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Newswire

• Grant Thornton Names New COO

  November 6, 2009

  Grant Thornton has named Lou Grabowsky chief operating officer effective Jan. 1.

• AICPA, FEI Object to Federal Accounting Oversight Board

  November 6, 2009

  The American Institute of CPAs and Financial Executives International have written to Congress to express their objections to proposed legislation that would displace the SEC from its role of overseeing the Financial Accounting Standards Board.

• Judge Frees ‘Girls Gone Wild’ Founder

  November 6, 2009

  Joe Francis, the head of the company that produces the “Girls Gone Wild” series of racy videos, is a free man after he was sentenced to time served in his federal tax evasion case.

• Senior Financial Execs Favor Separate CEO, Chairman

  November 6, 2009

  Eighty-eight percent of senior financial executives believe the positions of CEO and chairman of the board should be separate, according to a new survey by Grant Thornton.

• Thomson Reuters Unveils Next Generation Software, Services

  November 5, 2009

  Thomson Reuters has unveiled what it has billed as its next-generation software and services, the Accounting CS payroll system and Virtual Client Office, along with new enhancements to its Source Document Processing offering.

• IASB Treads Cautiously on Asset Impairment

  November 5, 2009

  The International Accounting Standards Board has proposed new standards for measuring the impairment of financial instruments and assets using amortized cost, taking a different tack than the U.S. Financial Accounting Standards Board.

• IRS Has $123.5 Million in Undeliverable Refunds

  November 5, 2009

  The Internal Revenue Service is looking for taxpayers who are due to receive a combined $123.5 million from 107,831 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors.

• Report Finds $1.8M in Erroneous Health Tax Credits

  November 5, 2009

  At least 1,260 individuals appear to have erroneously claimed about $1.8 million in Health Coverage Tax Credits on their 2007 returns.

• Congress Mandates Electronic Filing

  November 5, 2009

  Congress has passed a bill on unemployment that would require electronic filing by all return preparers “except those who neither prepare nor reasonably expect to prepare ten or more individual income tax returns in a calendar year.”

• Court Reinstates Malpractice Suit Against Deloitte

  November 5, 2009

  A malpractice lawsuit against Deloitte that was filed by Holtsville, N.Y.-based Symbol Technologies can proceed, an appeals court in New York has ruled.

• Senate Extends Homebuyer Tax Credit

  November 4, 2009

  The Senate voted by a 98-0 margin to extend the First-Time Homebuyer Tax Credit while also expanding the credit to existing homeowners who want to move to another residence.

• Intuit Names New Members to Advisory Council

  November 4, 2009

  Intuit has named eight new members to its 17-person Accountant and Advisor Customer Council.

• CAQ Wants Congress to Preserve SEC Oversight of FASB

  November 4, 2009

  The Center for Audit Quality and other influential organizations are asking leaders of the House Financial Services Committee to safeguard the role of the SEC in overseeing the Financial Accounting Standards Board.

• IASB Eases Related-Party Disclosures

  November 4, 2009

  The International Accounting Standards Board has issued a revised version of its standard for related-party transactions, simplifying the disclosure requirements and clarifying the definition of a related party.

• Small Businesses Lost 75,000 Jobs in October

  November 4, 2009

  Businesses with less than 50 employees shed 75,000 private sector jobs in October, according to the latest monthly employment report from payroll giant ADP.

• IRS Employee Pleads Guilty to Stealing Mail

  November 4, 2009

  An IRS employee has admitted to stealing money from the mail that had been sent to the facility where she worked.

• Financial Planners Oppose FINRA Oversight

  November 3, 2009

  Financial planning trade groups have written a letter to congressional leaders protesting an amendment that would extend the regulatory authority of the Financial Industry Regulatory Authority to cover investment advisers who are associated with broker-dealers under FINRA authority.

• Madoff Accountant Pleads Guilty

  November 3, 2009

  David Friehling, the accountant whose firm signed off on audits of Ponzi schemer Bernard Madoff, has pleaded guilty to essentially rubberstamping his client’s financials.

• NetSuite Integrates Cloud Platform with RedPrairie

  November 3, 2009

  Productivity software provider RedPrairie plans to offer pre-integrated application modules on software developer NetSuite’s cloud computing platform.

• IRS Issues Guidance on Minimum Distribution Waiver

  November 3, 2009

  Congress decided last year to waive required minimum distributions from retirement savings plans for 2009, but there is still some confusion about how to apply the waiver.

• Carver Moquist and TK Advisors Merge

  November 3, 2009

  Two Minneapolis-area CPA firms, Carver Moquist & O’Connor and TK Advisors Ltd., have merged to form a larger advisory firm to service the Twin Cities.

• International Auditing Standards Spread to 126 Countries

  November 3, 2009

  The International Federation of Accountants has released a new online chart showing the growing adoption of International Standards on Auditing.

• Ed Rollins Faced $1.33M in Tax Liens

  November 3, 2009

  Political campaign consultant and pundit Ed Rollins reportedly owed over $1.33 million, according to federal and state tax liens and warrants filed this year, although he claims to have paid off much of the debt.

• Tax Return Transcripts Expose Personal Information

  November 3, 2009

  Forty-three percent of taxpayer requests for copies of tax returns or transcripts were processed incorrectly or not in accordance with IRS guidelines, according to a new report.

• PCAOB May Scrap Auditor Sign-off Proposal

  November 2, 2009

  The Public Company Accounting Oversight Board has received mostly negative comments on a recent proposal to require engagement partners with final responsibility for an audit to sign the audit report, and it may end up abandoning the idea.

• Pagos to Release Web-based Spreadsheet Service

  November 2, 2009

  Software developer and IT consulting services provider Pagos will this month formally release SpreadsheetLIVE, an online real-time spreadsheet service, after a year of beta testing.

• IRS Won’t Assess Extra ’02 Taxes on FedEx

  November 2, 2009

  FedEx said the IRS’s audit team has decided not to assess federal employment taxes on FedEx Ground’s home delivery drivers, whom the company considers to be independent contractors.

• Microsoft Discontinues Office Accounting

  November 2, 2009

  Microsoft has announced it will stop distributing its Office Accounting as of Nov. 16 but will continue to offer product support for the software for five years.

• Two-Thirds of Individual Taxpayers Now E-file

  November 2, 2009

  Electronic tax filing set a new record this year, with 95 million individual federal income tax returns e-filed, up nearly 6 percent from last year’s total of nearly 90 million.

• FTC Extends Deadline for ‘Red Flags’ ID Theft Rule

  November 2, 2009

  The Federal Trade Commission has once again extended the deadline for enforcing the so-called “Red Flags Rule” that requires financial institutions and creditors to develop identity theft prevention programs.