Accounting News


Friday, September 28, 2007
QuickBooks 2008 Released

Intuit has released QuickBooks 2008. The latest addition includes better integration with Outlook, easier importing with Excel, pre-authorization for credit cards and easier sharing of files with an accountant.

The bad news is it does not include the two features we would like to see:
1) Setting the "to be emailed" flag with imported invoices
2) Emailing of applied payments from credit cards

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Accounting News


Friday, September 21, 2007
Accountant Turned Bandit

For any accountant who identified with Butch Cassidy and the Sundance Kid we have a story for you. Rajib Chatterjee, a 31 year old accountant in Kolkata, India left his job to be a highway robber.

Over the years, Rajib built up a gang and a notoriety that would put even hardened criminals to shame. They would stop trucks and loot them on the highways around Howrah.

Apparently, things were going quite well for him till six of his cronies were recently arrested. Rajib was nabbed last week and is now in police custody.

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Accounting News



IRS Offers Guidence on Foreclosure

The IRS has created some new tools and information for people who have experienced a home foreclosure. The information helps taxpayers know if they are eligible for any tax relief. However, the IRS suggests that struggling homeowners should consider all their options carefully before going through a foreclosure.

This is because under the tax law, if the debt wiped out through foreclosure exceeds the value of the property, the difference is normally taxable income. But a special rule allows insolvent borrowers to offset that income to the extent their liabilities exceed their assets.

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Accounting News


Wednesday, September 12, 2007
New Tax Rule Leads to Probes

FIN 48 disclosures rule requires public companies to disclose how much they have set aside to pay tax authorities if certain tax avoidance strategies are successfully challenged by the IRS. The disclosure requires the company to attach a dollar figure to tax-savings that could be vulnerable. The disclosure also has the effect of letting the IRS know which companies are taking a more aggressive tax position.

As a result of this disclosure, the Senate's Permanent Subcommittee on Investigations has issued 30 letters to companies asking for more details on the tax arrangements that led to their FIN 48 disclosures.

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