Items by Dan Meyer

• Taxpayers Get that Hope (Tax Credit) less Feeling

  —Tick Marks

  Number of comments: 1
  The Treasury Inspector General for Tax Administration (TIGTA) asserted that the Hope credit for underclass (freshman and sophomore) college students probably allowed hundreds of millions of dollars in undeserved credits because of two significant defects in the administration of the credit. The first defect is that a given taxpayer could [...]
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  Posted: December 02, 2009, 10:02pm EST
  by Dan Meyer

• A Guide to Tax Allocation with iGAAP

  —Tick Marks

  Number of comments: 0
  CCH and the Grant Thornton CPA firm have combined to produce the IFRS Tax Manager, which is designed to help accounting professional handle auditors and accounting and tax professionals to understanding the impact that IFRS and convergence will have on financial reporting and taxation (an obvious example: income tax allocation). [...]
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  Posted: November 23, 2009, 3:20pm EST
  by Dan Meyer

• A Famed Political Blogger Considers Dave Ramsey and Financial Peace

  —Tick Marks

  Number of comments: 0
  Well-known political blogger Meg McArdle (Asymmetric Information, guest blogger at Instapundit) takes a trial of Dave Ramsey's Financial Peace with her fiance and writes about the experience at Atlantic magazine. McArdle found that she was more careful with her spending when she left credit cards behind (not to mention the [...]
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  Posted: November 18, 2009, 5:45pm EST
  by Dan Meyer

• Brazen Biofuel Bilk--Another Ponzi Scheme Pollutes the Investment Environment

  —Tick Marks

  Number of comments: 0
  The Securities and Exchange Commission has charged Mantria Investment, Speed of Wealth LLC, Wayne and Donna McKelvy, Troy Wragg and Amanda Knorr with investment fraud in the marketing of a "green" residential community in rural Tennessee and a "biochar" charcoal substitute. According to the SEC, the defendants (Mantria, Speed, the [...]
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  Posted: November 17, 2009, 8:47pm EST
  by Dan Meyer

• Twelve Blog Update: New Blogs Added

  —Tick Marks

  Number of comments: 0
  Couple of new developments towards the upcoming Twelve Blogs of Christmas season. First of all, note that all members of the "Twelve Blogs" (except personal finance) now are in bold with date of acceptance (e.g. 05: awarded Twelve Blog status in 2005) as an additional way to honor these blogs. [...]
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  Posted: November 14, 2009, 10:11pm EST
  by Dan Meyer

• Obama Contemplates Using an Emergency Brake on Spending

  —Tick Marks

  Number of comments: 1
  The Obama administration signaled to federal agencies that spending freezes and even actual cuts (not just "cuts" from the current services budget) are possible for the upcoming year. The impedus for action comes from numerous sources: expressed concerns from Asian nations, belief that record deficits imperil Democratic congressional prospects in [...]
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  Posted: November 14, 2009, 9:07pm EST
  by Dan Meyer

• No IRS VITA "Seed" Money for ACORN

  —Tick Marks

  Number of comments: 1
  The Internal Revenue Service recently awarded about $8,000,000 in matching grants for its Volunteer Income Tax Assistance Program and the controversial community group ACORN was not among the receipents. ACORN was recently embarrassed by amateur videos of its activities subsequently shown on conservative outlets such as the Big Government website [...]
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  Posted: November 11, 2009, 11:20am EST
  by Dan Meyer

• Coming Soon! The Fifth Year of "Twelve Blogs of Christmas"

  —Tick Marks

  Number of comments: 2
  During December, I have given recognition to accounting and tax blogs which were not recognized in previous years (once a "Twelve Blog", always a "Twelve Blog" unless a blog goes dormant). Blogs honored range from "CPA Firm Technology Blog" and "Roth CPA Updates" in 2005 to "Skeptical Accountant" and "Missouri" [...]
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  Posted: November 08, 2009, 1:54pm EST
  by Dan Meyer

• New Links Up!

  —Tick Marks

  Number of comments: 0
  About 10 new links added today, a mixture of news, accounting blog and tax blog links. Thanks to Michelle Golden, Joe Kristan and Rick Telberg, whose updated link lists provided the sources for the new links. The tougher job of eliminating outdated links will come soon enough.
  
  UPDATE: Added [...]
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  Posted: November 07, 2009, 9:24am EST
  by Dan Meyer

• If You File (Personal Income) Taxes for a Living, You MUST FIle Electronically

  —Tick Marks

  Number of comments: 2
  Trish McIntire
  
  Both houses of Congress passed a law extending unemployment benefits today, and as part of an amendment to the bill, tax language was included requiring tax preparers expecting to file more than 10 individual returns to file returns through e-file. The amendment also extended the homebuyers [...]
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  Posted: November 05, 2009, 8:18pm EST
  by Dan Meyer

• SOX Lite? SAS 99, Legal Liability and Risk Management

  —Tick Marks

  Number of comments: 0
  Gary Zeune, top speaker on white-collar crime issues, gives a primer on fraud alertness, detection and how to proceed if fraud appears to be a legitimate possibility. One reason for his concern, SAS 99, imposes many requirements on private-held businesses and state and local governments that Sarbanes-Oxley imposed on publicly-held [...]
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  Posted: November 03, 2009, 8:01pm EST
  by Dan Meyer

• "Fool Us Once, Shame on You; Fool Us Twice..."

  —Tick Marks

  Number of comments: 0
  Other views:
  Kay Bell
  
  Joe Kristan
  
  Peter Pappas
  
  Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan have called for an extension of a modified Homebuyers' Credit through the second quarter of 2010. Among the changes proposed: extending (at a reduced amount of' [...]
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  Posted: October 30, 2009, 2:46pm EDT
  by Dan Meyer

• You've Earned Your Break--Now Make Sure that You Can Afford It

  —Tick Marks

  Number of comments: 0
  Congress designated last week as National Save for Retirement Week. The Illinois CPA Society has developed a five-step plan to evaluate your progress toward saving for retirement: [1] start with a plan--and realize that the older you are, the harder you will have to work to get where you want; [...]
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  Posted: October 28, 2009, 9:54pm EDT
  by Dan Meyer

• FEMA Can Estimate, But Can It Measure?

  —Tick Marks

  Number of comments: 0
  FEMA Deputy Administrator Timothy Manning stated that he believed that $29 million in funds to the Federal Emergency Management Administration within Homeland Security had helped prepare for potential terrorists attacks, but that he could not measure these benefits nor develop a return on investment for the funds. Congressmen Bennie Thompson [...]
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  Posted: October 27, 2009, 8:02pm EDT
  by Dan Meyer

• Calling Stanley Surrey: Excessive Homebuyer Credits Exceed $600 Million

  —Tick Marks

  Number of comments: 0
  An audit by the Treasury Inspector General of Tax Administration (TIGTA) indicated that over 90,000 claims of the new Homebuyer credit (total taxes foregone: $636 million) appeared to be either errant or fraudulent. The credit, lauded by the real estate and construction industry as protecting those industries from collapse, allowed [...]
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  Posted: October 22, 2009, 3:26pm EDT
  by Dan Meyer

• WashTimes: Federal Regulators Misled Congress on BoA bonuses

  —Tick Marks

  Number of comments: 0
  Court documents obtained by the Washington Times indicated that regulators were aware of bonuses awarded to Merrill Lynch executives between the time Elijah Cummings (Democratic Representative from Maryland) asked Henry Paulson (former Secretary of Treasury) about bonuses in July 2008 and the time that $20 billion in aid to Bank [...]
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  Posted: October 19, 2009, 7:46pm EDT
  by Dan Meyer

• No More Life for LIFO?

  —Tick Marks

  Number of comments: 2
  Last-in, first-out inventory method faces several challenges to its continued existence. Congress in a period of deficit reduction eagerly eyes the close to $1billion in tax revenue from just the construction industry which would come if LIFO's place in the IRC was repealed and LIFO reserves of nearly $3 billion' [...]
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  Posted: October 15, 2009, 11:46pm EDT
  by Dan Meyer

• Putting a Premium on Health Insurance Premiums?

  —Tick Marks

  Number of comments: 0
  Democrats reacted sharply to a report issued by PriceWaterhouseCoopers, CPA which estimated that family health insurance premiums would rise by over $1,000 by 2013 and close to $4,000 by 2019 (single insurance up $600 and $1500 respectively) in comparing the "Baucus Bill" to coverage without major changes. NOTE: The CPA [...]
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  Posted: October 13, 2009, 9:02am EDT
  by Dan Meyer

• A Different Type of "Tweet"--Whistleblowers and the IRS

  —Tick Marks

  Number of comments: 0
  A report from the Treasury Inspector General of Tax Administration (TIGTA) found that a new whistleblowing program developed less than three years ago is having problems with timely processing, internal controls and documentation of questionable tax behavior. The program, which allowed whistleblowers up to 30% of added taxes collected, received [...]
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  Posted: October 07, 2009, 9:36pm EDT
  by Dan Meyer

• Taxoberfest!

  —Tick Marks

  Number of comments: 0
  [Post #1000] Kay Bell's Carnival of Taxes (58th edition called Taxoberfest 2009) included my article "QTIPs Remove Golddiggers from Your Heirs" from last week. I am also flattered that Ms. Bell suggested me as a possible candidate for a "National Tax Bee" in a post last Friday--though the other bloggers' [...]
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  Posted: October 05, 2009, 11:43pm EDT
  by Dan Meyer

• Getting Started in the Accounting Profession: What Skills are Needed?

  —Tick Marks

  Number of comments: 0
  Dr. Cory Comments in San Antonio Journal
  
  Suzanne Cory, Thomas Madison and Thomas Persillin recently conducted a survey of Texas Society of CPA members, South Texas IMA members and employers who had recently interviewed students of St. Mary's University. Survey participants were asked to rate the importance of' [...]
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  Posted: October 05, 2009, 11:25pm EDT
  by Dan Meyer

• QTIPs Remove Golddiggers from Your Heirs

  —Tick Marks

  Number of comments: 0
  With the common practice of marrying "trophy" wives (or husbands) by wealthy widow[er]s; determining the allocation of assets between the new spouse and the children of the previous spouse can be complicated and legally costly. A commonly-used technique to spell out the rights of potential beneficiaries of estates--and a technique [...]
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  Posted: September 30, 2009, 9:20pm EDT
  by Dan Meyer

• Does the U.S. Government Know Where Its Money Is Going?

  —Tick Marks

  Number of comments: 0
  DOD Audit Deficiencies
  
  In two separate WebCPA reports, the contract records section of the Securities and Exchange Commission and the Audit Division of the Department of Defense have been tested and found wanting. An outside auditor found that the SEC found "significant risk areas" with vendor contracts and [...]
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  Posted: September 28, 2009, 5:43pm EDT
  by Dan Meyer

• Tax Preparer Registration: An Irresistable Force?

  —Tick Marks

  Number of comments: 0
  CPA Allen Bostrom of Salt Lake City comtemplates registeration of tax preparers from the perspectives of California's and Oregon's experience. California permits non-CPAs, EAs and attorneys to register as "non-exempt" tax preparers for a mere $2 annually BUT requires "non-exempt" preparers to take 60 hours of continuing education per year [...]
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  Posted: September 23, 2009, 8:14pm EDT
  by Dan Meyer

• The "Baucus" Bill: Is It Balanced if Everybody Hates It?

  —Tick Marks

  Number of comments: 0
  Senator and Finance Committee Chairman Max Baucus (D-MT) announced a bill from the Finance Committee that appears to have everybody ticked off. Liberals have shown distaste for the lack of a "public option," conservatives decry the lack of a tort reform provision and extra fees on insurance companies and nobody [...]
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  Posted: September 17, 2009, 8:53pm EDT
  by Dan Meyer

• The Mysterious Case of Vanishing Page Views

  —Tick Marks

  Number of comments: 0
  At the start of this week, my Easy Hit Counter total was about 59600. By the end of the week--it was closer to 11900. I just don't understand...' [...]
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  Posted: September 14, 2009, 6:18pm EDT
  by Dan Meyer

• Smartpros: Start Your Accounting Career with a BANG!

  —Tick Marks

  Number of comments: 0
  The smartly titled title (effectively: don't just swim; swim like a star) gives entry-level accountants just emerging from college a number of useful ideas to move forward in their new career. These suggestions include: understand how an audit procedure fits with the overall audit; ask thoughtful questions to your supervisor' [...]
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  Posted: September 14, 2009, 5:54pm EDT
  by Dan Meyer

• A More Colorful Palette for the Profession?

  —Tick Marks

  Number of comments: 0
  Dr. Frank Ross of Howard University recently called on CPA firms, especially large CPA firms, to find ways to increase, retain and prepare for promotion accountants of color. Ross acknowledges that the AICPA and other organizations have made significant efforts to aid potential African-American accountants, but asserts that only 5% [...]
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  Posted: September 11, 2009, 6:34pm EDT
  by Dan Meyer

• Tax Bloggers of the World, Unite

  —Tick Marks

  Number of comments: 0
  Kay Bell presents her 57th Tax Carnival with a Labor Day theme today. My "tax penalties" article from last is about half-way down; among other bloggers with posts are: Christian Personal Finance, Roth CPA Tax Updates, More Tax Tips, Tax Lawyer's Blog, Five Cent Nickel, Don't Quit Your Day Job,' [...]
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  Posted: September 07, 2009, 2:02pm EDT
  by Dan Meyer

• Milestones Ahead--and a Little Sports Commentary

  —Tick Marks

  Number of comments: 0
  I have two milestones to look forward in the next month or so; my 1000th post and the 60,000th view of Tick Marks. Thanks again to all those who read this blog.
  
  A few sports comments: Most of the baseball races appear to be decided: the Yankees, Tigers and [...]
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  Posted: September 05, 2009, 10:12am EDT
  by Dan Meyer

• The Impact of XBRL on Internal Auditors: A White Paper

  —Tick Marks

  Number of comments: 0
  The Research Foundation of the Institute of Internal Auditors (IIARF) just published a white paper on the role of internal auditors (IAs) in implementing the use of eXtensable Business Reporting Language (XBRL) in financial reporting. A previous survey had indicated that IAs had little previous involvement in XBRL filings, even [...]
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  Posted: September 02, 2009, 12:30pm EDT
  by Dan Meyer

• AICPA: Make Tax Penalties More Fitting to Conduct, Less Punitive

  —Tick Marks

  Number of comments: 0
  An AICPA report criticized the U. S. Treasury and Internal Revenue Service for overly broad and disproportionate penalties. Among criticisms: recently enacted penalities do not necessarily encourage voluntary compliance, poorly defined tax terms (examples: tax shelter and significant purpose), failure to distinguish between willful misconduct and negligent noncompliance regarding severity [...]
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  Posted: August 31, 2009, 10:46pm EDT
  by Dan Meyer

• The Awful Truth: Michael Moore (No, not THAT one) Slammed for Super Sloppy Audit

  —Tick Marks

  Number of comments: 0
  The Securities and Exchange Commission has hit Las Vegas accountant Michael Moore with over $300,000 in fines and interest and suspension of practice rights before the SEC after Mr. Moore hired two high school students to work on an audit. The over 300 audited companies were highly speculative ventures, many [...]
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  Posted: August 28, 2009, 9:17pm EDT
  by Dan Meyer

• The Sun Rises in the East: Rangel Takes Six Years to Come Clean

  —Tick Marks

  Number of comments: 0
  House Ways and Means Chairman Charles Rangel effectively acknowledged underreporting taxes on two New Jersey properties by filing six years of revised financial disclosure forms. The revised disclosures apparently doubled previously reported personal wealth and indicated concealed income of about $40,000-$110,000 in 2007. The unpaid taxes on the New Jersey [...]
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  Posted: August 27, 2009, 9:21pm EDT
  by Dan Meyer

• End of the Partie?

  —Tick Marks

  Number of comments: 0
  Our golden retriever, Partie, took ill Thursday and while still breathing and somewhat responsive, she is clearly in bad shape today. My wife has been out of town attempting to sell some merchandise; we probably will be taking her to the vet (hopefully not for the dreaded one-way trip) shortly [...]
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  Posted: August 23, 2009, 11:49am EDT
  by Dan Meyer

• The Glory of Green: Environmentally-Friendly Energy Production Can Bring Cash or Tax Credits

  —Tick Marks

  Number of comments: 0
  A joint announcement from the Energy and Treasury Departments promises over $2 billion in investment tax credits (up to 30% of cost) to businesses manufacturing equipment which helps produce "green" energy. Qualifying purchases will be used to produce solar, wind or geothermal energy, electric cars, electric conservation activities or equipment [...]
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  Posted: August 21, 2009, 10:40pm EDT
  by Dan Meyer

• Leaks: Not Just a Problem for Your Car

  —Tick Marks

  Number of comments: 0
  Michael Cohn of WebCPA points out that the recent theft of over 130 million credit and debit card numbers should make accountants aware that identity theft not only involving themselves but clients as well is a very legitimate concern. Some of the techniques used to make computer use more convenient [...]
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  Posted: August 20, 2009, 11:11am EDT
  by Dan Meyer

• Tax Breaks from the "Stimulus": Are Taxpayers Taking Advantage?

  —Tick Marks

  Number of comments: 0
  The Economic Recovery and Rehabilitation Act of 2009 (popularly called the "Stimulus"--and even the "Porkulus" by sardonic Republicans) included a number of temporary tax incentives. The incentives include a first-time homebuyer credit (through the end of November) of up to $8,000; a deduction for certain state taxes (usually sales; itemizing [...]
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  Posted: August 13, 2009, 8:33am EDT
  by Dan Meyer

• 53!

  —Tick Marks

  Number of comments: 1
  My mom brought me into the world on August 13, 1956. Back then, autos costed about $3000; gasoline about $0.30 per gallon, milk about $0.35 per half gallon and postage was about 3-4 cents per first class letter (of course, Dad as a white collar U.S. Government employee made less [...]
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  Posted: August 13, 2009, 12:02am EDT
  by Dan Meyer

• "IFRS for Small Biz--Should We or Shouldn't We?"

  —Tick Marks

  Number of comments: 2
  The Private Company Financial Reporting Committee (PCFRC), a joint venture of the FASB and AICPA, scruntized the proposed financial standards for small business ("IFRS for SMEs") of the International Financial Standards Board (IASB) this past week. PCFRC chair Judy O'Dell played close to the vest, saying that the only decision' [...]
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  Posted: August 10, 2009, 3:53pm EDT
  by Dan Meyer

• Cooking Books, Government Style (Emeril Would be Envious)

  —Tick Marks

  Number of comments: 1
  The Rockfeller Institute of Government came to the conclusion that state tax collections had the largest drop in over 45 years in first calendar quarter of 2009 (1CQ09) and that 2CQ09 looked to be even rougher for states. This has created a cumulative deficit of over $142 billion in 48 [...]
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  Posted: August 05, 2009, 5:23pm EDT
  by Dan Meyer

• Where, O Where Did "Our" Money Go?

  —Tick Marks

  Number of comments: 0
  NOTE: Parts of this post may be impacted by ideological bias.
  
  2009 receipts are headed toward an 18% drop in collections compared to 2008--this would be the biggest annual percentage drop in tax collections since the Great Depression. Additionally, even before potential health care remolding, the FY 2009 deficit [...]
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  Posted: August 03, 2009, 2:21pm EDT
  by Dan Meyer

• Labor Lawyer: EXPAND Legal Liability of Accountants

  —Tick Marks

  Number of comments: 0
  A variety of experts on corporate governance testified before the Senate Banking Subcommittee on reasons behind the global recession. Labor pension specialist Richard Ferlauto sent a sizable portion of the blame toward the accounting community and and argued that accountants which knowingly participate in fraudulent acts should be seriously punished. [...]
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  Posted: August 01, 2009, 8:26pm EDT
  by Dan Meyer

• I'm Still Alive (Unfortunately, Not True for an ex-Roomie)

  —Tick Marks

  Number of comments: 0
  Sorry for the long period between posts, I am in the middle of a very busy Summer teaching experience covering a 3 hour course plus 3 independent study students during a five-week period.
  
  Sad news to report. Lindy Heath, an ex-roommate and arguably the godliest man I ever met, [...]
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  Posted: August 01, 2009, 8:18pm EDT
  by Dan Meyer

• Interior Department Called to Calculate Away on Indian Land Trusts

  —Tick Marks

  Number of comments: 0
  The D.C. Appeals Court reversed a District Court ruling and required the Interior Department to come up with a more complete calculation of Indian land royalties from previous treaties. District Judge James Robertson had estimated the back royalties to be $455 million but Appeals Judge David Sentelle said that the [...]
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  Posted: July 24, 2009, 6:30pm EDT
  by Dan Meyer

• Welcome back, Neil Mc Intyre!

  —Tick Marks

  Number of comments: 0
  Canadian blogger Neil Mc Intyre resumed his suspended Canadian accounting blog several months ago with early concentration on technology and IFRS issues. Welcome back! [...]
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  Posted: July 19, 2009, 10:58pm EDT
  by Dan Meyer

• Financial Reporting Complexity: Can It Be Reduced?

  —Tick Marks

  Number of comments: 2
  The Global Accounting Alliance, a group of accounting standard-setting bodies from throughout the world, recently met in New York to discuss complexity in financial reporting. They found some agreement on the desirably of simplifying financial reporting but not much agreement on how to accomplish the goal. Among the concerns expressed [...]
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  Posted: July 17, 2009, 5:59pm EDT
  by Dan Meyer

• [W]Rangling More from the Rich: Rep. Rangel's Plan to Fund Health Care

  —Tick Marks

  Number of comments: 0
  Charles Rangel (D-NY) has proposed additional surtaxes on wealthy Americans (defined as those earning over $280,000 ($350K if MFJ)). Surtax rates would be 1% at 280/350; 2% at 400/500 and 3% at $800,000/$1 million. Rangel estimates that the surtax would over one-half trillion, 2/3rds more than the controversial taxing of [...]
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  Posted: July 14, 2009, 9:21am EDT
  by Dan Meyer

• A Dozen (maybe a Baker's Dozen) of New Blog Links

  —Tick Marks

  Number of comments: 3
  Added about 12-14 new blogs to the blog roll today; most were accounting but three were tax blogs. Most were from three sources: Cherry, Bekaert and Holland CPA firm in Virginia, Somerset CPAs in Indiana and Monica Lawver in Ohio. Topics ranged from farm to faith-based accounting and from government [...]
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  Posted: July 02, 2009, 6:24pm EDT
  by Dan Meyer

• Off Topic: July Starts with a Bang (even without firecrackers)

  —Tick Marks

  Number of comments: 0
  Several pieces of personal news: yesterday, the State of Tennessee confered tenure on me at Austin Peay; unfortunately, that good news was soon tempered as Bill Sharp, my wife's father, took ill with pneumonia yesterday and died this morning. Bill was a self-educated man who successfully helped support and raise [...]
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  Posted: July 02, 2009, 10:05am EDT
  by Dan Meyer