standard would otherwise affect their deal strategy or planned
Optimism Grew Again in Q3, Spread Across Industries
Heightened optimism among CPA financial executives seems to indicate the worst of the recession is in the past, but the consensus is growing that the U.S. economy is still a ways off from achieving a full recovery. While optimism about the economy continued to improve and spread across most industries
Avoid the Back-to-Work Blues
We’ve all been there, panicking during what should be a fun,relaxing vacation when we know an avalanche of work will be facing us upon returning to the office. Here are some tips to ensure your productivity: Plan ahead. Make a list of things that must be done before you leave.
Don’t Defrag the Super-Fast Solid-State Drives on Ultralight Notebooks
Q: I just got a new ultralight notebook for when I travel. It has one of those super-fast solid-state drives. My maintenance program for my regular hard-drive computers in the office includes regularly running a defragmentation program. That way, I can be assured that they will always be able to
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FBAR FILING EXTENDED FOR SOME The IRS extended for certain taxpayers the due date for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), for tax year 2008. The reporting form originally was due June 30 this year. In Notice 2009-62, the Service said two types
Professor Wins Best Early Career Researcher Award
Henri Dekker, Ph.D., associate professor of accounting at VU University, Amsterdam Research Center in Accounting, Netherlands, received the AICPA’s Best Early Career Researcher Award. The award, which is co-sponsored by the Chartered Institute of Management Accountants in the U.K. and the Society of Management Accountants of Canada, was granted in
ARRA Changes 2009 Estimated Tax Rules
For tax years beginning in 2009 only, the American Recovery and Reinvestment Act of 2009 (ARRA) reduced the amount of estimated tax that individual taxpayers with income from small businesses must pay. As 2009 draws to a close, practitioners should make sure their clients are aware of and taking advantage
CPA Exam’s Top Scorers Recognized
The AICPA announced the winners of the 2008 Elijah Watt Sells Awards, which are presented annually to the 10 candidates earning the highest cumulative scores on the four sections of the Uniform CPA Examination. In 2008, more than 85,000 candidates took the exam. The winners, in alphabetical order followed by
Story on Business Combinations Standard Wins Best Article Award
Paul B.W. Miller, Paul R. Bahnson and Brian P. McAllister received the Journal of Accountancy’s Lawler Award for the best article of 2008. Their article, “A New Day for Business Combinations” (June 08, page 34), discussed the former FASB Statement no. 141(R)— now codified as ASC 805—which focuses on overhauling
Fraud
Suspicious activity reports (SARs) climbed at double-digit rates in the seven categories relating specifically to fraud in 2008, according to The SAR Activity Review— By the Numbers, Issue 12. The semiannual report by the Financial Crimes Enforcement Network (FinCEN) includes SAR filings through Dec. 31, 2008. Check fraud (17% year-to-year
The Generation-Skipping Transfer Tax: A Quick Guide
Sooner or later, every estate planner comes face to face with the generation-skipping transfer tax (GSTT). Many practitioners do not feel up to the challenge because this particular tax has a reputation for being as treacherous as the sea. But after you boil down all the complications, you’re left with
PFP Practice Portal Provides Easy Access to Resources and Tools
The AICPA’s Personal Financial Planning Section recently launched a resource to help members add value to new, existing or growing personal financial planning practices or wealth management firms. The PFP Practice Portal features information on technology, regulations, networking groups, the PFS credential, professional responsibilities, education and practice management. It also
ESOP Redemptions Not Deductible as Dividends
The Third Circuit Court of Appeals joined the Eighth Circuit in ruling that even if cash payments to redeem employee stock ownership plan (ESOP) accounts are otherwise deductible dividends within the meaning of IRC § 404(k), an employer is barred by section 162(k)(1) from deducting the payments if they are
Small Business
Under an interim final rule, the SBA can now provide surety bond guarantees on federal contracts valued at up to $10 million, if the contracting officer certifies that the guarantee is in the best interests of the government. Currently, under a related provision of the Recovery Act that was implemented
AICPA Awards Scholarships
The Institute announced the winners of the AICPA/Accountemps Student Scholarship and the John L. Carey Scholarship. The AICPA/Accountemps Student Scholarship is awarded to accounting, finance or information systems majors with a minimum 3.0 grade-point average who demonstrate leadership, academic excellence and future career interests in accounting and business. The AICPA
Recovery Act Reminders for 2009
Given the breadth and variety of tax relief provisions in the American Recovery and Reinvestment Act (ARRA) of 2009, PL 111-5, one or more could affect your clients’ individual returns for the 2009 tax year. Many are intended to provide relief for taxpayers in financial distress, stimulate consumer spending or
What, You Still Don’t Know How to Transpose an Excel Table?
Q: To make an Excel table fit better on a page when I print it, I frequently have to transpose it—that is, move all the data from, say, rows 1, 2 and 3 and put them into columns A, B and C. To do that I have to move each
An Easy Access for Often-Used Files in Office 2007
Q: I just started using Office 2007, and it contains a couple of things I can’t figure out. One, which I find most intriguing, is a pushpin. When I click on the Office icon to save a document, a list of Recent Documents appears, just like in Office 2003, but
How to Fail at Business Without Really Trying
We’ve all heard the tried-and-true tips on getting ahead in the office. Here are some ways that employees have done quite the opposite, according to a CareerBuilder.com survey of more than 5,700 workers: Falling asleep at work (45%) Kissing a co-worker (39%) Stealing from the office (22%) Spreading a rumor
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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
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