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Information on Stimulus Payments Posted to IRS.gov
The IRS released additional information about the upcoming economic stimulus
payments in a specially designed section for taxpayers on IRS.gov. The new
information includes an extensive set of
Frequently Asked Questions about the stimulus payments, with a special
emphasis on recipients of Social Security and certain veterans’ benefits.
Millions of people in this group who normally don’t file a tax return will
need to do so this year in order to receive a stimulus payment.
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CPA Financial Executives
Foresee Continuing Decline in Economy
Expectations for the U.S. economy turned
sharply negative among senior-level executive CPAs as the outlook for
finance, real estate and retail trade declined in the first quarter,
according to the latest
Business and Industry Economic Outlook Survey of the AICPA and the
University of North Carolina’s Kenan-Flagler Business School. For the first
time since the AICPA survey began in December 2005, pessimists outnumbered
optimists and did so by nearly a five-to-one margin. The economy emerged as
the top issue facing lawmakers and U.S. presidential candidates. A 59
percent majority of CPA respondents said they were pessimistic or very
pessimistic about the economic outlook for the U.S. over the next 12 months.
Meanwhile the new survey found only 11 percent of CPAs in executive
positions expressed optimism about the economy.
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Form 4136 Revised; Some
Farmers, Fishermen Have Until March 10 to E-File
Agricultural industry taxpayers, farmers and fishermen, who electronically
file Form 1040 returns with
Form 4136, "Credit for Federal Tax Paid on Fuels", must wait until March 3
to e-file the newly revised Form 4136. Normally, 1040 filers who are farmers
or fishermen are not required to make an estimated tax payment if they file
their return and pay all taxes due by March 1. But this year, because March
1 falls on a Saturday, the date extends to Monday, March 3. For eligible
farmers and fishermen who attach Form 4136 to their Form 1040, the return
will be considered timely filed with all tax paid if the return is e-filed
and accepted on or before March 10 and all tax due is paid on or before
March 10.
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PCAOB Will Consider
Proposing an Auditing Standard on Engagement Quality Review
The Public Company Accounting Oversight Board has scheduled an open meeting
for Tuesday, February 26, at 9:30 a.m., to
consider proposing an auditing standard on Engagement Quality Review. It
would supersede the Board's interim concurring partner review requirement
and a conforming amendment to the Board’s interim quality control standards.
The meeting will be open to the public and Webcast via a link on the PCAOB’s
web site (www.pcaobus.org)
that will be made available the day of the meeting. The meeting also will be
available via Podcast later in the day.
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FASB Proposes Guidance on
Nonprofit Endowments
The Financial Accounting Standards Board has issued a
proposed
FASB Staff Position on the endowments of nonprofit organizations that
could have large implications for how they recognize their assets and use
donor-restricted funds. The provisions of the FSP will be effective for
fiscal years ending after June 15, 2008.
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E-Postcard Simplifies
Filing for Small Tax-Exempt Organizations
The IRS launched a
simple electronic filing system that small tax-exempt organizations may
use to comply with a new law requiring them to file an annual return. In the
past, small tax-exempt organizations generally were not required to file
Forms 990 or 990-EZ, the annual information returns for tax-exempt
organizations. But the Pension Protection Act of 2006
requires that tax-exempt organizations that normally have annual gross
receipts of $25,000 or less must file an electronic Form 990-N, "Electronic
Notice (e-Postcard) for Tax-Exempt Organizations not Required to File Form
990- or 990-EZ," for tax years beginning in 2007. The Form 990-N is required
under the new law to be filed electronically.
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MACPA Exhibiting
Opportunities - Reserve Your Spot Today!
The perfect way to get your company's products and services in front of
almost 17,000 accounting professionals is by exhibiting with the MACPA. Some
of the MACPA's hottest events for exhibiting are just around the corner.
Reserve your
exhibiting space for the 2008 Management Information Shows and Small
Practitioners Conference today! Space is quickly running out. For more
information please contact Jean
Jernigan at 248.267.3700.
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The Benefits of SMBs
Rapidly Adopting SIP Trunking
Unlike like large companies, small- and medium-sized businesses (SMBs) often
base their business decisions more on cost issues than on features and
technology. During their analysis of cost issues, SMBs must determine
whether return on investment (ROI) or productivity will prevail when
determining cost. To read this
article in its entirety and 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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