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Nashville’s Kraft Tries VAR Biz Again After 2-Year Hiatus

KraftCPAs is purchasing 40 percent of Axis Accounting Systems Inc. — its first acquisition in six years.

Kraft exited the technology business two years ago, referring all its clients to Axis, now a $2.6-million-a-year business with 11 staffers. Axis CEO Dallas Wilt remains chairman for five years, then sells out to management.
Clients got the news at the 10-year anniversary party of Axis, held at the Kraft offices. Read more

Posted on October 31, 2005
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Global Alliance and Moore Stephens Set Merger

Merger Creates Major U.S. CPA Firm Association

The Global Alliance and Moore Stephens North America Inc. will merge to create one of the largest CPA firm associations. The association, to be known as Moore Stephens North America, will have a roster of 35 firms with gross revenues of over $600 million, placing it in the top ten of firm associations. New York-based CPA Steven Sacks will serve as executive director of the merged association, which will share headquarters with Mahoney Cohen in New York, whose managing partner, Mark Garten, also headed Global Alliance and will helm the new group.

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Posted on October 31, 2005
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Which movie accountant would you trust most to do your taxes for you?

Votes
Ben Kingsley (Schindler’s List) 2759

(34.5%)
Rick Moranis (Ghostbusters) 1415

(17.7%)
Danny Glover (The Royal Tenenbaums) 1273

(15.9%)
Other 645

(8.1%)
Gene Wilder (The Producers) 599

(7.5%)
Joe Pesci (Lethal Weapon 2) 417

(5.2%)
Bud Cort (The Life Aquatic with Steve Zissou) 328

(4.1%)
Alan Alda (Same Time, Next Year) 194

(2.4%)
Dylan Baker (Road to Perdition) 161

(2.0%)
Bruce Greenwood (Exotica) 73

(0.9%)
Charles Grodin (Heaven Can Wait) 58

(0.7%)
Donald Sutherland (The Day of the Locust) 50

(0.6%)
Laurence Harvey (Room at the Top) 18

(0.2%)

A total of 7990 votes were collected.
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Posted on October 31, 2005
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Another Look at the “Succession Crisis”

Is it really a “succession” issue? Or simply a failure to plan for success?

by Rick Telberg
At Large for the AICPA Insider

Many say there’s a succession crisis among CPA firms. Maybe so. Or maybe you could look at the problem a little differently. Maybe we don’t really have a succession problem - maybe we have a problem planning for success! Think about it. The core issue in a succession plan is the fair-market value of your firm. If it’s worth it to someone to join as partner or to acquire, buyers should be lining up.

[NOW IT'S YOUR TURN: How worried are CPAs about succession? Join the survey and get the results.]
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Posted on October 31, 2005
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‘IRS Error in Your Favor’: Collect $23 Million

Berkshire Hathaway awarded $23 million in tax case

A federal judge in Lincoln, Neb., has ordered the Internal Revenue Service to pay billionaire Warren Buffett?s investment company more than $23 million in taxes and interest for disallowing certain deductions. The ruling ended three years of litigation between Berkshire Hathaway Inc. and the IRS, stemming from two lawsuits that alleged the IRS made an ?erroneous, wrongful and illegal? interpretation of the U.S. Tax Code when it denied the deductions. The original lawsuit, filed in 2002, said the IRS wrongly assessed more than $16 million in taxes and interest against Berkshire in 1989 and 1990. A second lawsuit said the IRS wrongly assessed it nearly $7 million in 1991.
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Posted on October 30, 2005
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Retirement tops Americans’ list of worries

19 Oct 2005 | Management Issues News

When Americans look forward, they see a future fraught with peril. But while they are worried about terrorism, their families and their health, their biggest fear is that despite their best efforts, they won’t have enough money to retire on.

Fear about what will happen to them after the office door closes for the last time looms large in the 2005 “Retirement Reality Check” survey carried out by life insurance company Allstate.

The survey of 1,600 Americans born between 1946 and 1978 found that seven out of 10 admit to being “concerned about the future” while almost a quarter (22 per cent) said they are “very” concerned.

The top two fears that emerged from the research were terrorism and saving for retirement, both cited by 55 per cent of respondents.

These eclipsed worries such as family, cited by 43 per cent; current finances, 38 per cent; getting into an accident, 33 per cent; and health, 30 per cent.

Only 22 per cent said they were worried about their careers.

“Many of these issues, such as one’s health or career, are things we as individuals can control to a large extent,” said Casey Sylla, president of Allstate Financial, part of The Allstate Corporation.

“Perhaps that is why they rank so far below terrorism, which is top-of-mind because of constant media coverage, but not within most people’s control.”

“What surprised us is that people said they worry equally about terrorism and saving for retirement,” he added.

The survey also revealed that far from looking forward to retirement, half of Americans view it with apprehension or outright dread.

A mere one in seven (16 per cent) said they were “eagerly awaiting” retirement, and only one in three expects to enjoy it.

“So why are people worried? It appears people aren’t so much worried about retirement itself as they are about something they can’t control - the cost of health care after retirement,” said Mathew Greenwald, president of Mathew Greenwald & Associates, the Washington, D.C. firm that carried out the survey for Allstate.

“Like terrorism, the retirement health-care issue has been discussed widely in the media, so it isn’t surprising that it is on people’s minds.”

In fact, two-thirds of those surveyed said they worry about their ability to afford health care after retirement. Almost six out of 10 of those who “eagerly await” retirement raise this concern, as well as half per cent who say they are “very prepared” financially.

But beyond health care, people who have saved the least see a clear link between lack of money and quality of life after retirement.

For example, seven out of 10 of those who said they are not financially prepared for retirement say that, by not saving more now, they run the risk of being forced to work longer or work in retirement.

Overall, half of respondents raised the same concern compared to only one in five who described themselves as “very” prepared financially for retirement.

“The link between financial security and people’s comfort level about retirement is quite clear,” Casey Sylla said.

“The consequences of lack of money - having to work, having to rely on family, even having to rely on social services - likely is the source of people’s apprehension and dread about retirement. ”

“The good news is that this is largely within individuals’ control, and they have the opportunity to do something about it,” he added.

“The more people have prepared themselves financially, the more positive and confident they are. So people should consider their fears a call to action to take concrete steps to address those financial concerns.”

This article comes from www.management-issues.com Read more

Posted on October 29, 2005
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Accounting and Finance Starting Salaries to Increase 3.1 Percent in 2006

Rise in Compensation Levels Correlates with Demand for Accounting Talent

Competition for skilled accounting and finance professionals is on the rise, and growth in base compensation reflects the heightened demand. According to the 2006 Salary Guide from Robert Half International, starting salaries in accounting and finance are projected to rise 3.1 percent in the coming year, with increases up to 11 percent for in-demand specialties.

More: 2006 Salary Guide from Robert Half International (PDF) Read more

Posted on October 29, 2005
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Who Owns XBRL?

A small software-maker has patent rights on parts of the XBRL Web language

Scientigo, a small software maker based in Charlotte, NC, say the company owns two U.S. patents (No. 5,842,213 and No. 6,393,426), that cover one of the fundamental concepts behind XML: the idea of packaging data in a self-defining format that allows it to be correctly displayed wherever it travels. Scientigo CEO Doyal Bryant says the company plans to capitalize on the patents either by reaching licensing agreements with big corporate users of XML or by selling them to another company.

“The very idea of patents on software is a contentious one, though,” according to Technology Review editor Wade Roush. “In July, the European Parliament threw out a bill that would have legalized software patents across all EU member states. In the United States, where the courts have recognized software patents for some time, groups such as the Electronic Frontier Foundation have charged that many of those patents are too broad and granted without adequate review.”

Still, Scientigo’s claim is sure to spark a lot of fretful discussion among the cognoscenti of XBRL, the eXtensible Business Reporting Language.

More at: http://www.technologyreview.com/articles/05/10/wo/wo_102605roush.asp Read more

Posted on October 28, 2005
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Global Study Reveals Independent Professionals More Satisfied Than Full-Timers

Strong Desire for Professional Independence by U.S. Workers Challenges Corporate Workforce Strategies

from Hudson Highland Group

While independent professionals don’t get many of the direct benefits of typical employment, a new study finds them to be consistently happier and better compensated than their counterparts in full-time positions. The rapid growth of the so-called “IPro” workforce creates new challenges and opportunities for American business, according to Hudson a leading recruitment, outsourcing and HR consulting firm. Read more

Posted on October 27, 2005
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In IRS Deal, 20 Companies to Offer Free E-Filing

Deal Keeps the IRS Out of the Tax Software Business

Some 93 million taxpayers could benefit from the deal with the 20 tax prep and software companies, including market leaders Intuit Inc., H&R Block Inc. The agreement covers taxpayers with adjusted gross incomes of less than $49,600, which amounts to about 70 percent of the taxpaying public. Last year, about 5.1 million tax returns were filed for free under the program. The deal came after Intuit won a U.S. Senate vote to ban the IRS from developing its own e-file products. But the threat alone might have been enough leverage for the government to persuade the companies to provide more services. Read more

Posted on October 26, 2005
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UK accountants may change rules after failure to merge

The Times October 26, 2005

By Liz Chong

ERIC ANSTEE, chief executive of the Institute of Chartered Accountants in England and Wales, called yesterday for changes to the body?s voting rules after its sixth failed attempt at a merger.

In a widely expected blow to Mr Anstee?s strategy of expansion, the 65.7per cent of ICAEW members who voted in favour of a merger with the Chartered Institute of Public Finance Accountants were narrowly defeated by those opposed. Under the body?s rules, a majority of 66.7per cent is required.

CIPFA members voted overwhelmingly for a merger, with 86.7 per cent in favour.

However, the polls were hampered by low turnout, with fewer than half the members of both institutes bothering to vote after heavy canvassing.

Mr Anstee and Diane Colley, president of CIPFA, expressed disappointment, but said that they were determined to co-operate on other projects. These could include cutting costs by conducting joint research in public services, and combining training courses, Mr Anstee said.

Mr Anstee also hinted that he might ask ICAEW members to reduce the requirement for a two-thirds majority to 60 per cent, as he called for the profession?s five other bodies to consider merging. ?It is absurd that there are six separate institutes,? he said, citing the vote as evidence of support for change.

The merger campaign was dogged by complaints from ICAEW members about potential dilution of their qualification, which they consider more prestigious, despite repeated reassurances from Mr Anstee that both institutes would keep separate qualifications.

The campaign?s failure is a blow to Mr Anstee, who came out of semi-retirement to head the ICAEW and has been working 60 to 70 hours a week during the campaign.

The debate was highly charged, leading Mr Anstee to accuse some critics of adopting an ?emotional? approach to an issue crucial to the ICAEW?s long-term survival. He has said that the ICAEW?s influence could wane as members age and concern mounts over a possible funding crisis.

Mr Anstee rejected calls for his resignation by some critics, who complained about the campaign?s ?1.4 million cost.

Bruce Lawson, who ran the website www.stopthemerger.org, said that many who voted against were younger ICAEW members, not those who were older and ?out of touch?.

The campaign was also dogged by complaints from the Institute of Chartered Accountants in Scotland, which publicised a row that erupted over the proposed name for the merged bodies.

APPETITE FOR MERGERS MISCALCULATED
1969: ICAEW members reject a merger with five other accounting bodies

1988: ICAEW members vote in favour of a merger with ICAS, which rejects the proposal

1990: ICAEW members narrowly miss two-thirds majority needed to merge with CIPFA. Eighty per cent of CIPFA members back a merger

1990: Attempt by six accountancy bodies to merge, but fails before before being put to a vote by members

1995: ICAEW and CIMA attempt to merge, but move fails before going to a poll of members

2005: ICAEW and CIPFA fail in latest attempt to merge. But Eric Anstee, the ICAEW?s chief executive, is not put off. ?I would love to enter consolidation discussions with the ICAS, and the five other bodies,? he said

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Posted on October 26, 2005
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PCAOB Names 2006 Standing Advisory Group Members

… The envelope please!

Press Release/Source: PCAOB

Washington, DC — The Public Company Accounting Oversight Board today announced new appointments and re-appointments to its Standing Advisory Group for 2006. In May 2005, the Board began soliciting nominations and re-nominations to fill the slots of those whose terms have ended this year. The Board received more than 150 nominations and re-nominations. From this list, the Board selected individuals with expertise in a variety of fields, including accounting, auditing, corporate finance, corporate governance, and investing in public companies.

The new two-year terms will begin in January 2006. Membership in the advisory group is personal to the member, and the duties and responsibilities of the member cannot be delegated to others. The Board will solicit nominations and re-nominations annually. The advisory group also has six observing organizations: the Financial Accounting Standards Board, the Government Accountability Office, the International Auditing and Assurance Standards Board, the Securities and Exchange Commission, Department of Labor, and the AICPA?s Auditing Standards Board. The group is chaired by the Board’s Chief Auditor and Director of Professional Standards, Douglas R. Carmichael, and will meet approximately three times each year.

The members are…
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Posted on October 25, 2005
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Tax Season Outlook Gets Rosier

Tax Pros Report Improved Readiness

Contrary to the readings from a few weeks ago, tax practitioners are now more positive than negative on the outlook for their busy season.

[To register your viewpoint, join the study panel here, and qualify for the Pre-Release Executive Preview.]

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Posted on October 25, 2005
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