July 13, 2011
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Technology: Mobile Payment Firms Target Small Businesses With Lower Pricing
Consumers are ready to embrace smart phone payment options as long as the systems involved are safe. The question now is: are more small businesses ready to consider using them – especially since some major providers have reduced fees in an effort to capture their business? The service is especially attractive (and much more affordable) […]
Read more- July 13, 2011
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Wells Fargo Announcement Could Mean the End of Reverse Mortgages
You’ve probably seen Robert Wagner or Fred Thompson in television commercials extolling the benefits of reverse mortgages. But if the trend of tumbling home prices continues, the future of reverse mortgages is uncertain. One thing we are certain of, however, is that the two biggest providers of reverse home mortgages recently announced they are leaving […]
Read more- July 13, 2011
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Stock Market: First Quarter Shows Gains; Greek Debt Crisis Rattles Investors
Investors were pleased to note that first quarter economic results showed a modest expansion despite lingering weakness in the housing sector. The nation’s gross domestic product grew at an inflation-adjusted annual rate of 1.9 percent – a little better than original estimates of 1.8 percent, but a drop-off from 2010 when GDP increased 3.1 percent. […]
Read more- July 13, 2011
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Retirement Plan Options for a Small Business
As a small business owner, both you and your employees need a plan that will provide the income flow needed for a secure retirement. There are many variables involved in choosing the right one. These include the number of employees, business income, age of employees, tax regulations and how much you and your employees plan […]
Read more- July 13, 2011
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Preparer Registration Protects the Taxpayer
Unless you are in the tax return preparation business, it’s not likely that you’ve heard much about the controversies surrounding the Internal Revenue Service’s proposed return preparer regulations. Why would you even care about them if you’re not a tax return preparer? That’s what we will explore this month. Why Preparer Regulations Matter Until this […]
Read more- July 13, 2011
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National Taxpayer Advocate Submits Mid-Year Report to Congress
July 7 2011 Identifies Priority Challenges and Issues for Upcoming Year National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the coming fiscal year. The report expresses particular concern about the impact of IRS budget cuts on taxpayer […]
Read more- July 12, 2011
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Investors Defend FASB Role on IFRS
July 8 2011 International accounting standard-setters may lack the political backbone of their U.S. counterparts, users of financial statements fear. Representatives of large institutional investors told the Securities and Exchange Commission on Thursday that they had serious qualms about the London-based International Accounting Standards Board replacing the U.S. Financial Accounting Standards Board as the […]
Read more- July 11, 2011
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AICPA Offers Guidance on Registered Preparer Competency Exam
July 8th, 2011 In a July 7 letter to IRS Commissioner Doug Shulman, the AICPA offered its perspective on the agency’s development of the registered tax return preparer examination. The IRS anticipates that it will begin offering the exam this fall to prospective candidates. In general, CPAs and employees under their supervision will be exempt from taking […]
Read more- July 08, 2011
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Sights Set on Grand Debt Deal
Obama, Congressional Leaders Eye Sweeping Bargain to Cut Deficit by $4 Trillion President Barack Obama and congressional leaders agreed Thursday to strive for a blockbuster deficit-reduction deal and will spend the weekend determining whether political support is possible for a sweeping plan to curb entitlements and make major tax-code changes. The package to reduce […]
Read more- July 07, 2011
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Tax Preparers’ Comments Run Gamut on IRS Competency Testing
July 6th, 2011 Some tax preparers who will be affected by official competency testing with the Internal Revenue Service take the most extreme view that IRS should force return preparers to get an accounting degree, while others say anyone preparing taxes for five years without problems should be grandfathered, according to recent comments to the […]
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