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APRIL 3, 2008

Features

Center for Audit Quality comments on Treasury regulatory blueprint
The Center for Audit Quality has issued a statement by Executive Director Cindy Fornelli in reaction to the U.S. Treasury Department's Blueprint for Regulatory Reform.

Woman sentenced for unleashing dogs on IRS employee
Lisa Blechman of Santa Clarita CA was sentenced to two years' probation on Monday for unleashing two dogs, including a pit bull, on an Internal Revenue Service employee who was attempting to post a summons on Blechman's home. At the time the IRS was conducting an audit of Blechman's husband's business.

AICPA testifies on estate and gift tax reform
The American Institute of Certified Public Accountants testified today before the Senate Finance Committee about issues related to simplifying planning associated with the estate and gift tax including the re-unification of the estate and gift tax exemption amounts.

Blogs!

What have you got to say today?

Bill Kennedy, CA.IT, PMP
Energized Accounting
Signs You Need a New Accounting System

The top 10 signs you need a new accounting system are...
And the top sign you need a new accounting system is....

Ryan Williams:
Tech Better
Save Time with Pre-addressed E-mails

Do you find yourself e-mailing the same people over and over? Here is a way to create pre-addressed e-mails and launch them with a single mouse click and no typing (because clicking and typing are entirely too much work)....

Inquiring AccountingWEB readers want to know:

Doug Frank asks: My wife got a distribution from sales of farm land in Desoto County Mississippi. It was a percentage of the total sale. The distribution is from her father's family inheritance. We live in Calif. How do I input that into my taxes....what form, is it miscellaneous income? Help!
READ HERE..

Todd Fisher asks: I have a not-for-profit client that has paid an employee via a barter agreement since 2001. This has never been reported in the financial records and consequently the employee has never paid any payroll taxes or income taxes. My question is: How do I best document this? Do I go back and amend all of the historical 941 and 940 data for the not-for- profit and issue W-2's to the employee?
READ HERE..

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Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve

by William Fleckenstein, Fred Sheehan

According to MSN Money columnist William A. Fleckenstein, Greenspan's nearly 19-year career as Federal Reserve Chairman is even worse than anyone imagined. Labeled "Mr. Bubble" by the New York Times, Greenspan was nothing less than a serial bubble blower with a long history of bad decision-making. His famous "Greenspan Put" fueled the perception of a Goldilocks economy-but, as this explosive expose reveals, the bear has finally caught up with Goldilocks.

Publisher's Note

I never play the lottery, but if I did and I won a load of millions, here's what I would do:

1) Remain involved with AccountingWEB.
2) Fund innovative business ideas.
3) Buy the best season tickets to all of our local sports teams.

Let's look at #2. The media certainly likes to dwell on the negative - downward economy, unemployment figures, the mortgage mess ... and I'm guessing you're as sick of it as I am. What about those amazing business ideas out there that need funding? I would love to see more media attention on these creative ideas and energetic entrepreneurs who have the potential to steer this nation's economy back in the right direction. Do you know of such cases? If so, e-mail me about these folks and we'll publish the information. Together, perhaps we can get a grassroots movement rolling!

Rob Nance
Publisher
publisher@accountingweb.com


Latest News

Quiz Me!

Variable Costs Quiz
This week's Student Zone quiz is "Variable Costs Quiz" and is brought to us by Barbara W. Scofield, PhD, CPA - Associate Professor of Accounting and Director of the Financial Accounting Concentration at the University of Dallas in Irving, Texas

Lite News

Sitcom Tax: A round-up of tax information courtesy of Hollywood
Income tax misinformation abounds in the world as Hollywood portrays it. And the trouble is, some people believe what they see. Here's a grab bag of tax episodes, mostly with tax bloopers.

Tech News

CPA Tech Advisor requests Innovation Award Nominations
The nomination period for the fifth annual Tax & Accounting Technology Innovation Awards has been extended to allow companies to submit their products and services until April 11, 2008.

Firm/State News

AAB becomes an independent member firm of Leading Edge Alliance
A A Baig & Co., Chartered Accountants has become an independent member firm of the Leading Edge Alliance. Becoming a member of LEA has provides AAB access the resources of a multibillion dollar global professional services organization, providing business development, professional training and education, and peer-to-peer networking opportunities nationally and globally, around the corner and around the world.

P.O. Box 2252, Westerville, OH 43086-2252
"Resources to help you grow"

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