Our friends at Accounting Today have posted three related stories dealing with Obama's and congressional liberals' vendetta against accepted and legal businesses they don't like. Rather than paraphrase them, check them out yourself and draw your own conclusions.
1. Obama Won’t Return Donations Stemming From Tax Deals He Dislikes
Accounting For America lending accounting support to small businesses
A new non-profit organization, Accounting For America, modeled after the hugely successful program developed by Teach for America, connects "greenhorn accountants, presumably recent college graduates, with small businesses in desperate need of accounting services," according to the Wall Street Journal. Read More
Accrual Accounting Proposal Meeting Resistance
According to Accounting Today, nearly half the members of the U.S. Senate have signed a letter expressing concern about a tax reform proposal to require the use of accrual accounting and are urging the leaders of the Senate Finance Committee to preserve the option of the cash method of accounting for tax purposes. Read More
Women Are More Successful Than Men at Raising Money Online
Thanks to peer-to-peer crowdfunding websites like Indiegogo and Kickstarter have made the challenge of raising capital more attainable thank traditional financing for small businesses and causes. Interestingly, female business owners are meeting with more success than male business owners.
Accordingly to the Wall Street Journal, "on Kickstarter, where backers make contributions in exchange for rewards, women-led companies account for less than 10% of technology projects. But roughly two-thirds of women-led technology ventures reached their fundraising goals versus just 30% of technology ventures with male founders, according to a new academic study."
"Overall, women are 13% more likely than men to meet their Kickstarter goals, even after controlling for project type, amount being raised and other factors, according to the analysis, which examined 1,250 projects in five categories that sought at least $5,000 between 2010 and 2012." Read More
IRS Says Lost Data on Lerner's Computer is Not Recoverable
(Bloomberg) The Internal Revenue Service told a judge its technicians made repeated futile efforts to save data on a malfunctioning computer hard drive used by Lois Lerner, the former official at the center of a dispute between Congress and the Obama administration over scrutiny of Tea Party groups.
In a series of sworn statements submitted by the IRS in its effort to fend off a lawsuit by the activist group Judicial Watch, government technicians described the step-by-step processes they followed to try to recover the data.
The IRS in June told a congressional committee investigating the agency’s review of Tea Party groups seeking nonprofit status that the hard drive crash on Lerner’s computer prevented it from obtaining much of her e-mail from 2009 to 2011. Read More at Accounting Today
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