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A new career in income tax preparation could be a safety net for some of the thousands of bank and financial services employees who are losing their jobs due to the current economic crisis. Many of those being laid off are older employees who would not be able to find another comparable full-time job, but are not ready to retire.Tax professionals need many of the same qualifications that bankers and financial professionals possess. A tax preparer must be able to conduct a thorough interview to extract financial and personal information from their client and hold that information in complete confidence. Preparing income tax returns requires similar skills as completing banking, mortgage or investment documents.

INFLATION ADJUSTMENTS WIDEN TAX BRACKETSWashington, D.C. - The Internal Revenue Service said that personal exemptions and standard deductions would rise in 2009 to keep pace with inflation, providing more than three dozen tax benefits.

While the driving force behind the Emergency Economic Stabilization Act of 2008 may have been the need to find an immediate solution to the current financial crisis, the new law added energy tax provisions at the eleventh hour that might be viewed - in retrospect, if not at the time of passage - as an integral part of a longer-term national solution. The energy title of the new law, the Energy Improvement and Extension Act of 2008, provides a host of tax incentives for alternative energy use and development, as well as for general energy conservation.Some sections of the energy title to the EESA are extensions of existing provisions, while others provide new opportunities. Together, they present a plan to strengthen the economy by minimizing foreign oil dependency. Viewed by its parts, the act adds to the matrix of ways that individuals and businesses alike can lower their net costs of energy consumption.

MCGLADREY TO AUDIT JTAThe Jacksonville, Fla., office of McGladrey & Pullen has been engaged to audit the Jacksonville Transportation Authority. The JTA, in conjunction with the Florida Department of Transportation and the city of Jacksonville, develops and implements construction plans to improve traffic flow in the Jacksonville area.

When was the last time you or your clients took a hard look at your 401(k) plans?If you're like many small and midsized business owners, chances are that you haven't spent much time reviewing the plan since the day it was set up three, five and perhaps even 10 years ago. Most employers implement a plan and simply assume that even years later it will continue to do what is best for themselves, their company and their employees.

IRS RE-ASSURES MONEY FUNDSThe Internal Revenue Service issued a notice aimed at calming fears that it would act against insurance-dedicated money market funds that take advantage of a new temporary guarantee program. Notice 2008-92 provides that the Treasury and the IRS will not assert that participation in the program by an insurance-dedicated money market fund causes a violation of the diversification requirements of Section 817(h) of the Tax Code in the case of any segregated asset account that invests in the fund.

Intuit is relying on its channel to give QuickBooks Enterprise Solutions a heavy push into the midmarket.The vendor launched a reseller program last summer, reaching out to its hefty pool of QuickBooks ProAdvisors and appealing to resellers of competitive products, namely Microsoft GP and the Sage MAS line.

BILL.COM UPGRADES TO SYNC WITH QUICKBOOKSBill.com has added QuickBooks synchronization and workflow features to the latest version of its online accounts payable service. It now allows users to synchronize vendors and general ledger accounts with QuickBooks without affecting their existing financial reporting and procedures. The two-way synchronization transfers data to and from QuickBooks as an add-in through the menu bar. Bill.com can post follow-up action items directly in the user's Bill.com to-do list.

Current economic conditions will create winners and losers in the accounting profession. Most accountants only think of winning and losing in financial terms, yet there are other areas in which firms are at risk but can also prosper during uncertain times.Three of these are:

Change is scary. There's no doubt about it. I often tell my clients that whenever I am facing a major change, I feel like I am at the edge of a diving board and just can't jump into the water.I guess I'm no different than any of you when it comes to change. Sometimes I have been forced into it, and other times I have led it.