Below please find daily updates pertaining to the latest in financial, business, and tax news:
AccountingWEB.com - NewsSleeter Group publishes new Consultant's Reference Guide for 2010
Accountants who support QuickBooks often run into complicated and difficult issues with their clients’ QuickBooks files. For years, The Sleeter Group’s extensive QuickBooks Consultant's Reference Guide has been the industry standard for consultant-level reference material. The 2010 edition has just been released.
Tax Court allows deduction for sex-change operation
The U.S. Tax Court in Boston ruled in favor of a plaintiff who claimed approximately $5,000 in medical deductions for expenses relating to her sex-change operation. The court ruled last week that the treatment she received stemmed from a disease and was not classified as cosmetic, thereby making the medical care tax deductible, according to court documents.
Recession takes aim at Cupid this year
Apparently not even Cupid is immune to the effects of the recession. Couples will spend 5.8 percenet less on tokens of love this Valentine’s Day. They are expected to spend an average of $63.34 on their significant other, compared with $67.22 last year.
Auditing Standard No. 7: PCAOB strengthens requirements for engagement quality review
Last week, the Securities and Exchange Commission (SEC) approved a new standard proposed by the Public Company Accounting Oversight Board (PCAOB), Auditing Standard No. 7, Engagement Quality Review (AS 7). As a result, accounting firms performing audits and interim reviews of financial information for public companies should plan to commit more resources, including partner time, to engagement quality reviews for fiscal years beginning on or after December 15, 2009.
Microsoft releases pricing for retail versions of Office 2010
Microsoft is departing from its standard pricing model for its Office 2010 software product by eliminating upgrade pricing. Instead, packaged versions will be licensed for two or three computers, while discounts will be available if a user unlocks a preinstalled version of Office 2010. There will also be two free versions of Microsoft Office.
