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

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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Sage Software Insights 2007 Conference Features End-to-End Business Management Software and Services for SMBs

“Our customers’ needs are our primary business driver,” said Sage Software CEO Ron Verni.

ORLANDO, FL (MARKET WIRE) — At Insights 2007, its annual business partner conference, Sage Software is showcasing its extensive portfolio of business management software and services for small and mid-sized businesses (SMBs) and nonprofit organizations, including new versions of Sage MAS 90 and 200 ERP and Sage SalesLogix CRM.

The breadth of products being highlighted at Insights 2007 underscores Sage Software’s strength in offering the broadest range of business management solutions for SMBs from a single vendor, providing businesses and organizations with integrated applications, choice in their technology options, and the ability to migrate to more advanced software products as their operations grow. This broad selection of products and services also underpins the company’s Sage 360° approach to connecting with their customers, providing a complete experience that begins with a comprehensive suite of business management solutions and continues with customized installation, expert training, and superior service and support.
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Posted on May 14, 2007
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Sage Insights 2007: Readings from the Blogosphere

Sage Sketches In Roadmap To Common Components
Parses product lines into ’strategic’ and ‘value,’ pledges Project 360 roadmap to common components, desktop.
Sage Software, which fields a sometimes-bewildering array of financial software brands is now prioritizing. On Tuesday a Sage executive listed both its “strategic” products, those upon which it will base its future. And, she enumerated its “value” line which will be maintained but not much more. The core strategic products are… more.

Insights NA 2007 is being held at the Gaylord Palms Hotel and Conference centre in Orlando, Florida.
The word ‘huge’ does not quite do the centre justice; neither does ‘monstrous’ as the centre is impeccably groomed and the facilities very good; so I’m going to go with ‘absolutely enormous beyond any real comprehension’ (apologies for the superlatives). The live ‘gators and terrapins where a particular joy, although I wouldn’t like to say this was the sentiment expressed by the Koi carp that share the artificial lake with them… more.

Insights 2007
This event is always a special event. But this year it is more special due to the recent reorganization at Sage Software. Bringing old walls down between small business and mid-business; front office and back office products should be a welcome move by customers and partners. This will serve our customers well and it should enable partners to foster an healthier eco-system. More… Read more

Posted on May 13, 2007
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Office Moods Can Spread Like the Flu

Catch a good feeling at work, or you can just fake it.

Meanwhile, what are the ingredients to success as a CPA? Join the study. Get the answers.

by Rick Telberg
At Large

Have you got a bummer or a grouch in the office? You know, one of those people always in a nasty mood? Or, perhaps worse, one of those perpetually chirpy people who carry emotional stilettos and aren’t afraid to use them on others’ ideas?

Bummers and grouches are as inevitable as taxes and death, but that doesn’t mean you have to suffer them gladly. Odds are these people don’t even know what the effect they’re having on others. They think their moods are so contained that no one else is seeing the dark secrets inside their skulls.

Not surprising, this is not true.
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Posted on May 13, 2007
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PRODUCTIVITY: A Primer for the Competitive Firm

Click for Download

A New White Paper By Bruce W. Marcus
Offered by Bay Street Group LLC in Partnership with The Marcus Letter

For the full 12-page white paper, click here for an instant download (PDF).

EXECUTIVE SUMMARY

In an environment driven by four key factors – competition, regulation, radically new technology, and shortages of talent — and in which the regulation of accounting and law firms is more stringent than ever before — survival becomes increasingly difficult.

For a great many firms these are boom times. Thanks to Sarbanes-Oxley and other such regulation, the profession is soaring. Too many other firms, however, are drowning under the same burden.

But boom times can be dangerous times. Growth for the successful firm can be too rapid and lead to burnout, and, as times change, to rapid deceleration. In the less successful firms, it can mean being unable to cope with the new regulation and its demands upon clients, and, in turn, upon the firms. These firms are too often being swamped, struggling for survival, or merging in shotgun weddings. Nor can many of these overburdened firms compete well in this dynamic environment.

Moreover, when today’s success is driven by conditions in the marketplace, then control of that success is in the arbitrary hands of outside forces, and not in the hands of the firm itself, further endangering continued success as the regulatory situation matures.

For the full 12-page white paper, click here for an instant download (PDF).
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Posted on May 10, 2007
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