Below please find daily updates pertaining to the latest in financial, business, and tax news:
FICPA: Top StoriesWorld's Largest Junior Financial Achievement Center Opens
This month, buses will arrive in Coconut Creek at the world’s largest Junior Achievement “world” center to deposit the first of an estimated 50,000 students who will visit annually for an education in hands-on financial decision-making. JA World Huizenga Center at Broward College opens nearly 20 years after Marti Huizenga, wife of the Fort Lauderdale billionaire, visited a financial education program called Enterprise Village in Pinellas County at the behest of vacation home neighbor Gus Stavros, a philanthropist who funded the initial program in Pinellas. She resolved to bring something similar to the Fort Lauderdale area.
This Accountant Keeps Candidates Squeaky Clean
When sloppy record-keeping triggered a federal audit of Mel Martinez’s 2004 Senate campaign several years ago, the freshman Republican lawmaker blamed the accounting errors on the volume of donations he’d received. His campaign staff, he explained, had simply been "overwhelmed" by the $12 million it raised and spent over a 10-month period. As a result, his disclosures were "not at the level it needed to be."
Feed the Pig Weekly Savings Tip: Be Prepared for Disasters
As hurricane season swings into full gear on the East Coast and wildfires threaten parts of the West Coast, we are reminded that natural disasters often strike without warning. Being ready before your community and your home are affected is an important step when preparing for your financial future. Here are a few tips on how to prepare in a financially sensible fashion.
Most Companies Underestimate Sales Taxes
A new study from sales tax software vendor Sabrix found that 95 percent of the companies it surveyed underestimated their sales tax liability and nexus footprint across state lines.
PCAOB Reporting Rules to Take Effect October 12
Public Company Accounting Oversight Board rules requiring reporting by registered public accounting firms were approved by the Securities and Exchange Commission on August 13, 2009 and will take effect on October 12, 2009. The rules implement a provision of the Sarbanes-Oxley Act of 2002 and constitute the first reporting obligations imposed on registered firms by the Board.
Hartford Financial to Refund Florida Businesses $48M
Hartford Financial Services Group has agreed to issue refunds or credits of $48.2 million to Florida businesses for excess profits it received on workers’ compensation policies. Florida Insurance Commissioner Kevin McCarty said in a news release that Hartford Financial entered into an agreement with the state on policies issued between 2004 and 2006.
J. Thomas Cardwell to Head Florida Office of Financial Regulation
Florida has a new chief of its office of financial regulation. Gov. Charlie Crist and the Cabinet on Tuesday appointed 66-year-old J. Thomas Cardwell as commissioner of the Florida Office of Financial Regulation. The selection, at the urging of CFO Alex Sink, brings the longtime Akerman Senterfitt attorney from a career in the private sector to state service. Cardwell has served as general counsel for the Florida Bankers Association for more than 20 years. He will start with OFR on Aug. 24, making $133,000 — the same salary as the Office of Insurance Regulation commissioner.
Florida's existing home, condo sales up in June 2009
Florida’s existing home sales rose in June, the 10th consecutive month that sales activity showed gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).
Students use music camp to collaborate on album
Angela Poole is running a modern-day Motown out of a recording studio called The Sound of Tallahassee.
Upcoming decisions will radically change Florida's property-insurance market
Heading into the most active months of the hurricane season, upcoming regulatory decisions will radically change Florida’s property-insurance market and determine the future for millions of consumers.
FICPA: IRS Tax News
FICPA: AICPA News
AICPA Named Green Plus Mover by Institute for Sustainable Development
DURHAM, N.C. (August 7, 2009) – The American Institute of Certified Public Accountants was named a Green Plus Mover by the Institute for Sustainable Development for its efforts to become a “green” small business. The AICPA is one of nine Movers recognized by the Chapel Hill-based partnership of public and private interests.
New York CPAs Prepare for Accountancy Reform Law
New York’s new accountancy reform law, which goes into effect July 26, 2009, broadens the definition of the scope of practice of public accountancy to include all professional services provided by a CPA. “Any CPAs who use the letters ‘CPA’ after their name will now be required to register,” said David Moynihan, president of the New York State Society of CPAs. “Even if someone is retired and serves on a board on a voluntary basis, he or she will be required to be registered with the state. The most sweeping changes will be for those in industry or government. They used to be able to declare their status inactive, because registration only applied to CPAs performing the attest function. And all of them are now subject to the continuing professional education requirement.”
AICPA SurveyCPA Financial Planning PractitionersEconomic Survey (PDF)
AICPA SurveyCPA Financial Planning PractitionersEconomic Survey Detailed Survey Results 2Q 2009 • Conducted between April 22, 2009 and June 4, 2009 • CPA financial planners (primarily PFS credential holders) • AICPA Personal Financial Planning Section members only • 529 qualified responses
AccountingWEB.com - News
AccountingWEB announces 2010 AccountingWEB accounting student scholarship winners
AccountingWEB is pleased to announce that three winners have been chosen as the 2010 AccountingWEB Accounting Student Scholarship winners.
Entrants were required to write a 500-word essay on the topic of "The Role of Accountants in Social Media." Essays were judged in a variety of areas including creativity, innovation, quality of writing, structure, logic, and sources/research. All three essays will appear on AccountingWEB.com later this month.
This year's winners are:
Afternoon not so delightful for many workers
If you're constantly battling the afternoon slowdown at work, take heart because you're not alone. A recent survey of senior managers confirms the late afternoon is the most common time for workers to hit the proverbial wall.
IRS expected to drop UBS lawsuit
Officials with the Internal Revenue Service last week said that the agency would drop its civil lawsuit against UBS following assurances from the Swiss government that is was in the process of delivering information on thousands of American clients suspected of using UBS accounts to evade U.S. taxes.
Pigs might not fly, but for Somerset CPAs, they can drive a racecar
Indianapolis is known as "The Racing Capital of the World," and it just so happens there are employees at Indianapolis-based Somerset CPAs P.C. who follow auto racing. So it’s no surprise that the firm created and entered a racecar-themed structure for the CANstruction event at the Indiana State Fair in August. The result: a victory in the Best Meal category. Jason Bramwell reports.
Company announcements: Week of August 30
Following is the latest roundup of firm news for the week of August 30, 2010.
Abalos & Associates, PLLC, recently announced that Liam Shaw has joined the firm as a senior associate. In this position, Shaw will be responsible for tax planning and preparation, financial statement preparation, and client consulting.
