Showing the Way A small firm can’t operate efficiently if workers are constantly asking similar questions, circumventing problems or forwarding inquiries to the higher-ups. Make sure your employees have enough knowledge to make decisions and solve problems on their own: Source: Score, www.score.org . TOP 10
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TOPICS / TAX
IRS practice & procedure
The Best-Laid Plans
The Best-Laid Plans A ccording to a study of accounting, legal, marketing and other professionals, accountants rated as “Cool Cucumbers” (compared with “Nervous Nellies”) on the emotional scale when it comes to being prepared for a serious disability. Just 27% of accountants (the lowest percentage among all the professions) questioned
Beating the Clock on Refunds
Most taxpayers know when to file their annual tax return. But they may be less sure of how much time they have to claim a refund. Three decisions last year may help clarify the rules. In the first, Wachovia Bank was trustee for the George C. Nunamann Trust, which was
Corporate Shields
Corporate Shields T hirty-three percent of in-house corporate lawyers surveyed said their companies have been investigated by the SEC or the Occupational Safety and Health Administration since 2003. Source: Fulbright & Jaworski LLP. BUSINESS TIPS
Data Point: 80
DATA POINT 80.4 Percentage of all Social Security and Supplemental Security Income payments in FY2007 being paid by direct deposit (up from 41.1% 20 years ago). Source: Social Security Administration, www.ssa.gov . SURVEY SAVVY
Hire Me
Hire Me! W hen job hunting, the more leads the merrier. But is one source better than another? According to a survey by The Conference Board, a business research organization, 38% of job-seekers who received an offer attributed their success to an Internet search. About 27% said networking with friends
Asia Leads World in Optimism
Asia Leads World in Optimism A sian business owners have the most optimistic economic outlook for 2007, according to a survey by Grant Thornton International. India, the Philippines, China and Singapore took the top four positions. The survey included the opinions of 7,200 business leaders in 32 countries. Source: Grant
Ways to Minimize Stress
Source: PeopleFit USA, www.peoplefitusa.com .
Everyone Has Something to Learn
Everyone Has Something to Learn A re those whippersnappers in the office blogging, podcasting and otherwise Internetting circles around you or some of your veteran employees? Maybe you should consider setting up a reverse-mentoring program, in which you pair young hires, who can offer fresh perspectives and new technology, with
Internal Control Guidance: Not Just a Small Matter
EXECUTIVE SUMMARY In its most recent guidance for compliance with Sarbanes-Oxley section 404 requirements for smaller entities, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has provided principles and examples of effective internal control. Titled Internal Control Over Financial Reporting—Guidance for Smaller Public Companies,
FYI
The SEC selected Mark W. Olson to be chairman of the Public Company Accounting Oversight Board until 2010. At the time of his appointment, he was a governor of the Federal Reserve Board. Although not a CPA, Olson also was a partner of Ernst & Young and its predecessor, Arthur
International
The International Accounting Education Standards Board of the International Federation of Accountants (IFAC) released International Education Standard (IES) 8, Competence Requirements for Audit Professionals, which outlines the professional knowledge, skills, values and attitudes that auditors need to conduct financial statement audits. As of July 1, 2008, IFAC member bodies will
Accounting
For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. FASB and the International Accounting Standards Board (IASB) published a draft version of the first two chapters of an enhanced conceptual
Practice Management
The AICPA Work/Life and Women’s Initiatives Executive Committee released “Staff Retention: The New Face of the CPA Profession,” a DVD in which professional staffing experts, leading CPAs and young members of the profession discuss recruitment and retention strategies. The committee also issued a report, “What Women in the Profession Are
Corporate Reporting
The European Federation of Accountants (FEE) published a discussion paper, Key Issues in Sustainability Assurance—An Overview, encouraging the International Federation of Accountants to develop an international standard for sustainability assurance ( www.fee.be ). FEE said such a standard would improve auditors’ ability to assess corporations’ reports on the effectiveness of
Government Accounting
The Governmental Accounting Standards Board issued Technical Bulletin no. 2006-1 to clarify how state and local government entities should report payments received from the federal government under the retiree drug subsidy provisions of Medicare Part D. The bulletin (product no. GTB0601) can be ordered at http://gasbpubs.stores.yahoo.net/gtb0601.html . With certain exceptions,
Compliance
The SEC Office of the Inspector General (OIG) recommended that the commission’s Division of Corporation Finance continue improving its preliminary reviews of corporate securities filings ( www.sec.gov/about/oig/ ). The recommendations were part of the OIG’s report on its audit, from January through October 2005, of the division’s preliminary review process.
Financial Reporting
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released Internal Control over Financial Reporting—Guidance for Smaller Public Companies to supplement Internal Control—Integrated Framework, t he committee’s landmark 1992 publication that outlined a comprehensive framework for internal control systems. The new guidance was developed primarily to help smaller public
Personal Financial Planning
The AICPA Tax and Personal Financial Planning membership sections, together with a number of prominent legal and financial services organizations, have established the Synergy Summit, a think tank that will advise national policymakers and others on financial planning and wealth preservation issues. The group’s other members are the National Academy
Enhancing Public Confidence: The GAO’s Peer Review Experience
Origin and Mission The GAO is part of the legislative branch of the federal government and thus is independent of the executive branch. Congress established the GAO in 1921 to investigate all matters relating to the receipt, disbursement and application of public funds. Since then, Congress has expanded the GAO’s
Features
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