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July 2, 2009

Publisher's Note
With ethics and a proper code of conduct being the backbone of the profession, what we do and how we appear are always top-of-mind. In reading about the EPA's investigation of the possible toxicity of using shredded tires on playgrounds, I noticed that their lead investigator is named Michael Firestone. Toxic tires? Firestone? This just looks bad, very bad. It's like an accountant named Steve Cheater or Linda Fraud. Have a great holiday weekend.

Rob Nance
AccountingWEB, Inc.

Open Source More Viable With the Advent of Cloud Computing
Open source solutions like Linux have promised to provide businesses with reliable computing platforms without the high cost of ownership that comes with standard software licensing agreements. However...

Supply Chain Management: Invest in Your Suppliers
Lean manufacturing is a term that has gained great exposure during the last 10 years. If you know about Lean, you've probably heard about reducing waste of all kinds on factory floors through improved processing efficiencies. What you may not know is...

Charting A Firm's Social Media & Communications Policy
Rare is the firm that hasn't yet addressed controlling Internet usage, text messaging, instant messaging (IMing), and other forms of communication....

Madoff Sentenced to 150 Years
Earlier today, self-admitted Ponzi schemer Bernard L. Madoff was sentenced by U.S. District Judge Denny Chin to a 150-year sentence, the maximum for the charges he was convicted on....

Questions & Advice

Pre-trades on equipment

Need to know how you would set up accounts for a pre-trade in on some equipment that can be sold before the original equipment comes in.
Add your input!

Delinquent Reports of For. Bk. Accts. Form 90-22.1

For years, one of my oldest friends has been delinquent with his returns. He lives in Europe and travels constantly. I finally got him caught up, and now he is finally going to file his first and timely TDF 90-22.1. He has not filed all his many past-year Reports of Foreign Bank Accounts, going back to 2002.... Share your suggestions!
Share your suggestions!


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This week's CPA review

Featured links
Paperless Systems Boost Productivity - Accountants Share their Experiences
Webcasts taught by accounting and tax professionals
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Top News

CPA firms predict economic recovery will begin late in 2009
Forty-seven percent of small- to medium-sized CPA firms believe the economy will begin to recover in the fourth quarter of 2009, according to the American Institute of Certified Public Accountants' 2009 CPA Firm Top Issues Survey. Ten percent of firms believe the economy is already improving. more >>
How to lose $7 billion in taxpayer money without really trying
How did the IRS manage to pay out $7 billion in improper child tax credits...?
The King of Ponzi schemes goes to jail
Allen Stanford is a 59 year-old Texas billionaire... And... he's currently sitting in a Houston jail....
$65 billion Ponzi scheme equates to 150 Years in prison for Bernie Madoff
An "extraordinarily evil" fraud that took a "staggering toll" on its victims... that's what the judge said when he sentenced Bernard Madoff...

Taxpayer Advocate addresses tax preparer oversight, OIC, taxpayers services
National Taxpayer Advocate Nina E. Olson delivered a report to Congress this week...
Workflow and Paperless Systems Boost Productivity

Whether it's practice management software, conferences or webcasts, we are committed to providing relevant solutions and resources to the accounting practice of the future... Today. Learn how to implement a paperless system, integrate new work flow methods and improve how you work along with your bottom line.

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Find out what other accounting professionals have implemented
Featured Articles
Invest in next Gen X leaders now!
Many smart companies and professional firms have not abandoned training in these tight economic times. They are betting that training and coaching the next generation in leadership skills will help them through the recovery period and give them an edge when competitors start building again. more >>
Illinois CPA Society prepares for annual Accounting and Finance Showcase
Now in its 29th year, the Illinois CPA Society will once again host its premier annual event for business and financial professionals....
Green accounting firms
AccountingWEB 2009 Scholarship award-winning essay: Power strips, fluorescent lighting, post-recycled paper, and Webcasts. The list of how to have a green office includes these ideas and many more, with the goal being to minimize an office's carbon footprint....
CPE Link
Webcasts taught by accounting and tax professionals

CPE Link offers webcasts taught by accounting and tax professionals -- all experts in their fields with many years of practical experience to share.

Webcast attendance fees are reasonable, plus - firms, that have three or more participants at the same location viewing the webcast as a group, qualify for the discounted group rate.

In addition to live webcasts, practitioners can also choose from online self-study courses and on-demand webcasts offered through CPE Link. For today's overscheduled, busy professional, attending courses online can be a very practical way to earn CPE. Sit back, relax, and learn without leaving the office! View upcoming webcasts:

CPE Link Microsite on AccountingWEB
Firm/State/People News
Can accountants build it? Yes, they can! Helping Habitat in NC
When you think of accountants at work, images of calculators and sharpened pencils spring to mind. But employees at Cherry, Bekaert & Holland LLP traded in the tools of the trade for hammers and nails when they volunteered to help build a Habitat for Humanity house in Raleigh, NC. more >>
"Salt of the Earth" accountant finds prostitution doesn't pay
Last year, Phoenix police shut down a large prostitution ring involving more than 100 prostitutes, some of whom still lived at home with their parents. So far, the participant facing the harshest penalty is the group's accountant...
J.H. Cohn donates $150,000 to Cohn for Kids
Through its 18th Annual Charity Golf Invitational, J.H. Cohn LLP, one of the largest independent accounting and consulting firms in the United States, donated a total of $150,000...
Plante & Moran merges with Cincinnati accounting firm
Jackson, Rolfes, Spurgeon & Co. (JRS), one of Cincinnati's largest public accounting firms, has announced its merger with Plante & Moran...
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Lorman Lecture Hall

The "Lorman Lecture Hall" provides you with up to date information on upcoming teleconferences to help your business stay on top of your training needs. Most courses offer an opportunity to earn CPE. You can register online or call Lorman at 1-866-352-9539.

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