New IRS Website: Is It an Improvement?

The U.S. Internal Revenue Service (IRS) unveiled its new website Thursday after offering a sneak preview last week. The IRS says technological upgrades will help the agency deliver services at a faster pace.

The IRS redesigned the website after analyzing usage of the previous site, including the most visited pages and most used tools. The main nagivation was modified to reflect demand for critical information about filing, payments, refunds, credits and forms.

The new site also boasts expanded language options, offering content in Spanish, Chinese, Korean, Vietnamese and Russian.

The IRS plans to add new search capabilities to better tag and target content for more meaningful search results. The agency will also feature related forms and publications in a separate section in search results.

Another change to the website is the new promotional banner, which will put important information, updates and tools front and center.

What do you think? Is the new website a step up? Will search improvements help you and your clients find information more quickly?

Top 5 Most Popular Articles: Aug. 25–31, 2012

Here are the five most-read news articles on VSCPA.com! Articles are taken from the VSCPA News and Professional News sections and are ranked by unique page views.

1. IRS Alerts Tax Preparers About Release of Information Under FOIA
2. Mandatory ERISA 401(k) Disclosures Go Into Effect Aug. 30
3. Virginia Society of CPAs Announces New Membership and Education Staff
4. 272 Members of Virginia Society of CPAs Recognized as 'Super CPAs' by Virginia Business Magazine
5. Virginia Society of CPAs Recognizes Extraordinary Accounting Students in Virginia High Schools and Colleges

Check back each Friday for updated rankings of the top stories on VSCPA.com.

Top 5 Most Popular Articles: Aug. 18–24, 2012

Here are the five most-read news articles on VSCPA.com! Articles are taken from the VSCPA News and Professional News sections and are ranked by unique page views.

1. Moyers, Saunders Bring Diverse Array of Experiences to VBOA
2. Mandatory ERISA 401(k) Disclosures Go Into Effect Aug. 30
3. PCAOB Adopts New Standard on Communications With Audit Committees
4. PwC Whitepaper Says Internal Audit Plays Critical Role in Data Security
5. VSCPA Member Mazur Receives National Author Award

Check back each Friday for updated rankings of the top stories on VSCPA.com.

Are Delinquent Taxes Enough to Deny a Business License?

Delinquent business taxes have created a stir in Norfolk, where the city's treasurer has demanded that the commissioner of revenue stop issuing licenses to businesses that are behind on municipal taxes.

According to The (Norfolk) Virginian-Pilot, Treasurer Thomas Moss, Jr., said that businesses with delinquent business taxes are operating illegally and accused Commissioner of Revenue Sharon McDonald of not enforcing city and state codes. Moss added that his office would apply business license payments from such businesses to any delinquent taxes owed, rather than to the license renewal.

McDonald declined comment and called the issue "another Virginian-Pilot manufactured 'he said/she said' story designed to create the appearance of conflict when, in fact, none exists."

Norfolk's City Council passed an ordinance in September that said the commissioner of revenue should not issue business licenses until it receives verification from the treasurer's office that the applicant is current on all taxes. The other cities in South Hampton Roads (Chesapeake, Portsmouth, Suffolk and Virginia Beach) all have similar ordinances, as does the Virginia state code.

What do you think? Is this an appropriate use of government power?

Top 5 Most Popular Articles: Aug. 11–17, 2012

Here are the five most-read news articles on VSCPA.com! Articles are taken from the VSCPA News and Professional News sections and are ranked by unique page views.

1. Moyers, Saunders Bring Diverse Array of Experiences to VBOA
2. Virginia Society of CPAs Announces New Membership and Education Staff
3. Tax Court Rules on Loss Deduction Under 'Self-Rental' Rule
4. VSCPA Member Mazur Receives National Author Award
5. VSCPA Educational Foundation Awards $44,000 in College Scholarships

Check back each Friday for updated rankings of the top stories on VSCPA.com.

A Startup Dating Back to 1878?

“Man, U” have got to be kidding me!

When you think of startup companies, English soccer juggernaut Manchester United (Man U) probably isn’t the first organization that comes to mind. But the club is weighing the possibility of taking advantage of a U.S. law aimed at helping small companies gain access to capital.

Man U went public on the New York Stock Exchange on Aug. 10 and said in its IPO filing that it may take advantage of relaxed reporting and auditing requirements for so-called “emerging growth companies” enacted as part of the Jumpstart Our Business Startups Act (JOBS Act), which President Barack Obama signed into law in April. The bill provides exemptions for companies with less than $1 billion in annual revenue, a requirement Man U met during its last fiscal year.

Should Man U decide to take advantage of the relaxed requirements, the club would have to provide just two years of audited financial statements and two years of related disclosures and would be exempt from the auditor attestation requirement in its assessment of internal control over financial reporting. The club said in its filing that it would opt out of another provision of the JOBS Act that would have granted it an extension to comply with new or revised accounting standards.

Forbes ranks Man U as the world’s most valuable sports franchise at $2.23 billion, and the club’s website bills it as “the world’s most popular football team.” The club was founded in 1878 and has won a record 19 English league titles.

The VSCPA commented on the JOBS Act when it was under debate in Congress, expressing concern with exemptions included in the bill for certain companies and the effect those exemptions could have on public company financial reporting and the independent standard setting process for accounting standards.

(Also in the interest of full disclosure: your humble blogger is an Arsenal supporter. Expect much more vitriol on this topic if Robin van Persie winds up at Man U.)

Top 5 Most Popular Articles: Aug. 4–10, 2012

Here are the five most-read news articles on VSCPA.com! Articles are taken from the VSCPA News and Professional News sections and are ranked by unique page views.

1. Appeals Court Upholds PTIN Fee
2. VSCPA Supports Tax Return Due Date Simplification and Modernization Act
3. Virginia Society of CPAs Announces New Membership and Education Staff
4. FASB, IASB Will Take Different Paths on Impairment Standards
5. House Approves Extension of Bush Tax Cuts for All Income Levels

Check back each Friday for updated rankings of the top stories on VSCPA.com.