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January 15, 2009

Publisher's Note
Announcements of store closings in January are certainly nothing new.  Even in fruitful economic times, we still get a bit of this type of news right after the Christmas buying season.  Macy’s, Office Depot and Pep Boys are just a few of the companies shuttering stores this winter.

In our story As economy nosedives, retailers take huge hit, it’s mentioned that Walmart gained market share in 2008.  Are your clients, or is your company, gaining market share?  Some readers are telling us that while revenues and profits may be short for their companies/firms, they are taking advantage of the opportunity to harvest market share gains.  When competitors are down...what a great time to strike while the iron is hot! 

Rob Nance
Publisher
AccountingWEB, Inc.

publisher@accountingweb.com



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Questions & Advice

How to account for sales tax paid at time of purchase of resellable supplies

I am a photographer selling prints. I Purchase ink and paper, then sell the final product to customers. I pay sales tax on ink and paper at time of my purchase. I collect sales tax for the entire sale price of my artwork since I am not providing labor. Question: In what account do I accumulate "Pre Paid Sales Tax" prior to sale of resellable items? How do I transfer this ammount from a vendor purchase to a sales tax payment?
Add your input!

How to account for income tax expense with a credit

We calculated our income tax expense for 2008. It is 1,500,000. We have a 3,000,000 deferred income tax asset which we can use to offset our income tax expense in 2008. I am uncertain whether our tax expense would be recorded as 1,500,000 because that is the amount we would need to pay if we didn't have the DTA, or whether it would be 0 because we are using the tax asset credit.
Share your suggestions today!


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Featured links
Learn Your Way from the Leaders in Tax and Accounting CPE!
Preparing Form 709:  Federal Gift Tax Return – CCH Audio Seminar
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Top News

As economy nosedives, retailers take huge hit

Economic conditions caused retailers to take a hit during the normally busy fourth quarter of 2008. Some see the glass as half full, but many are anticipating a dour outlook for the year ahead. more >>
Retail ripple effect: Bad times for commercial real estate can mean a tenants' market
12 Tips to help small retailers thrive in a recession
Point Counterpoint
    What advice are retailers getting in these tough times? Keep going!
    What advice are retailers getting in these tough times? Close the doors.
Click Here
Learn Your Way from the Leaders in Tax and Accounting CPE!

The Tax & Accounting business of Thomson Reuters offers practical and hands-on training in the affordable, convenient format of your choice, including online and downloadable self-study! Our authors are experienced practitioners—you’ll meet CPE requirements while gaining practical knowledge to help you through tax season.

NEW: See our new courses covering the Emergency Economic Stabilization Act of 2008 from PASS Online and MicroMash!

Visit trainingcpe.thomson.com or call 800.231.1860.
Featured Articles
Test your customer IQ

It will come as no surprise that customers want it their way (to paraphrase Burger King). Yet many companies don't have processes for figuring out what that means. Take this quiz to assess your customer "IQ" (or "Insight Quotient") and determine the necessary next steps for shortening your sales cycle.. more >>
Amazon loses New York sales tax lawsuit
Castroneves takes back seat to Will Power while awaiting tax trial
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Stay Informed with CCH Audio Seminars
Earn CPE Credit
Invite colleagues, customers, prospects and business referral sources to join you for a CCH Audio Seminar.  Each seminar includes supporting CCH research materials forwarded to you after the seminar.

PREPARING FORM 709:  Federal Gift Tax Return - January 21 
This session will provide an overview of the basic concepts and issues of gift taxation, and then give you a helpful line-by line analysis of what must be done to accurately complete Form 709.  Learn more.

What’s New and Essential for 2008 Tax Returns - January 22
An insightful program which includes a discussion of 39 changes that take effect for the first time in 2008.   Learn more

Upcoming:  1040 LAST MINUTE UPDATE and THE NEW MICHIGAN BUSINESS TAX   Learn more.  
Firm/State/People News
Jacob G. Birnberg, Ph.D. receives AAA-AICPA Lifetime contribution award

Jacob G. Birnberg, Ph.D. has been awarded the 2008 Lifetime Contribution Award from the Management Accounting Section of the American Accounting Association, sponsored by the American Institute of Certified Public Accountants. more >>
California CPA selected for San Diego City Council audit committee
Carr, Riggs & Ingram names Kris Hoffman partner
Mastering QuickBooks Seminars

Whether you are a new or experienced user, our Mastering QuickBooks seminars and training products are designed to help you take advantage of the powerful features this software has to offer.

Since 1997, we've taught more than 500,000 people how to set up and use QuickBooks in our Mastering QuickBooks courses. We offer the MOST popular QuickBooks training class in the world! We are the only QuickBooks training company ENDORSED by Intuit...the maker of QuickBooks.
Lorman Lecture Hall

The Lorman Lecture Hall provides you with up-to-date information on upcoming teleconferences to help you stay on top. Most courses offer an opportunity to earn CPE.

Visit www.lorman.com/training/aweb for a complete list of courses.
Book Giveaway Winners

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Keep watching for our next giveaway!

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