In September 2008, the IRS website posted revisions to the Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1) that surprised many practitioners. This article discusses new traps for the uninitiated created by these revisions and the new reporting requirements for certain taxpayers who previously may not have
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Cap-and-Trade Accounting Resources
Editor’s note: These are Web-exclusive resources for “Accounting for Emissions.” Excel worksheets and other tools to estimate carbon output by individuals and certain businesses at the EPA Web site. The Carbon Disclosure Project Global 500 Report 2008 and a number of other national and international disclosure studies, www.cdproject.net/reports.asp The Petition
Supercharge Your Excel Sum Operations: Worksheets and Exhibits
Editor’s note: These are Web-exclusive exhibits for “Supercharge Your Excel Sum Operations.” Click here to download sample Excel worksheets. Each of the article’s four exhibits is an individual worksheet in a single downloadable Excel file. It includes: Exhibit 1: Sales by person using SUMIF Exhibit 2: Basic functioning of SUMPRODUCT
David Wyle: How to Be Ready for the Next Upturn
What are the economic and business drivers causing CPAs to consider “paperless” solutions today? In today’s economy, firms are desperate to reduce cost. Many firms are reducing staff, pay, or work hours. Although these steps may reduce overall expenses, they do nothing to improve staff productivity. To be more competitive
Rene Lacerte: Firms Leveraging Bill.com See a 75% Time Savings and Can Re-task Billable Personnel
Why are some many CPAs going “paperless?” The profession is always evolving, and firms are now realizing that they cannot rely on writeup and tax work alone. They need to become a value-added resource during all day-to-day operations. Exchanging bills and contracts in a shoebox, and printing and exchanging
Roger Mongeon: Don’t Overlook the Risks and Liabilities
What do CPAs sometimes overlook in going paperless? In the rush to go paperless, many firms fail to consider the liabilities and ramifications for not addressing how electronic files are published and archived. Some may prematurely stop printing or publishing their final files on paper or in a PDF. At
The Paperless Age
Top executives from leading suppliers reveal tips and trends for taming tax and accounting workflow. Sponsored by: Bill.com, CCH, Doc.It, Fujitsu, Intacct, SurePayroll, SurePrep and XCM Solutions, LLC. Mike Sabbatis: Turning Workflow to Competitive AdvantageCCH president sees economy driving new efficiencies Rene Lacerte: Firms Leveraging Bill.com See a 75% Time Savings
Social Media Panel Outlines Tips for Accountants
Do accountants need to be on social networking sites such as Facebook and Twitter, or is it OK for them to sit on the sidelines? That question was posed by Bill Sheridan, e-communications manager for the Maryland Association of CPAs, during a social media panel he moderated at the MD
Password Management Strategies for Safe Systems: Offense and Defense
Editor’s note: This is a Web-exclusive exhibit for “Password Management Strategies for Safer Systems.” Primary Security Risks Effective Countermeasures Failing to enhance password security in order to focus on searching for a “perfect” security system and obtaining more funding. Immediately improve password security procedures. Implementing new system security procedures or
Password Management Strategies for Safer Systems: Glossary of Key Terms
Editor’s note: This is a Web-exclusive exhibit for “Password Management Strategies for Safer Systems.” Term Definition Clear Text Unencrypted characters in, for example, a password. Crack To decode an encrypted password. Social Engineering A hacker’s use of a plausible pretext to intimidate or trick an employee into divulging a password
CPAs Embrace Twitter
Twitter has taken the Internet by storm. Like LinkedIn and Facebook, Twitter hosts a growing community of CPAs and financial professionals, but unlike its social-networking peers, the microblogging Web site limits users’ messages, questions and conversations to 140 characters (including spaces). To put this limit into perspective, this paragraph has
CPA Financial Planners Assess New Risk Environment
Eighty percent of CPA financial advisers are strongly recommending a mix of growth and income securities for their clients, according to an online survey of members of the AICPA’s Personal Financial Planning Section. The survey, conducted between April 22 and June 4, showed that CPAs are re-evaluating their clients’ risk
Foreign Bank Account and Other Foreign Information Return Developments
The IRS on June 24 released 20 new updated frequently asked questions (FAQs) on its offshore income voluntary disclosure program (VDP) and foreign bank and financial accounting reports (FBAR). The IRS also provided to the AICPA FBAR Task Force the street address for FBAR submissions by private delivery services: IRS
ETAAC Recommends Congress Mandate More E-Filing
Do-it-yourself e-filing by individual taxpayers increased 19% from 2008 to 2009, the Electronic Tax Administration Advisory Committee (ETAAC) said in its 2009 Annual Report submitted to Congress on Wednesday. However, e-filed returns by tax preparers were down 1%. Overall, the committee estimates that for major form types, 59% of returns
TIGTA: 1040 Tweaks Needed, Drabness to Stay
A few relatively minor changes to Form 1040 could yield improvements in preventing common taxpayer errors, the Treasury Inspector General for Tax Administration (TIGTA) said in an audit. Analyzing the approximately 7 million math error notices the IRS sends annually, TIGTA homed in on some of the most frequent taxpayer
Deducting Losses for Defrauded Investors
The financial collapse of high-profile investment institutions has generated billions of dollars of losses. A recent report notes that federal and state prosecutors “are preparing for a surge of prosecutions of financial fraud.”1 A question may arise as to whether these losses for tax purposes are to be treated as
Obama Announces New Regulatory Reform Proposals
President Barack Obama on Wednesday presented a plan for regulatory reforms in the financial services industry. The details of the plan were revealed in an 89-page Treasury Dept. report titled Financial Regulatory Reform: A New Foundation.
Obama Announces Broad Regulatory Reform Proposals
President Obama on Wednesday presented a plan for regulatory reforms that would consolidate banking regulators, create new government agencies and give new powers to the Federal Reserve. One proposal of particular interest to the accounting profession includes three recommendations addressed to accounting standard setters. The plan echoes the Group of
Revamped IT Certification Available
The AICPA on Monday unveiled revisions to the Certified Information Technology Professional (CITP) credential that will reward accountants for real-world experience, life-long learning and, optionally, similar credentialsfrom other organizations. The announcement came at the AICPA Tech+ Conference in Las Vegas. Because CPAs have taken on more responsibility in the areas
FASB Issues Standards on Securitizations, SPEs
FASB on Friday published standards that change the way entities account for securitizations and special-purpose entities. Both standards will require new disclosures. FASB Statement no. 166, Accounting for Transfers of Financial Assets, and Statement no. 167, Amendments to FASB Interpretation No. 46(R), will affect financial institution balance sheets beginning in
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The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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