Monthly Archive: December 2011

Dec 30

Americans’ unused vacation time can hurt both employees and employers

With the holidays upon us, it is interesting to note that many Americans do not take all their annual vacation.  The following statistics were reported in various conducted: The average American worker earns 14 days of vacation but will only take 12 of them (Expedia survey) The average American employee leaves 6.2 days of paid …

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Dec 29

Lots of tax breaks were not part of the two-month extension

With all the attention paid to the continuation of the payroll tax reduction into 2012, little attention has been given to other tax matters that expire on December 31, 2011. If Congress wants these items to continue, it will have to be done retroactively. Of course, tax planning is more challenging since one will need …

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Permanent link to this article: http://betweenthenumbers.net/2011/12/lots-of-tax-breaks-were-not-part-of-the-two-month-extension/

Dec 28

PCAOB finding more and more “audit failures”

The Public Company Accounting Oversight Board (“PCAOB”) recently released its 2010 inspection report on Ernst & Young (“E&Y”).  Upon review of 62 audits and one assignment where E&Y had a role but was not the primary auditor, the PCAOB concluded that there were problems with 13.  Certain problems were of such significance that they constituted …

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Permanent link to this article: http://betweenthenumbers.net/2011/12/pcaob-finding-more-and-more-audit-failures/

Dec 27

“Tax the Rich” payroll complexity affects some not-so-rich

On December 23, President Obama signed two-month extension of the reduction of the social security tax. During the first two months of 2012, the employee rate is reduced from 6.2% to 4.2%. In the hoopla of political messages, a new tax on “the rich” failed to get much press. The two-month law includes a “recapture” …

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Dec 26

Four years into the Great Recession, employment pictures shed light

The Great Recession officially began in December 2007.  Exactly four years later, most agree that employment remains bleak.   However, this general employment malaise is not felt as much in the government sector, particularly regarding federal government employment.  The following graphs/charts show historical employment trends among sectors.  In sum, the private sector undoubtedly faired worse than the government sector.  The federal government’s employment has …

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Permanent link to this article: http://betweenthenumbers.net/2011/12/four-years-after-the-beginning-of-the-great-recession-employment-pictures-shed-some-light/

Dec 23

New Rules and Reporting for Investment Gains & Losses

This year, taxpayers will receive a revised Form 1099-B form which contains additional transaction information. The new reporting rules arise from the 2008 Emergency Economic Stabilization Act, which laid out a three-phase process for submitting cost-basis information to the Internal Revenue Service. Commonly known as the bank bailout bill, the 2008 Emergency Economic Stabilization Act …

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Permanent link to this article: http://betweenthenumbers.net/2011/12/new-rules-and-reporting-for-investment-gains-losses/

Dec 22

WebOS: A New Birth or The Last Nail?

Hewlett Packard recently announced that although they technically were going to keep ownership of WebOS, they were also going to release the code as Open Source. This basically means that they are giving it away for free. Combined with HP’s decision to cease selling WebOS based smartphones and tablets, the only remaining assets of any …

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Permanent link to this article: http://betweenthenumbers.net/2011/12/webos-a-new-birth-or-the-last-nail/

Dec 21

The Big Business of Mail-In Rebates

Many of you are in the midst of (and the most diligent of you have already completed!) your holiday shopping, so you have likely encountered one or more “mail-in rebate” offers which caught your discriminating eye.  If not, you are in the minority, as one source estimates over $8 billion of rebates were issued to …

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Dec 20

Fraud On The Rise in U.S. Companies

This week, PWC released their Global Economic Crime Survey [Click here to see the actual survey].  No company is immune from fraud risk.  Significant motivators of fraud are economic pressure, rationalization and opportunity (often described as the “Fraud Triangle”).  Although the study reports that account fraud has dropped to 16% compared to 24% in 2009, …

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Permanent link to this article: http://betweenthenumbers.net/2011/12/fraud-on-the-rise-in-u-s-companies/

Dec 19

“Checking it twice” is a good suggestion beyond Santa’s list…

News reporting is notorious for requiring rapid turnaround on emerging stories and budget cuts have certainly increased the pressure.  Perhaps as a result, there have lately been a number of glaring mistakes from organizations that pride themselves on their economic and business reporting.   For instance, Business Insider recently provided an article regarding “6 Awesome Math Tricks That Will Make Your Life …

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Permanent link to this article: http://betweenthenumbers.net/2011/12/checking-it-twice-is-a-good-suggestion-beyond-santas-list/

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