Boo! Who’s That Looking Over Your Shoulder?

They saved this for Halloween…

In a survey conducted by the Society for Human Resource Management, 58 percent of human resource professionals said their organization has increased its monitoring of their employees’ Internet use. The survey was conducted September 29, 2006. There were 442 HR professionals from SHRM’s membership surveyed for this report.

Survey respondents were asked the following questions:

Has your organization increased employee monitoring within the past 12 months?
– 54 percent said no, and we have no plans to do so.
– 27 percent said yes, and have explained the monitoring changes to employees.
– 10 percent said no, but we plan to do so.
– 9 percent said yes, but we have not explained the monitoring change to employees.

In which of the following activities did your organization increase its employee monitoring?
– 58 percent increased monitoring employee Internet use.
– 48 percent increased monitoring employee computer use in general.
– 45 percent increased monitoring employee e-mail use.
– 41 percent increased auditing employee expense forms.
– 30 percent increased monitoring employee use of cell phones.
– 21 percent increased monitoring employee telephone use.
– 13 percent increased monitoring employee instant messaging.
– 13 percent increased use of cameras to monitor employee activities.
– 12 percent increased monitoring of employees’ movement at work.
– 7 percent increased monitoring the use of camera cell phones.
– 5 percent read employees e-mails.
– 1 percent read employee postal email.

[News Release] Read more

Posted on October 31, 2006
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LexisNexis Tax Center Adds Exclusive State Tax Insights

DAYTON, Ohio, /Media Release/ – LexisNexis U.S., a leading provider of information and services solutions, today introduced LexisNexis Practice Insights for exclusive online access to state-specific tax analysis that is written by respected and experienced practicing tax experts across the country.

“The lineup of tax professional authors in the LexisNexis Practice Insights network is really remarkable,” said Charles Ter Bush, vice president and managing director, Tax and Accounting, LexisNexis. “Practice Insights are not simply a rehash of state tax code. The authors draw from their current work on the most complex state tax issues, so the guidance they provide is up-to-date and practical. This is another example of how LexisNexis gives tax professionals access to leading experts and opinions.” Read more

Posted on October 30, 2006
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CCH Survey Sheds Light on What’s Key to Attracting, Keeping Young CPAs

2006 CCH Young Accounting Professionals Survey

BOCA RATON, FLA. (CCH news release) – With the ongoing talent war in the accounting profession, and no end in sight, accounting firms have a gap to fill as they try to attract and retain up and coming professionals, according to the findings of the 2006 CCH Young Accounting Professionals Survey conducted for CCH, a Wolters Kluwer business and a leading provider of tax information, software and services (CCHGroup.com). Read more

Posted on October 30, 2006
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Trick or Treat: The CPA Outlook for 2007

“Never been a better time to be an accountant.” Really?

Join the study. Get the download.

Where do YOU stand? Join the study; get the instant download with top-line findings.

by Rick Telberg
At Large

Buoyed by a strong job market for accounting skills, a Dow Jones Index piercing 12,000 and a few good economic indicators, most tax and accounting professionals appear cautiously optimistic about the business and economic outlook for the year ahead in 2007. Or should we say selectively optimistic?

“Continuing fee escalation at larger firms will encourage clients to seek more cost-effective alternatives for some less critical services — primarily compliance services and non-strategic consulting services,” says the leader of a mid-sized local CPA firm. “This makes my firm increasingly attractive to larger companies.” Read more

Posted on October 29, 2006
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Big 4 firms, public companies join to roll back SOX

Paulson

Treasury Secretary Henry Paulson says the pendulum has swung too far. Meet the Committee on Capital Markets Regulation.

Frustrated with laws and regulations that have made companies and accounting firms more open to lawsuits from investors and the government, corporate America — with the encouragement of the Bush administration — is preparing to fight back, the New York Times reports today, in the top story of the Sunday edition. The story is getting major coverage worldwide, signifying the beginning of a new level of debate over SOX.

Now that Enron’s Jeff Skilling has been sentenced, the political climate could be right to roll back SOX, according to Steve Forbes. He told a reporter for the U.K.’s IT Week, “I think there is going to be, and should be, a relook at Sarbanes Oxley in a more calm atmosphere now that Jeffrey Skilling is going to be out of circulation for a while.”

But in Houston, where memories are still raw with Enron, Houston Chronicle business columnist Loren Steffy, says, the pendulum has swung for a reason. Read more

Posted on October 29, 2006
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Econ 101: High Demand + Low Supply = Salary Increases

Specialists can expect 4% raises in 2007

MENLO PARK, CA /RHI NEWS RELEASE/ — Business expansion and ongoing compliance requirements will drive the demand for skilled accounting and finance professionals and intensify recruitment challenges next year, according to the just-released 2007 Salary Guide from Robert Half International.

As a result, salaries for many specialties are on the rise, with a national average increase in base compensation of 3.8 percent projected for 2007. Research shows that compliance professionals, internal auditors, financial analysts and public accountants are among those expected to see the greatest gains in base pay. Read more

Posted on October 28, 2006
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20 Tips: Avoiding Malpractice Lawsuits

CAMICO Founding Members Offer 20 Risk Management Tips

[News Release]

This year marks the 20th anniversary of CAMICO Mutual Insurance Company. After two decades of dialog with its CPA policyholders, CAMICO has become a national repository of risk management knowledge for accounting firms. A mutual insurer owned and operated by CPA policyholders, CAMICO recognizes that its success is largely due to the acquired experience and learning of those CPAs.

Following are 20 tips and thoughts from four of CAMICO’s founding, 20-year member firms:

1. Before entering a new engagement, be sure you have the human and professional resources to back up the scope of work. (Armanino McKenna)

2. Perform a thorough background check on all potential new clients, including inquiring with former CPA firms, before accepting an engagement. (Kirsch, Kohn & Bridge)

3. Provide continuous training opportunities for your employees in the area of risk management. Be sure all employees understand the firm’s appetite for risk and the kinds of clients it wants to engage. (Goldstein Munger & Associates Financial Advisors) Read more

Posted on October 27, 2006
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Accounting Change for Social Security?

Download

White House opposes plan for present-valuing future liabilities.

A radical new approach to government accounting that would require the US administration to account for the cost of future social security payments year by year as people build up entitlements will be proposed on Monday….. Continued at the Financial Times.

Download the FASAB White Paper now.

PEOPLE ARE TALKING: At the USA Today news blog.

NEWS RELEASE: FASAB Issues Preliminary Views Regarding Accounting for Social Insurance

The Chairman of the Federal Accounting Standards Advisory Board (FASAB), David Mosso, announced today that the FASAB is seeking input on a Preliminary Views document entitled Accounting for Social Insurance, Revised (PV).

Social Insurance comprises five programs; however, two programs, Social Security and Medicare, are of special significance because of the high rate of participation among citizens, the fiscal challenges related to the programs and the challenges associated with incorporating estimates of future cash flows of this magnitude in financial statements. The Board is presenting two differing views, supported by different Board members, on accounting for social insurance.

“Financial reporting can answer fundamental questions about social insurance,” according to FASAB Chairman David Mosso. He offered that, “Key questions include whether the Government’s financial position and condition improved or deteriorated as a result of providing these and other programs, and what is the likelihood that these programs will be able to provide benefits at current levels to those who are planning on receiving them. The information provided as a result of this proposed standard should help users make these assessments while providing for the complexity of these programs and the uncertainty of long-term projections.” Read more

Posted on October 26, 2006
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IMA: ‘Support Much Needed SOX Reform’

The Institute of Management Accountants (IMA) applauds the formation of The Committee on Capital Markets Regulation

By Paul A. Sharman
President and CEO
Institute of Management Accountants Paul A. Sharman, ACMA is President and CEO of the Institute of Management Accountants.

The recent attention given to the negative aspects of Sarbanes-Oxley (SOX) implementation on U.S. corporations (large and small) and global competitiveness is long overdue. We must address the cost and complexity of implementation of SOX Section 404 – and we must do it quickly. The price of sub-optimal SOX implementation? Nothing less than a massive erosion of U.S. global competitiveness. Read more

Posted on October 23, 2006
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SOX Study: IMA issues report on SOX compliance problems

The study, COSO 1992 Control Framework and Management Reporting on Internal Control: Survey and Analysis of Implementation Practices, assesses the views of nearly 400 experienced CFOs, controllers, internal auditors, and SOX compliance specialists at publicly traded companies, according to th Institute of Management Accountants.

Conducted by Professor Parveen P. Gupta of Lehigh University, the study was designed, the IMA says, to determine the extent to which companies are using COSO’s 1992 internal controls framework and identify the factors which inhibit a successful and cost-effective SOX compliance outcome. These factors include high-cost compliance activities, definition and use of “risk based” models, application of risk assessments (fraud, plausible, and inherent risk), integrated audits, IT controls assessments, skills gap issues, and other practical areas, according to the IMA.

COSO 1992 Control Framework and Management Reporting on Internal Control: Survey and Analysis of Implementation Practices includes an executive summary that is available free of charge.
Read more

Posted on October 23, 2006
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Gearing Up for Busy Season

Is now the time to get the hottest new tech tools?
Take the poll; get the answers.

by Rick Telberg
At Large

If you’re like most tax professionals, you’re already getting ready for the upcoming filing season. And one of the key areas you’re looking at is your technology setup.

Unfortunately, a vast number of tax practitioners work in small or home-based offices and they don’t have a full-time techie on staff to sift through all the new options. That’s why we went to Anne Stanton, the Norwich, Vt.-based consultant to many CPA firms for advice.

We started by wondering aloud if now is even a good time to make any big changes to your tech setup, considering that Microsoft is coming out with the new Vista operating system next year and hardware prices seem to drop a little bit more every month. Should we just wait to see how the dust settles? Read more

Posted on October 22, 2006
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Catch up on “the Section 861 Argument.”

Eddie Kahn, Tax Adviser(?)


Would you take advice from this man?

Snipes did.
Read more

Posted on October 21, 2006
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File Under NUTS!: Wesley Snipes’ 1040

Snipes

Turns out there are many wealthy Americans who believe that income tax is voluntary or that the government has no right to tax citizens.

One popular tax evasion scheme–involving the claim that tax is only owed if income is derived from a foreign corporation–was cited by actor Wesley Snipes in a bizarre bid to secure an unwarranted $7.4 million tax refund, according to documents filed in federal court in Tampa, Florida…

See Wesley Snipes’ 1040X Tax Return for Yourself . . . Read more

Posted on October 21, 2006
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