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July 1, 2010    
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Publisher's Note
Rob Nance, Publisher The death of West Virginia Senator Robert C. Byrd on Monday morning started the week off with some big news. Whether you’re a liberal or a conservative, you’ve got to admit that Byrd’s impact on his home state was quite a remarkable achievement. The man was 92 – the longest-serving U.S. senator ever.

In addition, this week has seen some other important news, such as the U.S. Supreme Court's ruling that the Public Company Accounting Oversight Board violates the U.S. Constitution's separation of powers principle. Although the decision means PCAOB board members now can be removed by the Securities and Exchange Commission at will, the industry largely celebrated the court's decision because it enables the PCAOB to continue without interruption.

Rob Nance
Publisher
publisher@accountingweb.com
Top News
Supreme Court rules PCAOB violates Constitution's separation of powers principle
PCAOB The U.S. Supreme Court this week ruled that the Public Company Accounting Oversight Board (PCAOB) violates the U.S. Constitution's separation of powers principle because board members are not appointed by the president.
Push toward electronic filing continues
With a job as big as the Internal Revenue Service's, there has to be a pack of watchdogs – maybe several packs – to help the agency stay on track. That’s where the Electronic Tax Administration Advisory Committee (ETAAC) comes in.
Fraud continues to plague homebuyer program
Iron bars might keep prisoners from physically picking our pockets. But that’s not enough to keep them – and others – from stealing millions in taxpayer money through fraudulent first-time homebuyer tax credits.
AICPA publishes guide to help CPAs comply with engagement letter requirement
The AICPA has developed a new guide, Compilation and Review Engagements, for CPAs at smaller firms who perform financial audits. The guide is designed to help them comply with a new engagement letter requirement.
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   Take Checkpoint for a test drive today. Call 800.950.1216 or visit http://ria.thomsonreuters.com/trycheckpoint to start your complimentary 30 day trial today.
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Featured Articles
BP's public relations gaffes causing British companies problems in the U.S.
Gulf Oil Spill Crisis UK businessman William Chase claims that the lives of British businesses trying to succeed in the U.S. are being made harder because of BP chief executive Tony Hayward's handling of the oil spill crisis.
Game, set, match to the IRS
Just before the start of this year’s French Open Tournament, news spread that Murphy Jensen, a doubles champion from the 1993 French Open, was neck deep in hot water with the Internal Revenue Service and two state tax agencies.
Small businesses add 18,000 new jobs in June
Small business employment grew by 0.09 percent in June, equating to a 1.1 percent annual growth rate, according to the Small Business Employment Index by Intuit Inc. The growth in percentage of small business employment translates to approximately 18,000 new jobs in June.
Ernst & Young pays fine, costs to settle Equitable Life investigation
Ernst & Young has agreed to pay a £500,000 (U.S. $748,616) fine plus £2.4 million (U.S. $3,594,667) in costs to the Joint Disciplinary Scheme and Appeal Tribunal as settlement for its role in the near collapse of client Equitable Life in 2000.
Cut Budgeting Time in Half The ONE HOUR FORECAST
How would you benefit if the time you spent on your company’s budgeting process could be cut in half or even better by 75% or more? It’s not fiction. It can be done. 12 Easy steps to creating a complete business budget and cash flow forecast. This FREE comprehensive tool allows you to see into the future of your business.

Firm/State/People News
Exclusive interview: Joanne Barry, executive director of NYSSCPA
Joanne BarryThe voice of CPAs in New York has just become stronger because of the broadened scope of practice established by the Accountancy Reform Act of 2009, according to Joanne Barry, the newly appointed executive director of the New York State Society of CPAs.
Collecting unpaid taxes four pennies at a time
Aaron Zeff is the owner of Harv’s Metro Car Wash in Sacramento, California. Imagine his surprise when, one day last March, federal agents showed up at his business demanding payment of an amount owed from tax year 2006. Just how much did Zeff need to cough up? Four pennies.
Weaver merges with Bank Advisory Resources
Weaver, a Texas-based independent certified public accounting firm, earlier this month announced expansion of existing services offered to financial institutions through a merger with Bank Advisory Resources, LLC.
Technology Solutions for Your Practice
Amy VetterSpeaker Amy Vetter focuses on why it is important to incorporate technology into your practice. The July 19 session will focus on how to use technology to improve communication within your firm and with your clients. On Aug 2, Amy will show you how to optimize your workflow. And finally, on Aug 30, Amy will help you get started offering online consulting engagements. Register for all three Technology Solutions webcasts and save!
Blogs!
What do you have to say today?
Accountants Stuck in 'Night of the Living Dead'
An increasing number of firms have seen profits decline to such an extent that they exist merely to pay off their debts and survive. Is the UK overrun with zombie businesses? Our sister site AccountingWEB.co.uk takes a look at a situation that could give George Romero an idea for his next screenplay.
Want to Become the Biggest Loser?
To maximize our earnings potential, particularly in our smaller CPA firms, we've got to get rid of some things that are "weighing" us down.
Are You a CPA with an OCD?
Our profession certainly has its fair share of nut cases. A psychiatrist could have a field day finding an endless supply of patients in a public accounting office.
Customer Service Lessons from President Obama
There is a difference between leadership and management. Politics aside please, there are valuable lessons to learn from this administration on how to better manage our client relationships.
Q&A
Using 401k for business loan
Can I provide a loan from my 401(k) and avoid the 20% plus tax liability?
Add your input!
iPhone apps
What iPhone apps specifically for accountants or business advisers have people come across?
Share your suggestions!
Kaplan Weekly Quiz
KaplanAre you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz.
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Wolters Kluwer Tax & Accounting closes tax compliance software acquisition
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