Accounting education

There is no question that most people appear quite serious about preparing an estate plan that can get passed along to future generations. The intention is all there but too many people still seem to find ways to mess it up entirely.

It’s hard to keep track of all the valuable resources out there on the Internet -- and harder still to find information on the Web when you don’t even know that it exists. Many of the below sites have popped up as “Web Stars” in WebCPA’s weekly e-newsletter over the past couple of years, but they’re worth mentioning again. All are maintained by the federal government -- or by an organization that’s at least as reputable as the federal government, anyways -- and offer free, frequently-updated regular content. I usually try to cover the more interesting decisions and summary opinions issued by The U.S. Tax Court, but practitioners should be aware that cases decided by the court, dating back to 1999, are easily accessible from the site. The site also includes forms, fee schedules and case timetables to visitors though a very easy-to-navigate interface. For the statistics-minded among us, two sites serve to provide just about every number a person could need. The Internal Revenue Service’s Web site (which itself deserves a look), includes a revamped "Tax Stats" page holding a wealth of statistical information on individuals, businesses, charities and IRS operations organized by category. The page also includes access to the most frequently requested statistical information and popular IRS publications and products. As if that wasn’t enough data, the agency’s Statistics of Income Division also added revised table formats and updated report formats in recent years. Secondly, FedStats, the self-proclaimed "gateway to statistics," provides users with a broader virtual reference shelf of statistics from over 100 federal agencies and categories, ranging from agriculture to transportation. Also worth making mention of is the Public Company Accounting Oversight Board’s site. It was only recently that I realized how sprawling and in-depth the content was on the site, which, I suppose, makes sense for an agency charged with a mission of transparency. All of the public inspection reports for audit firms are available for download here, as are complete versions of proposed changes to Sarbanes-Oxley’s internal control provisions and the corresponding comment letters. On another broader reference plane, I can’t say enough good things about Investopedia.com. The site defines thousands of finance and investment terms, from A Priori Probability (probability calculated by logically examining existing information) to Zombies (companies that continue to operate even though they are insolvent. Also known as Living Dead). But you probably knew those. Terms are explained in textbook style and in layman's terms and the dictionary is eminently searchable -- by keyword, alphabet or any of 15 categories. Finally, for a bit of fun and education, Quatloos.com is a site that covers a wide variety of financial scams and has special sections devoted to tax scams and investment fraud. The site, maintained by nonprofit group Financial and Tax Fraud Education Associates Inc., also offers a number of forums moderated with a light-hearted touch by Quatloos staffers. More valuable sites such as these can be found in WebCPA’s Marketplace, which is accessible from the top of any page on the site by clicking on the tab in the gray navigation box.

You hear over and over again that your money has to outlive you, even for an hour. When I talk to friends and family about various financial planning aspects, the most feared one is exactly that...outliving money.There is this woman, age 91, that I know. She is a widow, in relatively good health, has a house that is fully paid (no mortgage), has a Social Security check that comes in each month for some $1,800 and a small pension amount from a prior job of about $110 a month. She buys very little food because she goes to a senior center almost every day and they load her up on free food.

The Government Accountability Office recently released a report on detailing some of the conclusions gleaned from a recent forum on engaging and retaining older workers.

In a merger of companies that primarily provide accounting technology to schools, Dallas-based Tyler Technologies Inc. announced that it has acquired Bangor, Maine’s Advanced Data Systems Inc.Publicly-traded Tyler said that it had acquired all of ADS’s common stock, as well as an office building used in the business, for approximately $4.2 million in cash. ADS develops and sells fund accounting solutions, primarily in New England.

A flurry of e-mails and letters arrived just under the deadline for the Public Company Accounting Oversight Board’s 70-day comment period regarding proposed changes to the audit standard on internal controls over financial reporting.

Everybody knows that taxes are a drag on performance, but I am constantly surprised at the number of investors who blithely pay taxes each year on their investment earnings without considering the impact on accumulation or the alternative strategies that they could employ.It's never a good idea to let the tail wag the dog, of course - a rational investor shouldn't seek tax avoidance, or tax minimization per se. But it makes sense to pursue the highest after-tax return.

ONLY 51% READY FOR FISCAL CRISISResults from the fourth annual "financial fitness" survey conducted by Quicken revealed that only 51 percent of consumers were prepared for a financial emergency or had an emergency fund in the event of accident or illness.

The Deloitte Foundation, a not-for-profit arm of Deloitte & Touche, announced the 2007 recipients of fellowship grants through the organization’s doctoral fellowship program.

Investment research firm Morningstar Inc. has entered into an agreement to acquire Standard and Poor’s mutual fund data business for $55 million in cash.

For most of my life, I have been a fairly liberal, loose-swinging person. I generally went against the mainstream and was comfortable seeking my own level and being relatively nonconformist. It served me quite well career wise.

Raymond James Financial will pay $2.75 million to a brokerage firm regulator for poor supervision of its more than 1,100 branch managers who manage their own offices.

KPMG LLP has named Phil Rohrbaugh to the newly combined position of vice chairman of industries and marketing.In the position, Rohrbaugh, 54, will be responsible for enhancing the skills and knowledge of KPMG’s professionals around key industries. Formerly managing partner for KPMG’s Philadelphia office, Rohrbaugh will also serve as a member of the U.S. firm’s management committee.

The Connecticut Society of CPAs is very, very good at disseminating specific financial planning and tax tips not only to CPAs but also to the general public. Some of those recently caught my eye as being particularly easy to understand and right to the point.The society sent out a notice on its Web site about how the public could get their money matters in order after popping champagne corks, tossing confetti, and making New Year’s resolutions.

Retirement is the No. 1 personal financial planning concern, regardless of age, according to an informal survey at the American Institute of CPAs’ 2007 Personal Financial Planning Conference.The AICPA said that it was a surprised to see that retirement planning is a major concern for career builders -- classified as those between the ages of 25 and 34 -- who also have the seemingly more immediate pressures of education, home buying and debt management following close behind.

Wolters Kluwer Tax, Accounting & Legal announced that it will open an office in India for its CCH unit and other related businesses.

Katherine Schipper, a recent member of the Financial Accounting Standards Board, has joined the advisory board for BNA’s recently launched Accounting Policy & Practice Series.

Internal Revenue Service Commissioner Mark W. Everson has announced the selection of a new chief human capital officer and a new chief of agency-wide shared services.Robert Buggs has served as the agency’s deputy chief human capital officer since 2004, though he has more than 15 years of experience with the IRS, working in areas ranging from labor relations to the Taxpayer Advocate Service. He has shared program oversight and responsibility for formulating and implementing human capital strategies, policies and programs for more than 100,000 IRS employees.

Mutual funds have something for everyone - at least Michelle Smith of the Mutual Fund Education Alliance thinks so."The industry has adjusted to the public's demand for choice," said Smith, who is managing director of the alliance, a nonprofit association that provides education to investors on mutual funds. "The public wants investment options, simplicity, low cost. They want help and advice and, in many cases, they want somebody to make it as simple for them as possible. It's a complete cafeteria of options."

NASD RULES AGAINST AMERIPRISEAn NASD arbitration panel ordered an Ameriprise Financial Inc. subsidiary to pay out as much as $9.3 million to three former pilots for American Airlines who charged that a broker for the financial services' subsidiary, Securities America, squandered their retirement savings on mutual funds that contained high fees and trading costs.