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June 3, 2010    
Featured Sponsors
Gear Up Returns to Chicago This Summer for Windy City Week!
Calculators May Be Everywhere, But Accounting Professionals Choose Monroe
Why Most Accountants Need a New Firm Website
Publisher's Note
Rob Nance, Publisher As we put together this edition of the Weekly News Analysis, I kept thinking that it’s particularly difficult these days to analyze much of the news without weighing economic, human, and environmental costs. The recent volcanic episodes in Iceland created enormous ripple effects globally on each of these fronts. I’m sure that many of you are following the BP disaster in the Gulf of Mexico. That accident happened on April 20, resulting in 11 deaths and an oil leak damaging land, water, fish, and fowl – and is potentially like no other oil catastrophe before it. The financial storms that these events and others create are widespread and felt in every pocket of society.

BP shares have fallen nearly 40 percent, wiping out nearly $70 billion in shareholder value. Staggering. An accountant in Florida told me that one of his clients, a retired couple, had more than one-third of their nest egg in BP stock. The waves that BP has created will remain with the world for a very long time…just ask a fisherman in Louisiana.

Rob Nance
Publisher
publisher@accountingweb.com
Top News
AccountingWEB Exclusive: Former FDIC Chief says FASB proposal is "irresponsible"
FASB William Isaac, former chairman of the FDIC and chairman of consulting firm LECG's global financial services unit, tells AccountingWEB that he expects banks to react very negatively to the FASB's recent proposal.
NASBA Chief David Costello moving on to an even brighter future
David Costello is ready for new horizons. In April, he announced that he will step down from the top spot at the National Association of State Boards of Accountancy. When he goes, he’ll leave the organization much better than he found it.
U.S. CPAs gaining in IFRS awareness
CPAs are gaining awareness about International Financial Reporting Standards. Furthermore, CPAs increasingly foresee a need to gain advanced or expert knowledge as the U.S. moves toward global accounting standards.
Many businesses expect property tax liability to remain the same or increase
More than half of property tax executives expect their companies’ property tax burden to either remain the same or increase in 2010, compared with last year.
Gear Up Returns to Chicago This Summer for Windy City Week!
     Join us Aug 2-7 to earn 44 CPE credits in your choice of: Accounting; Mid-Year Tax Update for Individuals; Assisting Small Business from A to Z; Planning for Later Years in Life; IRS Audits, Appeals, and Collections; Practice Development and Management; and Technology 2.0. SAVE through 6/16 with Early Bird Pricing! Hotel discount also available: Westin Michigan Avenue on Chicago’s Magnificent Mile!
     Visit cl.thomsonreuters.com/G or call 800.231.1860.
Featured Articles
More whistleblowers needed, organizational transgression appears to be growing
WhistleWhistleblowers are still a major source for uncovering fraud and wrongdoing within companies, but being a whistleblower is a difficult, arduous process with an uncertain conclusion.
Managers can become better leaders by becoming better listeners
If you’re like me, then you trained as an accountant and had no formal training in leadership or running a firm. It is important to realize that not all of these skills come instinctively and sometimes we need help in developing them.
Broke states and broken promises
According to a recent report from the National Association of State Budget Officers and the National Governors Association, state fiscal conditions "have continued to worsen" and state revenues can be expected to lag behind a national economic recovery by one to three years.
Survey: CFOs most concerned with rising health care costs
Financial executives have many issues on their minds, but topping the list are curbing rising health care costs and keeping other expenses in check, according to a recent survey from Robert Half Management Resources.
Calculators May Be Everywhere, But Accounting Professionals Choose Monroe
Monroe - The Calculator CompanySpecial Pricing and a FREE Gift with purchase for AccountingWEB Readers only. See the amazing Monroe 8125 and recently introduced Monroe Ultimate, clearly the ultimate adding machine. Monroe provides the most productive and durable calculators, the darkest and longest lasting ribbons and quality paper tape. Monroe is the only calculator company selling directly to end users and working with accountants and CPAs to design innovative time saving features. Check out the exclusive editing feature on the newest models. For calculators that last and perform, turn to Monroe. View special pricing here.
Firm/State/People News
Passing CPA exam in 2010 becomes top priority as exam changes loom
CPA Party The AICPA will be rolling out a new Uniform CPA Examination in January 2011, sending many candidates racing to pass the CPA exam as soon as possible. Industry experts concur with this strategy.
Nicolas Cage: Poster boy for delinquent taxes
Just when you thought he’d learned his lesson, Nicolas Cage is wrestling with more tax issues. Since late last year he had become the poster boy for celebrities who don’t pay their fair share, making headlines time after time.
IRS lien brings back an old scandal for Clinton friends
They are not movie stars, but the names of Harry Thomason and his wife, Linda Bloodworth-Thomason, are well known in Hollywood, in Washington, D.C., and now on the rolls of delinquent taxpayers.
Why Most Accountants Need a New Firm Website
Emochila    • Is there any reason presently why your clients should visit your website regularly?
   • Did YOU visit your firm's website recently?
   • Have you acquired any new clients lately from your website?
If the answers to these questions are "NO" – you need Emochila's help. Click here to learn more and request your free trial.
Blogs!
What do you have to say today?
Washington: Economic Nexus Effective June 1, 2010
Washington's new legislation created an “economic nexus” standard. It requires some businesses earning apportionable income from Washington customers to be subject to taxes whether or not they maintain offices in the state or have a physical presence.
Paperless or Not? A Contrarian's View
Before we jump on the paperless bandwagon for our small audits, it's time to count the cost!
People Management: What Managers Can Learn from The Beatles
The Beatles weren’t a group, they were a team; and this is a distinction all good managers should make when handling their staff.
Sacrificial Leadership on Memorial Day
On this special holiday weekend, I was taught to always stop and remember the men and women who make the ultimate sacrifice.
Kaplan Weekly Quiz
KaplanAre you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz.
The Entrepreneur's Playbook
Technology Changes Everything - AccountingWEB LIVE!
We Need More Whistleblowers
Turn your advertising around
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