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I just wanted to drop you a quick note that I found editor-in-chief Bill Carlino's letter to the president-elect offensive ("Dear Mr. President-elect," Dec. 15, 2008-Jan. 4, 2009, page 6) - in case you were under the impression that you were uniformly representing your readership in the comments you made. Although I would not expect your publication to be in favor of a lot of his agenda, I believe he deserves more respect than you showed him.Bryan Zink, CPA

Often, the monotony of punching a clock as someone else's employee leads to daydreams of starting a business and being your own boss. In rough economic times, those daydreams may never pass beyond imagination. "Times are tough; how could I start my own small business now?" one thinks. That's rational thinking, but, counterintuitively, a down economy can actually create great opportunity for budding entrepreneurs.There are a variety of benefits to starting a small business during poor economic conditions. For starters, office rents could be lower and suppliers may cut better deals. Downturns are a great time to sign new accounts. Customers are examining every expense for ways to save, including asking eager entrepreneurs for price bids in order to replace current and expensive vendors.

WS+B HELPS WITH RECESSIONPrinceton, N.J.-Accounting firm WithumSmith+Brown has introduced a new consulting service to help businesses deal with the troubled economy.

Two recent surveys showed accounting firms displaying a wide range of outlooks on the near-term future of the U.S. economy.In the first, 13 percent of the CPA firms polled over the summer for the CPA Firm Statistical Analysis Reference Handbook 2009, published by the Institute of Management and Administration, said that they expect to see negative changes in revenues for the year ahead. While 37 percent of firms still anticipate a 5 to 10 percent revenue increase in the fiscal year ahead, 55.6 percent rated the economy as the most significant factor that could curtail revenues.

The Internal Revenue Service's announcement of two new alternative dispute programs for offer-in-compromise and trust fund recovery penalty cases comes as welcome news to practitioners who regularly practice before IRS Appeals."The IRS should be complimented in trying to do programs like these," said Marty Davidoff, CPA, Esq., of E. Martin Davidoff and Associates. "It's the IRS at its best. They're looking for different ways to resolve controversies."

CONGRESS KILLS MINIMUM DISTRIBUTIONS FOR 2009Washington, D.C - Congress has passed a waiver of the minimum distribution rule for 2009, but not for 2008, for employer-provided qualified retirement plans and individual retirement accounts and annuities in H.R. 7327, the Worker, Retiree and Employer Recovery Act of 2008. The Treasury Department is studying whether to provide relief with regard to 2008 minimum distributions.

Not enough regulation, too much regulation, bad regulation and bad acts are among the allegations blitzing media reports. Integrally related are regulatory environments, political settings, tax regimes, incentives and behavior. One can succinctly tell the story by pondering the answers to a series of questions, all of which reveal the not-too-invisible hand of government.What happens when money is persistently available at less than historical risk-free rates and the government co-opts over half of the housing lending market traditionally serviced by the private sector?

CPAS STARTING TO ACCEPT IFRSNew York - Accountants in the U.S. are increasingly starting to prepare for the transition to International Financial Reporting Standards, according to a survey by the American Institute of CPAs.

In November, Conrad Hewitt resigned as chief accountant of the Securities and Exchange Commission. In mid-December President-elect Obama named Mary Schapiro to replace Christopher Cox as the chair of the SEC. With the capital markets in disarray, we're hopeful that Schapiro will pick a top accountant who will lead the way toward significant reform. Given the turmoil, and the historical fact that more progress in accounting tends to occur under Democrat administrations, we call for her to cast a new vision for real reform and empower the next chief to get it done.With those thoughts in mind, we have identified the top eight things for her "to do" list.

Investors of all ages, and especially Baby Boomers, are increasingly turning to their CPAs to help them grapple with the financial planning challenges they will face leading up to and during retirement.CPAs are often the first financial advisor that investors experience, and with whom they build trust. Since the CPA firm also understands important aspects of their clients' financial picture, a solid foundation already exists for offering the goal-planning and investment advice that today's investors are increasingly seeking.