Monthly Archives : August 2014

Home/2014/August

Expanded OVDP a chance to reduce penalties

The new information-reporting requirements of the Foreign Account Tax Compliance Act (FATCA), P.L. 111-147, took effect on July 1. Among other things, FATCA requires foreign financial institutions (FFIs) to report on their accounts held by U.S. taxpayers. More than 77,000 FFIs signed on and     
Continue Reading

Know when to hold ‘em (and when to report ‘em)

A district court holds that online gambling and payment accounts managed by foreign companies are subject to FBAR reporting.The U.S. District Court for the Northern District of California held that a taxpayer's online poker and payment accounts with companies located overseas were subject to     
Continue Reading

Avoid a career stall

Many CPAs set career goals that include attaining a specific title or role, such as partner or CFO. But what happens if you get stuck—say, in middle management—along the way? Here are steps you can take to get your career moving ahead: Perform an annual career checkup. CPAs, whether in
Continue Reading

Audit regulators see positive signs

Jay Hanson and Lewis Ferguson bring different perspectives to their duties as board members of the PCAOB. Hanson, a CPA, has personal experience auditing public companies. Ferguson, a lawyer who specialized in securities and corporate governance matters, brings legal expertise and a global     
Continue Reading

2014 tax software survey

For the second year in a row, the beginning of income tax filing season was delayed. This year, the delay was due to a 16-day partial government shutdown in October 2013 that resulted in a Jan. 31 start date for the IRS to accept electronically filed returns. Other complicating factors
Continue Reading

Socially awkward

In November 2013, SEC Chair Mary Jo White questioned whether investors could project a company's future potential from 'unique financial or operational metrics' that may not be an indicator of future profitability. These comments followed Twitter's initial public offering     
Continue Reading

Rules for written tax advice finalized

Circular 230 final regs. make ubiquitous email disclaimer no longer necessary.The IRS issued final regulations under Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10), on the rules for practitioners to provide written tax advice and certain other     
Continue Reading

Expanding your app-titude

SHOP SMARTER WITH GROCERYIQGroceryIQ, produced by Coupons.com, is designed to be a grocery list manager, but it also offers several features to make your life easier when shopping. If, like me, you've been asked to 'stop at the grocery store on your way home' and upon arrival     
Continue Reading

11 tips to optimize QuickBooks reporting

Paraphrasing the Kieso, Weygandt, and Warfield textbook Intermediate Accounting, the point of an accounting system is to summarize voluminous data to produce financial reports that management can use to run the business. Despite the textbook's position, it seems that many QuickBooks users     
Continue Reading

10 Excel shortcuts

1. The SUM function. Pressing Alt+= in the cell below a column of numbers inserts the SUM function and highlights that column of numbers.2. Select a range of data. Pressing Ctrl+A inside a range of data selects the data range.3. Select an entire worksheet. Pressing Ctrl+A outside a range of
Continue Reading