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2009 Tax Software Survey

The JofA and The Tax Adviser surveyed our readers to determine what they liked and did not like about their tax preparation software. The survey was conducted in late June and early July and received 9,776 responses. Below are results showing how many respondents used each product and overall ratings by

Tax Software Survey: Drake Software

Click here for a PDF of detailed survey responses for Drake Software. Tax program name Drake Software Vendor name Drake Software Telephone 800-890-9500 E-mail address Sales@drakesoftware.com Web site drakesoftware.com Price on Federal 1040 $1,395 (with early season discounts as low as $995) Is this an increase from last year? By

Tax Software Survey: GoSystem

Click here for a PDF of detailed survey responses for GoSystem. Tax program name GoSystem Vendor name Thomson Reuters Telephone 800-968-8900 E-mail address CS.Sales@ThomsonReuters.com Web site cs.thomsonreuters.com Price on Federal 1040 Starting at $2,900 Is this an increase from last year? By how much? No Renewal price Starting at $2,900

Tax Software Survey: ProSeries Professional

Click here for a PDF of detailed survey responses for ProSeries Professional. Tax program name ProSeries Professional Vendor name Intuit Inc. Telephone 800-934-1040 E-mail address APD_Sales@intuit.com Web site www.proseries.com Price on Federal 1040 $1,399.00 Is this an increase from last year? By how much? Yes, $100.00 difference Renewal price Same

Tax Software Survey: TurboTax

Click here for a PDF of detailed survey responses for TurboTax. Tax program name TurboTax – for Individual Consumer Use Vendor name Intuit Inc. Telephone 800-624-8384 E-mail address Submitted via TurboTax.com Web site Web site www.turbotax.com Price on Federal 1040 $74.95 Is this an increase from last year? By how

Tax Software Survey: ATX 1040 Office

Click here for a PDF of detailed survey responses for ATX 1040 Office. Tax program name ATX 1040 Office Vendor name CCH Small Firm Services Telephone 800-728-9776 E-mail address sales@atxinc.com Web site www.atxinc.com Price on Federal 1040 $635.00 Is this an increase from last year? By how much? No Renewal

Tax Software Survey: TaxSimple

Click here for a PDF of detailed survey responses for TaxSimple. Tax program name TaxSimple Vendor name TaxSimple Telephone 973-989-8955 E-mail address jvora@taxsimple.com Web site taxsimple.com Price on Federal 1040 $100 – $695 Is this an increase from last year? By how much? No Renewal price $100 – $695 State

AICPA: Existing Law Sufficient to Regulate Preparers

The IRS already has authority to regulate currently unlicensed tax return preparers without additional legislation, the chair of an AICPA tax committee told the Service in a public forum Thursday in Washington. Michael P. Dolan, chair of the AICPA’s IRS Practice and Procedures Committee, made the remarks during a panel

IRS Releases Streamlined Offshore Voluntary Disclosure Form

The IRS has posted to its Web site a three-page “optional format” short form for taxpayers to use when applying for the Voluntary Disclosure Program. The form asks taxpayers to estimate the annual highest aggregate value for their offshore accounts or assets for the years 2003–2008. It also requires them

International Fair Value Accounting Draft Cross-Referenced to U.S. Counterpart

The International Accounting Standards Board (IASB) on Wednesday published new resources to help stakeholders understand how its exposure draft on fair value measurement compares to the U.S. accounting standard upon which it is based. The new resources include:   A marked-up version of the text that shows the wording differences

Standard Released on GAAP Hierarchy for Federal Government Entities

The Federal Accounting Standards Advisory Board (FASAB) on Tuesday issued a standard, effective immediately, that incorporates the hierarchy of generally accepted accounting principles (GAAP) into FASAB’s authoritative literature but makes no changes to the order of priority for accounting and financial reporting guidance. Statement of Federal Financial Accounting Standards (SFFAS)

Employee Benefits Security Administration Eases New 403(b) Plan Reporting Requirements

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) last week provided transition relief for plan administrators of 403(b) plans who make a good faith effort to comply with applicable annual reporting requirements for the 2009 plan year. The guidance in the EBSA’s Field Assistance Bulletin (FAB) no. 2009-02

AICPA 2009 Trends Report Shows High Level of Accounting Degrees, Enrollment

The number of accounting graduates reached a record level during the 2007-08 academic year, according to the AICPA’s 2009 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits. More than 66,000 combined bachelor’s and master’s degrees were awarded, a 3.5% increase from 2006-07, and the

IRS Launches Dialogue on Preparer Standards

An IRS public dialogue on new standards for tax preparers gets under way this week with public forums and a formal request for comments. The Service announced last month it would propose a new regulatory regime for paid tax return preparers, one that would include so-called unenrolled preparers—those who are

Cloud Computing, Social Networking Highlighted at AICPA TECH+ Conference

This year’s AICPA TECH+ Conference in Las Vegas proved that, while accountants are using more Web-based applications, security remains a top concern when moving client information online. It’s also apparent that most CPAs aren’t quite sure what to do on social media sites such as Facebook and Twitter. The following

PCAOB to Vote on Engagement Quality Review Auditing Standard

The PCAOB on Tuesday will vote on adopting an auditing standard, Engagement Quality Review, which would require EQRs to be performed by an independent reviewer and would supersede the existing concurring partner review requirement.  The new standard would require an EQR for audits and reviews of interim financial information (“interim

IASB Amends IFRS for First-Time Adopters, Releases Proposal on Rate-Regulated Activities

The International Accounting Standards Board (IASB) on Thursday published amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards, along with an exposure draft on accounting for rate-regulated activities. The amendments to IFRS 1: ·         Exempt entities using the full cost method from retroactive application of IFRS for oil

Lenders on Tightening Trend, but Rising Risk Still Pervades

Credit underwriting standards for commercial and retail loans tightened at most banks for a second straight year, according to the 15th annual Survey of Credit Underwriting Practices. The report, released Tuesday by the Office of the Comptroller of the Currency, said 86% of banks tightened standards for commercial loans compared

IRS Issues e-Postcard Regs

The IRS issued final regulations (TD 9454 adding new Treas. Reg. § 1.6033-6) Wednesday describing how and when small tax-exempt organizations may file Form 990-N (“e-Postcard”). The e-Postcard is how certain organizations must electronically submit basic information required annually by IRC § 6033(i)(1), as amended by the Pension Protection Act

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