face brave new world in LTCI
CPAs are under increasing pressure to provide long-term care insurance to firm
members, as well as to advise clients on appropriate LTC coverage. The
triple-whammy of increasing medical costs, longer life expectancies, and the
aging Baby Boomer workforce approaching retirement is moving the concept of
long-term care to the front burner.
firms and various state boards from around the country are reaching out to both
the victims of Hurricane Katrina and displaced accountants who need a new home
and a place to work.
reach out in Katrina's aftermath
who lived and worked in the path of Hurricane Katrina are relocating, rebuilding
and, very slowly, recovering from the unprecedented devastation that changed
hundreds of thousands of lives last month.
it please the court: Litigation support is hot
many lawyers does it take to provide detailed evidence regarding a financial
crime? None - if they've got the right accountant.
out the details: SSTP gets closer to reality
a recent meeting in Chicago, representatives of the 18 states in the Streamlined
Sales Tax Project reached agreement on how items are to be classified across the
board for purposes of assessing sales tax.
behind the wheel on charitable auto deductions
popularity of donating used cars to charity has increased in recent years, to
the point of creating a subculture of companies that do nothing but collect and
distribute old cars. Billboards, radio ads, flyers in the mail - they all
attempt to encourage people to donate vehicles to charitable organizations in
return for hefty tax deductions.
care insurance: Answer to a looming crisis?
May 2005, a U.S. House of Representatives Energy and Commerce subcommittee on
health concluded that the rising cost of long-term health care, coupled with the
impending surge of Baby Boomer retirees, could cripple the country financially
unless changes are made.
accounting tempest rages on
overnight, lease accounting has morphed into one of the profession's biggest
headaches, as more than 300 companies have had to restate their financials,
citing, among other issues, corrections to lease accounting errors.
reform act may open new doors for CPAs
April, President Bush signed into legislation the Bankruptcy Abuse Prevention
and Consumer Protection Act of 2005, also known as the Bankruptcy Reform Act.
me out to the ballgame!
season got underway this spring with a new frustration for ball players.
bring your gun
at the Greenwood, Ind., office of the Internal Revenue Service were more than a
little surprised a few weeks ago when a disgruntled man pointed a gun at a
revenue officer saying, "You can't do this. You can't take my money like
a consumption tax the answer?
recent testimony before the President's Advisory Panel on Federal Tax Reform,
Federal Reserve Chairman Alan Greenspan floated the idea of a consumption tax to
replace all or part of the current income tax.
scramble to stave off 21st century 'brain drain'
often, the phrase "brain drain" refers to the mass exodus of a
nation's smartest and most talented people to countries that can offer them
better opportunities. But there's a new definition today, one that is expected
to change the nature of business as we know it in as few as three years.
groups mobilizing to handle new rollover rules
Internal Revenue Service's new rules for qualified retirement plans went into
effect on March 28, but the ripple effect from the rules has yet to play out.
Moving to the Forefront
viewed as an unwanted stepchild within the CPA profession, payroll services can
now offer a veritable lode of profitability for those willing to wade into this
segment of client services.
for e-businesses: Don't forget the financials!
most everyone knows, e-business is the act of conducting business on the
Internet. Not only is there a steady stream of new businesses that exist
completely in cyberspace, but most traditional brick-and-mortar businesses are
branching out, or already have branched out, to add an online component to their
Security struggle starts
W. Bush's presidency will be remembered for many things - and if the president
has his way, one of those things will be an overhaul of the venerable Social
warehousing: The next generation of usage One of the most interesting
developments in the computer technology arena is the concept of the data
warehouse - a group of technologies that communicate with all of the data
sources, pull all of the information from those sources together, and allow the
user to create a query that accesses all of the information at once.
is not your father's CPE Continuing professional education has evolved
beyond mandatory time away from clients, to cutting-edge, mandatory time spent
honing skills and staying abreast of a constant stream of new rules. In fact,
the phrase "continuing education" has rarely been more appropriate
than in today's climate of legislative minefields.
Treasury regs to permit phased retirement As the renowned Baby Boomer
generation inches its way into the retirement years, employers are beginning to
consider how this vast purge of experienced workers is going to affect the
workplace. To help employers ease through the demographic shift and to enable
them to continue to provide training to an upcoming, smaller generation of
workers, the Internal Revenue Service has issued proposed new Treasury
regulations that would permit a system of phased retirement.
taxes seem a safe bet for many states in 2005 With many state budgets
stretched to the limit and the added issue of sales tax dollars being siphoned
off to online Internet sales, states are ready to take their tax money any place
they can get it. This election year provided voters with several opportunities
to accept or reject additions and increases in sin taxes at the state level, and
most of these measures were passed.
releases 22 products in QuickBooks line updates The 2005 version of
the family of QuickBooks products, which was set to ship in mid-November, is
comprised of 22 products and services with more than 400 enhancements. According
to Intuit officials, the 2005 line promises to meet more of the relentless
demands of the marketplace, while still leaving gaps for the programmers of next
new legislation fuel an increase in e-payments The 2003/2004 Study of
Consumer Payment Preferences conducted by the American Bankers Association and
Dove Consulting shows that electronic payments have surpassed cash and checks as
the preferred method of payment, and now account for 53 percent of all American
purchases. The need to accept various forms of electronic payment is resulting
in a plethora of issues and concerns for business owners, including security and
control issues, additional costs, and bookkeeping issues.
is well, or at least it's getting there, at Big Four A recent survey
of large employers published by Hewitt Associates - a high-volume human
resources outsourcing and consulting firm - showed that a whopping 95 percent of
the 960 companies participating in the poll offer some form of wellness program
for their employees. This year, KPMG has begun offering a health risk appraisal
program that can be performed online.
IT surveys show some cause for concern The need for reform and
improvement in information security continues to grow. Estimates by the
Association of Certified Fraud Examiners indicated that the typical U.S.
organization loses 6 percent of its annual revenues to fraud, and that included
fraud promulgated by security breaches.
527s are at heart of campaign controversies Section 527 of the
Internal Revenue Code has come under intense scrutiny during this year's
presidential election race - a campaign replete with examples of organizations
using the shield of Section 527 to collect large sums of money and produce
politically provocative television advertisements, documentary films, and radio
and print ads.
find ways to diversify, expand practices How can accounting firms help
clients with software needs, above and beyond the obvious acquisition and
installation of accounting software? This question is being repeated by
accountants everywhere as they look for new directions in which to grow their
practices and serve their clients. By making software consulting a more visible
service, accountants can expect to be the obvious candidates to fill the role of
trusted advisor, not just in the financial arena, but in the technology support
arena as well