Accounting Today

Accounting Newswire

• People News -- Feb. 10

  February 9, 2012

  Recent hires, promotions and more.

• Firm News -- Feb. 10

  February 9, 2012

  Recent joint ventures, new offices and more.

• Young Adults Hit Hardest by Economy

  February 9, 2012

  A majority of the American public believes it’s more difficult for young adults today to pay for college, find a job, purchase a home, or save for the future, compared to their parent’s generation.

• NASBA Offers Accounting Research Grant Program

  February 9, 2012

  The National Association of State Boards of Accountancy is awarding $25,000 in grants to academicians and post-doctoral researchers to research educational issues that affect CPAs, the public accounting professions and the responsibility of state accounting boards to protect the public.

• GHD and KSM Form Medical Practice Consultancy

  February 9, 2012

  Michigan-based CPA and wealth advisory firm Godfrey Hammel, Danneels & Company and Indiana-based CPA firm Katz, Sapper & Miller have teamed up to form GHD/KSM Medical Consultants to provide financial, accounting, tax and business advisory services to health and medical industry clients.

• Diamond Foods Removes CEO, CFO after Audit Committee Probe

  February 9, 2012

  Diamond Foods Inc removed top management after a probe by its audit committee found that the company improperly accounted for payments to walnut growers, sending its shares down 40 percent in after-hours trading.

• IRS Releases Forms and Guidance for Claiming Expanded Veterans Tax Credit

  February 9, 2012

  The Internal Revenue Service has released guidance and forms that can be used to claim a recently expanded tax credit for employers who hire veterans, with newly streamlined certification requirements.

• Avalara Integrates with Open Systems

  February 9, 2012

  SaaS-based sales tax automation service provider Avalara has formed a partnership with accounting and enterprise resource planning software developer Open Systems Inc., with the companies integrating their products.

• Congress Considers Impact of Accounting on Tax Reform

  February 9, 2012

  The House Ways and Means Committee held a hearing on the interaction of tax and financial accounting rules on tax reform.

• Small Businesses Anticipate Bigger Revenues

  February 9, 2012

  Small business owners are the most optimistic they have been since July 2008 and expect increased revenues and more hiring this year, according to a new survey by Wells Fargo and Gallup.

• Intuit Updates Tax Research and Import

  February 8, 2012

  Intuit has made several updates to its Tax Research and Tax Import for Lacerte and ProSeries products, in response to a recent survey of accounting professionals.

• Ernst & Young to Pay $2M to Settle Audit Failure Charges

  February 8, 2012

  The Public Company Accounting Oversight Board has imposed a $2 million civil penalty against Ernst & Young, the largest civil money penalty to date in the PCAOB’s 10-year history, and censured the firm for audit failures, while sanctioning four of E&Y’s current and former partners.

• Hill, Barth & King Acquires Carson & Co.

  February 8, 2012

  Accounting and business consulting firm Hill, Barth & King, has acquired Carson & Co. LLC, CPAs, of Sewickley, Pa., expanding the firm’s presence in Pennsylvania and construction industry clientele.

• Senators Introduce Bill to Cut Tax Loopholes

  February 8, 2012

  A pair of Democratic senators who chair influential committees have introduced legislation aimed at closing a variety of tax loopholes to reduce the budget deficit.

• Arxis Technology Joins Intacct Channel

  February 8, 2012

  Technology consultancy Arxis Technology Inc., a major Sage and SAP partner, has joined the Intacct channel, adding to the growing line of cloud-based business technologies the firm represents.

• IRS Upgrades Smartphone App

  February 8, 2012

  The Internal Revenue Service has released an expanded version of its smartphone application, IRS2Go, with a new YouTube video feature and additional tax help for taxpayers.

• IRS and Treasury Propose New FATCA Rules

  February 8, 2012

  The Internal Revenue Service and the Treasury Department have released an eagerly anticipated set of proposed regulations for implementing the Foreign Account Tax Compliance Act.

• Foreign Currency Trader Sentenced on Tax Charges

  February 7, 2012

  An investor in a foreign currency trading fund has been sentenced to five years in prison for evading more than $150,000 in taxes.

• 401(k) Plan Sponsors Not Confident about Employees’ Retirement Planning

  February 7, 2012

  The vast majority of executives responsible for 401(k) plans at their companies are feeling less confident that employees are financially prepared for retirement, according to a survey by Deloitte.

• CCH Advises Looking at Taxes When Considering Retirement Destinations

  February 7, 2012

  Baby Boomers nearing retirement age will have many factors to consider in choosing where to live in retirement, including state taxes, according to CCH tax experts.