Wednesday, July 29, 2009

Accounting Remains Hot Career Choice!

The number of students who graduated with accounting degrees in the 2007-08 school year surpassed the previous year’s record level, according to a new report by the AICPA.

More than 66,000 achieved bachelor’s and master’s degrees in accounting, 3.5 percent higher than in 2006-07.

This represents the largest number of graduates since 1972, the year the AICPA began tracking the data, according to the report, 2009 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits.

Wednesday, July 22, 2009

Tax Options In Health Care Reform Debate

Funding health care reform, which the Congressional Budget Office (CBO) has estimated will carry a $1 trillion price tag, will involve both cost saving measures and tax increases according to Prescription for Change: Tax Issues in Health Care Reform, prepared by the Tax Policy Group of Deloitte Tax LLP in Washington, D.C. and reported by AccountingWeb.

The report does not define the debate or predict the outcome, but identifies areas where tax issues will arise.

Tax options directly related to health care have been prominent in the debate so far, but President Obama suggested tax reforms unrelated to health care as sources for funding reform in his FY2010 budget, and the funding debate may extend beyond taxing for health care.

“If Congress abandons any nexus to health care in its search for funding options,” the Deloitte report predicts, “then business and individual tax issues could be drawn into the discussion.”

Daunting as the prospect of reform may be, the case for health care reform is strong, the authors say.

The CBO estimates that health care costs will reach 20 percent of the gross domestic product by 2017.

The costs of Medicare and Medicaid alone, which consumed more than 20 percent of the federal budget in 2007, will “represent a serious threat to the fiscal health of the country.”

Forty seven million American are uninsured and 25 million are underinsured.

More here:

Wednesday, July 15, 2009

Is Client Retention Your Biggest Concern?

According to the AICPA's 2009 CPA Firm Top Issues Survey, the most significant challenge facing CPA firms of all sizes across the nation today is client retention.

This certainly indicates how the economy is affecting business practices for accountants and other professional service providers.

The CPA Firm Top Issues Survey gathers information from a wide range of practitioners in five different size segments from sole practitioner to firms with over 21 professionals in an effort to get a snapshot of the most critical challenges facing AICPA members.

Marketing and practice growth reappeared in the AICPA's Top 5 issues list for the first time since 2005 across all five of the firm sizes that were surveyed.

Technical training standards and succession issues also topped the 2009 list. The top issues varied by firm size.

After client retention, tax law complexity and changes were top concerns for sole practitioners while partner accountability and succession planning are top issues for firms with more than 20 professionals.

Wednesday, July 1, 2009

Missouri Severe Storms and Flooding Victims May Qualify for IRS Disaster Relief

Victims of recent severe storms, tornadoes, and flooding in Missouri may qualify for tax relief from the Internal Revenue Service.

Following severe storms, tornadoes, and flooding on May 8, 2009, the President declared Adair, Barry, Barton, Bollinger, Cape Girardeau, Christian, Dade, Dallas, Dent, Douglas, Greene, Howell, Iron, Jasper, Jefferson, Laclede, Lawrence, Madison, Newton, Ozark, Polk, Reynolds, Ripley, St. Francois, Shannon, Texas, Washington and Webster counties a federal disaster area qualifying for individual assistance.

As a result, the IRS is postponing until July 7, 2009, certain deadlines for taxpayers who reside or have a business in the disaster area. The postponement applies to return filing, tax payment and certain other time-sensitive acts otherwise due between May 8, 2009, and July 7, 2009.,,id=210060,00.html