Audit & Accounting

The Financial Accounting Standards Board is heading into a year in which the ball of due process will spend a lot of time in the court of the board's constituents.Between New Year's Day and early spring, the board may have as many as 11 documents issued for public comment, with a couple more out by summer. Three final documents may be issued in the first quarter, but they're the only pronouncements expected before 2009.

Is weather more important than healthcare costs? According to a new national research from Longevity Alliance and conducted by Harris Interactive, U.S. adults aged 40+ who plan on relocating after they retire may overlook how their healthcare costs could change from one location to another. Actually, about three in four (76 percent) of adults planning to relocate after retirement say that they consider the cost of healthcare as important or very important in their decision. But, the cost of healthcare is ranked number three of five behind the overall cost of living, and climate, and just ahead of ease of transportation and proximity to friends and family. What this means is that overlooking the cost of healthcare and health insurance can have real consequences for retirees. Costs vary from one part of the country to another and insurance premiums, Medicare health plans, Medicaid, and long-term care rates can also change exponentially. As an example, consider that the average annual premium for a Medicare Supplement insurance policy in New York could be around $3,700; yet that same policy holder moving to Phoenix will find the premium to be as low as $1,200. Quite a difference. According to Longevity Alliance president Steve Zaleznick, too may times, people considering retirement and relocation don’t give any thought to how it could affect their healthcare and insurance costs. “As retirees grow older, those costs grow larger, so choosing a region that makes those costs affordable is a key component of a sound retirement strategy.” Zaleznick offers five specific tips before anyone moves:

Accounting firm Beard Miller Co. has combined with Edwards Sauer & Owens, a Pittsburgh-based CPA firm that will build BMC's presence in central and western Pennsylvania.

Parente Randolph has merged with Boyle, Brogan, Shusman & Nicastro, expanding Parente's office space and clientele in South Jersey.

The Internal Revenue Service and the Treasury Department have released final regulations and a revenue procedure requiring tax preparers to obtain consent before they can distribute taxpayer information to third parties, along with a proposal to restrict the marketing of refund anticipation loans and similar products.

James E. Koenig, the former CFO of disposal giant Waste Management, was ordered to pay over $4 million in penalties for committing 60 securities law violations over a five-year period.

Banking giant HSBC USA has said it would sell its Wealth and Tax Advisory Services USA business to some of its managing directors for up to $65.9 million as part of a management buyout.

The Government Accountability Office has issued a guidance document to help auditors comply with the new requirements of the July 2007 revision of government auditing standards.

This free, new webinar details how practitioners are implementing the new audit standards that change how non-public company, not-for-profit and governmental audits are performed.

The Securities and Exchange Commission said the U.S. District Court for the District of Minnesota has entered final judgments against the former CFO and controller of Buca Inc., the corporate parent of the Buca di Beppo restaurant chain.