Several federal agencies have jointly developed a “Preparedness Guide for Small Business” to help small businesses plan for the H1N1 flu (swine flu). “Small businesses play an essential role in our national effort to prepare for all disasters and emergencies—including the H1N1 flu,” Homeland Security Secretary Janet Napolitano said in
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FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach
FASB on Wednesday brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. At its board meeting, FASB ratified the consensus approach reached at the
IRS Provides 2009 RMD Rollover Relief for IRA, 401(k) Distributions
The IRS on Thursday issued Notice 2009-82 to provide relief for taxpayers who have received required minimum distributions in 2009 from an IRA or similar account. Such taxpayers have until Nov. 30, 2009, (or within 60 days of the distribution, whichever is later) to roll over the distribution into another
Accounting Educators Say U.S. at Disadvantage Without IFRS
Nearly half of accounting faculty at U.S. universities believe the United States should transition to IFRS to remain competitive, and three-quarters think IFRS needs to be immediately incorporated into their school’s curricula, according to a survey conducted by the American Accounting Association (AAA) and KPMG LLP. The second annual KPMG-AAA
Offshore Account Voluntary Disclosure Deadline Extended to Oct. 15
The IRS today extended the deadline for voluntary disclosures by taxpayers with unreported income from hidden offshore accounts from this Wednesday, Sept. 23, to Oct. 15. The IRS cautioned that there would be no further extensions. The IRS said that tax practitioners had requested an extension because some are having
IRS Finalizes Rules on COD Reporting
The IRS on Thursday issued final regulations regarding information returns for cancellation of indebtedness by certain entities (T.D. 9461). The regulations are designed to avoid premature reporting by certain entities that are currently required to file information returns and to reduce the number of returns required to be filed. They
IRS Expands, Updates Appeals Mediation Process
The IRS on Friday expanded the number of cases that are eligible to go through mediation in Appeals and updated the mediation procedures (Revenue Procedure 2009-44). The IRS’ Appeals mediation program was authorized in 1998. The IRS Appeals function is designed to resolve tax controversies without litigation. The mediation program
IRS Boosts Tax Incentives for Retirement Savings
The IRS released several pieces of guidance Tuesday designed to boost tax incentives for retirement savings. The initiatives include expanded opportunities for automatic enrollment in 401(k) plans, vehicles for taxpayers to save their tax refunds and convert accrued vacation time into savings, and better explanations of the available options for
FASAB Committee’s Proposals Intended to Clarify Accounting for Asbestos Cleanup Costs
The Accounting and Auditing Policy Committee (AAPC), a permanent committee of the Federal Accounting Standards Advisory Board (FASAB), on Friday released two exposure drafts of new Federal Financial Accounting Technical Releases, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment and Implementation Guidance on Cleanup Costs Associated
PCAOB Publishes Q&A on References to Authoritative Accounting Guidance
The PCAOB on Wednesday published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB
IRS Provides Guidance on Late Entity Classification Elections
The IRS on Thursday released Revenue Procedure 2009-41, giving eligible entities guidance on how to obtain relief when they make a late entity classification election. The relief is available for three years and 75 days after the requested effective date of the eligible entity’s classification election. Under the check-the-box regulations,
FASB Drops Some FIN 48 Disclosure Requirements for Private Companies
FASB on Wednesday issued Accounting Standards Update (ASU) 2009-06 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740-10-50-15(a) through (b) for nonpublic entities, including pass-through and not-for-profit entities. The new guidance involves requirements
AICPA 2009 Leadership Academy Participants
Editor’s note: Also see “Inaugural Leadership Academy Helps Participants Hone Skills for the Future,” Sept. 09. Noel Abdur Rahim, PricewaterhouseCoopers LLP, Mich. Chad Becnel, Postlethwaite & Netterville, La. Gregory Bedard, Prudential Financial, N.J. Doshan Coilton, Macias Gini & O’Connell, Calif. Daniel Dehner, Durkin Forensic Inc., Calif. Andrew Dumich, William Dumich,
Payroll & HR Solutions
Sponsored by AccountantsWorld, ADP, PayChex, PayChoice, PayCycle and SurePayroll. Paychex Partners With CPAs to Outsource Payroll, HR FunctionsQ&A with Jonathan J. Judge, President & CEO, Paychex, Inc. ADP: Offering the Best Fit for Today’s Accountants and Small BusinessesQ&A with Don McLoughlin, VP of Marketing, ADP Small Business Solutions PayChoice Partners
Payroll Relief: High-Profit Payroll Without the Headaches
Dr. Chandra Bhansali is president and co-founder of AccountantsWorld with his wife Sharada Bhansali. AccountantsWorld is a pioneer in a new breed of accountant-centric solutions that let accountants work collaboratively with their clients. Interviewed by AICPA Editor-At-Large Rick Telberg. Q: How does AccountantsWorld’s Payroll Relief help accounting firms make money?
ADP: Offering the Best Fit for Today’s Accountants and Small Businesses
Don McLoughlin specializes in providing payroll and business solutions for businesses with fewer than 50 employees. ADP offers RUN Powered by ADP Payroll for Accountants®. He was interviewed by AICPA Editor-At-Large Rick Telberg. Q: What criteria should be applied to make an intelligent decision to outsource or in-source? A: Outsourcing
SurePayroll Brings Payroll to iPhones and Blackberrys
As one of the founding members of SurePayroll, Michael Alter has grown the company from its original five employees to a thriving business with tens of thousands of customers. Today, the company is a pillar of the payroll community and Alter is a widely recognized small business expert, quoted by
COSO Emphasizes Board’s Role in Overseeing Risk
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on Tuesday published a document to help boards of directors strengthen their oversight of enterprise risks. The four-page paper, Effective Enterprise Risk Oversight: The Role of the Board of Directors, calls attention to COSO’s Enterprise Risk Management—Integrated Framework (2004) and
PayChoice Partners With Accountants for Payroll Success
CEO Robert Digby brings more than 20 years of payroll, HR and benefits industry expertise to PayChoice. He is the former president of RSM McGladrey Employer Services and has held senior roles at Ceridian. He was interviewed by AICPA Editor-At-Large Rick Telberg. Q: What do firms overlook when deciding whether
Paychex Partners With CPAs to Outsource Payroll, HR Functions
Before joining Paychex in October 2004, Jonathan J. Judge served as president and CEO of Crystal Decisions Inc., a leading provider of business intelligence software, and as general manager of IBM’s Personal Computing Division. He was interviewed by AICPA Editor-At-Large Rick Telberg. Q: There’s quite a debate within accounting firms
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