Tax Week

New Pages Added to Our Website

- We've added some new pages to our website at http://nmscpas.com and we hope you'll find them useful. We've set up links where you can go and download Kentucky and Indiana business tax forms. Check it out!

Former KPMG Partner Pleads Guilty

- Scott I. London, a former senior partner with the accounting firm KPMG whose clients included Herbalife and Skechers USA, pleaded guilty on Monday before a federal judge in Los Angeles to a charge of securities fraud arising from his involvement in insider trading. Read More

Companies Plan to Increase Outsourcing

- IT, accounting and finance administrative processes dominate the future outsourcing plans of major companies, according to a new survey by KPMG.

Roughly half of major enterprises intend to increase the volume of their application development and maintenance outsourcing during 2013, while about 40 percent intend to increase their finance and accounting outsourcing. Read More

PCAOB Considering Deregistering Accounting Firms

- The Public Company Accounting Oversight Board is taking a close look at the nearly 1,000 accounting firms that have registered with the PCAOB although they do not audit public companies or broker-dealers, and may decide to drop many of them. “Currently 923 firms are registered with the PCAOB even though they do not conduct audits that would subject them to mandatory PCAOB registration,” said PCAOB member Jeanette Franzel. Read More

Governments To Review Multinational Tax Avoidance

- The international Organization for Economic Cooperation and Development has produced an action plan at the request of the G20 finance ministers to address the problems of base erosion and profit shifting that are depleting corporate tax revenue as multinational companies transfer their profits to low-tax countries. Read More

Online Sales Taxes Targeted for Collection

- Conservative economist Dr. Arthur Laffer has co-written a study that identified a positive economic impact in efforts to require online retailers to collect sales taxes from customers on Internet purchases. The study was released by the Alliance for Main Street Fairness, a group that has been pressing for passage of the Marketplace Fairness Act, which was passed by the Senate in May, but has not yet been voted on in the House.

Venture Investing On the Upswing

- Venture investing rebounded in the second quarter from a slow start to the year, returning to the levels of late 2012 on a surge of early stage investing.

Venture capitalists in the United States put $6.7 billion to work in 913 deals from March to June, according to the MoneyTree Report from PricewaterhouseCoopers, the National Venture Capital Association and peHUB publisher Thomson Reuters. Read More

Small Business Owners Vacationing Less

- Small business owners are working more hours, extending their workweeks, and taking less vacation than they were five years ago, according to the 2013Sage Reinvention of Small Business Study, a Sage North America survey focused on how small businesses are changing the way they conduct business in a recovering economy."The latest reinvention survey reveals the true reality that many small business owners are facing: that they continue to show resilience in the face of an anemic recovery, all the while increasing their management acumen to ensure their businesses are successful," Connie Certusi, executive vice president and general manager of Sage Small Business Solutions, said in a written statement. Read More

House Republicans Pushing for More Extensive Tax Code Makeover

- The top Republican tax writer in Congress is being pulled toward a more extensive rewrite of the U.S. code, with about half his party's members in the House backing proposals to rip up the rules. More than 100 House Republicans have supported proposals to end the income tax, halt audits for six months, and terminate the entire code in 2018 to force Congress to create a simpler system. Sixty-eight of them favor what they call a "fairtax," replacing the income, payroll and estate levies with a national sales tax. Dozens back estate-tax repeal proposals. A flat-tax bill has 10 Republicans on board. Read More

Top 10 Considerations for Employee Benefit Plans After Windsor

- The recent U.S. Supreme Court decision in U.S. v. Windsor struck down §3 of the federal Defense of Marriage Act (DOMA) as unconstitutional, and held that the federal government must recognize and accept same-sex marriages recognized under state law. As a result of theWindsor decision, the definition of "spouse" under any federal law governing employee benefits must now be interpreted to include same-sex spouses recognized under state marriage laws.

If you're looking for an accounting firm that can provide you with fresh new ideas, contact Neikirk, Mahoney & Smith today at (502) 896-2999 or by submitting our form.