In support of the ever increasing pursuit of transparency and accountability, the Federal Funding Accountability and Transparency Act (FFATA) was introduced in 2010, creating additional reporting responsibilities related to subaward expenditures for prime awardees of federal awards. While organizations have been required to report under FFATA for nearly a year now, the 2011 audit cycle will likely be the first audit during which your auditor will scrutinize your compliance with this reporting requirement. Here's a brief summary of FFATA requirements and a look at what your auditor will be looking for and what you can do to prepare for the audit.

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Argy's annual tax planning guide has been email this year and is once again available on our website.

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President Obama has challenged Congress to immediately pass the American Jobs Act of 2011 - a $447 billion jobs package, including payroll tax cuts and tax credits to encourage hiring, along with extended 100 percent bonus depreciation, which would be paid for by limiting deductions for higher income taxpayers and changing the taxation of carried interest. The off sets, however, would not take effect if the Joint Select Committee on Deficit Reduction achieves additional savings. President Obama described his jobs package during a speech to a Joint Session of Congress on September 8 and unveiled the legislative text on September 12.

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  Timely Opportunities

The IRS just announced a new program that will allow businesses to reclassify independent contractors as employees at a relatively low tax cost. This happened shortly after the Labor Department announced a new program to team up with states and other federal agencies to crack down on the misclassification of employees as independent contractors. This article explains the basics of both programs.
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Many people converted their traditional IRAs into Roth IRAs last year because conversions were allowed regardless of income. However, due to the stock market's performance, some of these same people are now stuck with Roth IRAs that are worth less than they were on the conversion date. If you are in this situation, check out this article for a way to reverse the conversion. But don't wait. There is a critical upcoming deadline.
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  Personal Finance

Put investing on autopilot with a dividend reinvestment plan. Stocks that pay dividends can be attractive investments and a mainstay of conservative portfolios. Plus, dividends are now taxed at favorable tax rates. But before you jump in, here are a few issues to consider.
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  Sales

When meeting with prospective customers, think of the event as a stage or film production that has an opening, a middle and a closing. Your professionalism and success are reflected in your ability to direct the sequence of events. Click "Full Article" to see how you help stay in control.
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  Marketing

When it comes to customer satisfaction, it's sink or swim. Customers want service and they want it now. In addition, they will compare your service to what they get from the competition. To help come out ahead, here are the six stages of a more customer-friendly company.
Copyright © 2011

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   Disclaimer of Liability

Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

IRS Circular 230 Disclosure: Please be advised that the tax advice contained herein (including any attachments) is not intended or written by the practitioner to be used and cannot be used by the taxpayer for the purpose of avoiding any U.S. tax-related penalties that may be imposed on the taxpayer.