GASB Offers Plain-Language Guidance for Derivative Accounting
The Governmental Accounting Standards Board released an exposure draft of its plain-language supplement to Accounting and Financial Reporting for Derivative Instruments. The supplement is prepared for citizens, taxpayers, elected representatives, municipal analysts and other external users of governmental financial information and uses a minimum of technical terminology. Comments on the plain-language supplement are due by October 26, 2007. This plain-language supplement is part of GASB’s efforts to communicate with the public in a more understandable and broadly accessible manner.
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Revised Innocent Spouse Form Now Available
The newly redesigned IRS Form 8857, Request for Innocent Spouse Relief, should eliminate an estimated 30,000 follow-up letters annually. The IRS expects the new form will lead to fewer follow-up questions and reduce the burden on taxpayers. The form will ask more questions initially, but collecting critical information early in the process will mean faster processing of the request. Previously, Form 12510, Questionnaire for the Requesting Spouse, was separate from Form 8857. The new form combines and streamlines the two forms.
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Some States Triple Cigarette Taxes, Most Hold Firm on Gas and Sales Tax Rates
Many smokers are feeling a greater squeeze on their wallets as more states increase cigarette taxes, while most states have held the line on gas and sales tax rates over the last year, according to tax information company CCH. As part of its annual survey of consumption taxes, CCH takes a look at gasoline, cigarettes and sales tax. A national map of tax rates shows just how varied the rates are in each category across the United States, with rates that range from high to low, or even non-existent, as of July 1, 2007.
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All Companies Need a Disaster Recovery Plan
Ninety-three percent of businesses losing access to their data for up to 10 days generally file for bankruptcy within 12 months, according to the National Archives and Records Administration. For this reason, experts agree businesses should develop and implement a disaster preparedness and recovery plan before power outages and other events occur. To read this article in its entirety and learn much more about developments in technology, access Technology and Productivity Weekly, the MACPA's electronic technology newsletter for industry professionals, sponsored by Information, Inc.
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CPE By City

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New Pronouncements and the Practical Ways to Apply Them for the Benefit of Your Clients
	What: Accounting & Auditing Update with Bob Henkels When & Where: July 24, 2007 - Livonia Recommended CPE Credit: 8 Accounting & Auditing Hours
How will the 2007 Yellow Book Affect Your Engagements and Practice?
	What: Webinar: Governmental Accounting and Auditing Update When & Where: July 25, 2007 - Online Recommended CPE Credit: 8 Accounting & Auditing Hours
A Single Dollar Could Mean More to Your Client's Retirement Than You Thought
	What: Webinar: New Math for Retirement When & Where: July 31, 2007 - Online Recommended CPE Credit: 2 General Hours
Three Days of Education and Networking You Do Not Want to Miss
	What: The 30th Annual Small Practitioners Conference When & Where:  August 22 - August 24, 2007 - Bay City Recommended CPE Credit: Up to 21 Hours, including Accounting, Auditing and Ethics
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