A & A Update and Review, Inc.

WRAPUP 4-U.S. jobs, factory data strengthen growth outlook

Danny Nelson — Wed, 22 Feb 2012 17:41:07 +0000

The number of Americans filing for new unemployment benefits unexpectedly fell to a near four-year low last week, suggesting the labor market recovery was quickening.

Other data on Thursday showing solid expansion in factory activity in the Mid-Atlantic area this month and builders breaking more ground on new residential projects in January offered more evidence of a sustained momentum in the economy.

Mobile devices expose organisations to unprecedented security risks

Danny Nelson — Tue, 21 Feb 2012 13:44:39 +0000

The rapid proliferation of smartphones and tablet computers is exposing corporate networks and information to unprecedented risk, and organisations worldwide should expedite efforts to shore up their cybersecurity systems.

That’s the message of four recent reports from large accounting firms.

Obama’s budget focuses on job creation

Danny Nelson — Mon, 20 Feb 2012 13:44:07 +0000

President Obama called for more spending on community colleges, job training, infrastructure, and research and development as he touted an election-year budget that seemed to complete his shift in focus from budget cutting to job creation.

Arguing that the country can’t “cut our way to growth,” Obama delivered a $3.8-trillion budget plan to Congress and blew through a promise to cut the deficit in half by the end of his first term. Obama’s budget projects a $1.3-trillion deficit in fiscal year 2012 and $901 billion in 2013, both over the $700 billion that would have made good on his pledge.

IRS audits of small business software files: Practitioners should balance risk for their clients.

Kyle Anderson — Sun, 19 Feb 2012 13:02:23 +0000

IRS audits of small business software files

Practitioners should balance risk for their clients.

By Jim Buttonow, CPA/CITP January 2012 from JOA

CPAs need to be aware of the risks associated with the IRS’s requests for electronic accounting data files from programs such as Quickbooks and Peachtree. This includes violating Circular 230 from non-compliance and HIPAA rules from compliance! Read more at: http://www.journalofaccountancy.com/Issues/2012/Jan/20114540

AICPA Urges IRS to Allow Small Businesses to Protect Private Information in Electronic Files Requested for Audit

Kyle Anderson — Sun, 19 Feb 2012 12:33:24 +0000

AICPA Urges IRS to Allow Small Businesses to Protect Private Information in Electronic Files Requested for Audit

Published March 31, 2011 from AICPA website.

“Once the software file of a small business taxpayer is requested by the IRS for examination purposes, the AICPA believes the taxpayer should have the right to ‘redact’ the software file and turn over only the data that is responsive and relevant to the examination – but no more,” the AICPA wrote in the letter to Chris Wagner, commissioner of the Small Business/Self-Employed Division.

Read more at: http://www.aicpa.org/press/pressreleases/2011/pages/aicpaurgesirselectronicfiles.aspx

9 Hot Facebook-Marketing Tips for Small Business

Danny Nelson — Fri, 17 Feb 2012 15:47:52 +0000

With 845 million users and a new IPO, Facebook has become an increasingly useful tool for brands. It’s important for companies to have a strong presence on the social network. Whether your brand is fully established or just starting out, launching a marketing campaign can seem overwhelming. But, several small and simple things give your brand a start on Facebook. Some of these marketing tactics are used by the biggest brands in the world. Read more…

Obama budget: National debt will be $1 trillion higher in a decade than forecast

Danny Nelson — Thu, 16 Feb 2012 15:45:14 +0000

President Obama rolled out an election-year budget on Monday that would delay action to reduce the national debt in favor of fresh spending on Democratic priorities aimed at rebuilding the American middle class. In his final budget request before facing voters in November, Obama called for $350 billion in new stimulus to maintain lower payroll taxes, bolster domestic manufacturing, lure jobs back from overseas, hire teachers, retrain workers and fix the nation’s crumbling infrastructure. There would be only modest trims to federal health-care programs and no changes to Social Security, the biggest drivers of future borrowing, despite last year’s raucous political debate over the federal debt. Read more…

Fed Watchers See Risks in Rate Plan

Danny Nelson — Wed, 15 Feb 2012 15:34:02 +0000

Many economists believe the Federal Reserve risks making a big mistake if it sticks to its recent guidance about keeping interest rates super low for the next three years. The Fed said last month that it expected to keep short-term interest rates near zero until at least late 2014 to bolster the slow recovery. Among 49 economists who participated in the latest monthly Wall Street Journal survey, the vast majority—33 respondents—said moving to raise rates then would be too late. Just three said it would be too soon, 11 said it would be right on time and two didn’t answer. Read more…

Help! What does your firm include in their social media, data protection, and privacy policies?

Kyle Anderson — Tue, 14 Feb 2012 17:59:10 +0000

Help! I am working on a Social Media, data protection, and privacy policy for CPA firms. What does your firm include in their policy?

Would You Give Your Employees All Your Money?

Danny Nelson — Tue, 14 Feb 2012 15:05:06 +0000

In the small-business world, profit sharing is the new black. But one company, software training firm Agile Learning Labs, has taken it to the extreme. Agile’s six-member team is paid the same share of the company’s profits, regardless of title or role. Apparently, there are big advantages. First, since it impacts them directly and equally, all team members are constantly looking out for the bottom line. Everyone wants to do what they can to support the sales director, because it’s the customers who are paying for dinner that night. “Even those of us who would normally have no customer contact are more aware of our clients and their needs,” says Agile co-founder Chris Sims. “This helps the business.” Read more…