Accounting Today

Accounting Newswire

• Russell Golden to Chair FASB

  April 23, 2013

  The Financial Accounting Foundation’s board of trustees has named Russell G. Golden as the next chairman of the Financial Accounting Standards Board, succeeding Leslie Seidman, whose term will end on June 30.

• Small Businesses Regularly Struggle with Tax Regs and Code

  April 23, 2013

  A recent Sage North America study found that 74 percent of small businesses in the U.S. and 68 percent in Canada use outside accountant services, in part, because of the complexity of regulations and the Tax Code.

• CCH Introduces Axcess Cloud Software

  April 23, 2013

  CCH has debuted the CCH Axcess set of software, centered around new online tax preparation software and rebranded versions of the company’s document management, portal, practice management and workflow software.

• GASB Approves Standard on Nonexchange Financial Guarantees

  April 23, 2013

  The Governmental Accounting Standards Board has approved a new standard that provides accounting and financial reporting guidance to state and local governments that offer nonexchange financial guarantees and governments that receive guarantees on their obligations.

• FASB Releases Standard on Liquidation Basis of Accounting

  April 22, 2013

  The Financial Accounting Standards Board has issued an Accounting Standards Update aimed at improving financial reporting by clarifying when and how public and private companies and not-for-profit organizations should prepare statements using the liquidation basis of accounting.

• Deloitte Loses Bid to Delay SEC Suit Seeking China Documents

  April 22, 2013

  Deloitte Touche Tohmatsu CPA Ltd. lost a bid to delay a lawsuit brought by the Securities and Exchange Commission seeking documents in an investigation of the auditor’s former client Longtop Financial Technologies Ltd.

• IRS Not in Compliance with Improper Payments Law

  April 22, 2013

  The Internal Revenue Service was not in compliance with all requirements of a 2010 law that increased agency accountability for reducing improper payments in federal programs, according to a new report that cited the high rate of improper payments for the Earned Income Tax Credit.

• Daszkal Bolton Co-Founder Dies in Accident

  April 22, 2013

  Jeffrey Bolton, CPA, a partner and co-founder of Gulf Coast Regional Leader Daszkal Bolton LLP, died on April 19 in a swimming accident in the Bahamas.

• Marcum Merges in Cornerstone Accounting

  April 22, 2013

  Marcum LLP has merged in Cornerstone Accounting Group, an accounting and assurance firm that focuses on the real estate industry.

• IRS Warns about Boston and Texas Charity Scams

  April 22, 2013

  The Internal Revenue Service is warning potential donors to beware of charity scams operating in the wake of the explosions last week at the Boston Marathon and a Texas fertilizer plant.

• IRS Offers Guidance on FICA Refunds for Medical Residents

  April 19, 2013

  The Internal Revenue Service has issued advice from its Office of Chief Counsel providing guidance to employers who request refunds of Federal Insurance Contributions Act payroll withholding taxes for medical residents.

• IRS Will Close to Public for Five Days under Furlough Plan

  April 19, 2013

  The Internal Revenue Service will close all of its public operations on five days from now through August because of employee furloughs, IRS Acting Commissioner Steven T. Miller told employees in a memo Friday.

• Accountants' Confidence Moderates Somewhat

  April 19, 2013

  The profession's confidence in the U.S. economy moderated somewhat last month, according to the April edition of Accounting Today’s monthly Accountants Confidence Index.

• Starbucks Led the Way on Employee Expense Reports

  April 19, 2013

  Coffee chain Starbucks ranked at the top of restaurant vendors listed by employees on expense reports, with Marriott dominating in the hotel category, Delta in the airline category, and Avis for car rentals.

• CFTC Charges Tunney Accounting Firm with Audit Failure

  April 19, 2013

  The U.S. Commodity Futures Trading Commission has filed a complaint against Tunney & Associates, an accounting firm with offices in Hammond, Ind. and Orland Park, Ill., and Michael Tunney, its sole owner and a CPA licensed in Illinois and Indiana, claiming he failed to properly audit a client registered with the CFTC.

• People News: April 19. 2013

  April 19, 2013

  New hires, promotions and awards winners...

• Firm News: April 19. 2013

  April 19, 2013

  New networking members, networking opportunities for accountants and more...

• IRS Offers Workaround for Form 8949 Glitch

  April 18, 2013

  The Internal Revenue Service is offering an updated way to handle problems with the Form 8949, which has been having issues this past tax season.

• Congressman Introduces Stock Trading Sales Tax

  April 18, 2013

  Rep. Keith Ellison, D-Minn., introduced a bill Wednesday that would establish a tax on the trading of stocks and other financial products.

• IRS Misroutes Tips about Tax Fraud

  April 18, 2013

  The Internal Revenue Service improperly screens many reports of possible tax fraud submitted by taxpayers and routes them to the wrong place, according to a new government report.