CCH on new tax bill: Businesses benefit, some families lose

‘Still some opportunities for family tax savings, but they’re quite limited’

RIVERWOODS, ILL. (Special CCH Tax Briefing) – Some wealthy families will help finance tax breaks for small business under the recently enacted Small Business and Work Opportunity Tax Act of 2007, according to CCH.

The tax provisions were part of larger legislation that also increased the minimum wage and provided funding for the Iraq war, signed into law on May 25. An expansion of the “kiddie tax” to cover children up to age 19 – up to 24 if they are college students – is one of the principal ways that the Act funds tax incentives to businesses, mainly small ones, as well as S corporation reforms.

Under the kiddie tax, a child’s unearned income in excess of $1,700 – income in the form of interest, capital gains and so on – is taxed at the parents’ top rate. This rule used to apply to children 13 years and younger. This allowed wealthy families to transfer assets to older teenagers and pay less tax as a family unit. Last year, though, Congress expanded the tax to cover children 17 years and younger, and this year’s change, effective for the 2008 tax year, limits the tax savings opportunities still further.
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Posted on May 31, 2007
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When Accounting Isn’t Enough

Small business needs ERP solutions.

So why aren’t more CPAs stepping up? Join the study. Get the answers.

by Rick Telberg
At Large

Small businesses may need enterprise resource planning solutions more than they realize. But convincing them may be easier said than done.

According to an Aberdeen Group study, ERP is indeed working quite well for small manufacturers, those with up to $50 million in annual revenue. Still, a fairly large chunk have not yet implemented ERP, and many with systems in place should be considering upgrades.

Therein lies the opportunity because ERP consulting requires the advanced level of business client knowledge that’s a hallmark of accountants and finance professionals.
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Posted on May 28, 2007
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The Big 4: Too Big to Fail?

Is PricewaterhouseCoopers the next Andersen?

Tyco International has agreed to pay $3 billion to settle shareholder lawsuits. What does that mean for Tyco’s auditor, PricewaterhouseCoopers?

PWC is getting sued for billions — which could crush the firm. And don’t hold your breath for liability relief from Washington, Financial Week’s Andrew Osterlund says. “SEC chairman Christopher Cox, already under fire for what some critics describe as steering the commission in too business-friendly a direction, may be less willing to take up the issue.” Read more

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Posted on May 25, 2007
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NETSUITE goes mobile on BlackBerry, Windows Mobile and Palm Treo

First On-Demand ERP/CRM/Ecommerce Suite to Empower Mobile Workers

San Mateo, Calif., May 24, 2007 – NetSuite, Inc., the leader in on-demand business management software, today announced that NetSuite® is available wirelessly on mobile devices such as BlackBerry, Windows Mobile and Palm Treo.
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Posted on May 23, 2007
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Bonadio Launches Podcast Marketing

Or is it really a client-service value-add?

Bonadio Group CPAs, based in Rochester, N.Y., may be one of the first (if not the first) regional CPA firm to move into podcasting as a branding and lead development tool. Marketing chief Alan Vitberg points us to the ViewPoints section of the firm’s website. The firm has gathered a library of byliners — in PDF and podcast — that’s organized by target market, i.e.:
– Medium & Large Privately Held Companies
– Public Companies
– Small Business
– Government
– Healthcare
– Not-for-Profit
– Unions
– Individuals

This is a terrific example of what we call “Marketing as a Service.” Yes, it builds brand. And, yes, it drives leads. But if you’re already a client it also provides practical information and peace of mind. And isn’t that what CPAs are really delivering?
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Posted on May 23, 2007
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What’s in Your Staff Pipeline?

Leaders aren’t born. They must be developed.

What are the ingredients to success as a CPA? Join the study. Get the answers.

by Rick Telberg
At Large

A fresh assessment of leadership development in governmental organizations has produced a management model that may apply equally well to finance and accounting shops large and small. This may be one of those cases where the private sector can learn something about management from the governmental sector.

A new study, written by Mary B. Young for CPS Human Resource Services and published by the International Public Management Association for Human Resources, looks at two kinds of “leadership pipelines.” One is the traditional Just-in-Time (JIT) pipeline. The other she calls the Integrated Approach pipeline.
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Posted on May 20, 2007
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Good News for New Grads

But is this the future we’ve always feared?

What are the ingredients to success as a CPA? Join the study. Get the answers.

by Rick Telberg
On Careers

With the accounting industry already struggling to keep positions filled, roaring demand for new college graduates could put pressure on accounting firms and finance departments to ratchet up recruiting and retention efforts.

This year, employers plan to hire nearly 20 percent more new college graduates than they did last year according to the National Association of Colleges and Employers (NACE). Starting salaries for business majors is advancing across the board. Marketing graduates are winning the biggest increase among the business fields: their average offer rose 10 percent to $41,285. Conversely, the smallest increase among the business fields went to accounting grads: their average offer rose three percent to $47,421.

“However, it is important to note,” according to NACE, “that accounting salaries have been rising steadily, a good indication of the level of demand for this discipline.”

Still, the flattening trend line begs the question: Is the profession’s Sarbox-fueled growth spurt peaking?
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Posted on May 16, 2007
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IRS: 2007 Tax Season Sets Records

E-file, Direct Deposit, IRS.gov Get Highest Usage Ever

WASHINGTON (IRS) — The 2007 tax filing season set a number of electronic records, highlighted by over 76 million electronically-filed individual tax returns and more than 140 million visits to IRS.gov, the Internal Revenue Service said.

“E-file and our other electronic services helped us deliver a strong filing season for the nation’s taxpayers,” said IRS Acting Commissioner Kevin M. Brown. “Again this year, millions of additional taxpayers gave up paper tax returns to file electronically. E-file and IRS.gov were among several factors that helped us overcome one of the most challenging filing seasons ever for the IRS.”

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Posted on May 15, 2007
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Sage Software Launches New Sales Support Programs

Coaching, Employee Healthcare, and Timeshare Recruiting Programs for Channel Partners

ORLANDO, FL — (MARKET WIRE) — Sage Software announced today, during its annual Business Partner conference, Insights 2007, several new business support programs for its Business Partner channel, including coaching programs for sales and marketing; BenefitProtect, which provides employee healthcare benefit support; and Timeshare Recruiting, which provides a shared recruitment resource that lowers the cost of staff recruitment.

The new programs are part of the Sage Partner Advantage Program, which has received numerous accolades in the past, and most recently won a 5-Star Partner Program rating by VARBusiness magazine. The new program additions, along with a host of other program enhancements, provide additional breadth and depth to Sage Software’s partner programs, enabling business partners to better manage, grow and market their products and services.
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Posted on May 15, 2007
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