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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.

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Editors' Picks

  • Full agenda at Council

    The road to IFRS, ongoing regulatory reform and sustainability headline AICPA confab

  • How to Be a Hero to Clients

    Barry Schimel, CPA, gave some thought-provoking tips on how to stay in clients’ good graces during a keynote address this morning at Thomson Reuters Tax & Accounting’s user conference in Orlando.

  • LAUNCHING A PRACTICE: Removing the Barriers to Entry

    CPAs are brilliantly positioned to become successful and profitable wealth managers, yet they often face barriers that, without proper planning, can keep them from taking the necessary steps to create an additional profit center.

  • WebCPA Twitter Page

    Check out WebCPA's Twitter page, WebCPAtweets

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